Naurex Inc., a clinical-stage company focused on psychiatry and neurology, raised $38 million in Series B financing led by new investor Baxter Ventures. New investor Savitr Capital also participated in the financing, along with existing investors Adams Street Partners, Latterell Venture Partners, Genesys Capital, PathoCapital, Druid Bioventures, and Northwestern University, the company announced. Corporate investors Lundbeck, Takeda Ventures and Shire also contributed to the round. Naurex is based in Evanston, Illinois.
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Covington Capital has taken over management of two venture capital funds — New Generation Biotech Equity Fund and New General Biotech Balanced Fund – from Genesys Capital Partners. No financial terms were disclosed. In related news, NGBE has sold portions of its positions in Affinium Pharmaceuticals, Epocal and NeurAxon to “an institutional purchaser.”