Axovant spins off Arville for gene therapy focus

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• Axovant Sciences (AXON -1.6%) has formed a separate company called Arvelle Therapeutics that will focus on developing small molecule drugs, enabling Axovant to focus solely on gene therapies.• AXON will own a 5% preferred equity stake in Arvelle which has received capital commitments of more than $100M from investors.• Arvelle has in-licensed European rights to antiepileptic med cenobamate from SK Biopharmaceuticals (SK filed a U.S. marketing application last quarter. The FDA's action date is November 21) and will file the European marketing application.• AXON Chief Commercial Officer Mark Altmeyer will step down to lead the new organization. CFO Greg Weinhoff will remain and will assume business officer duties later this year. About 25% of its headcount will transition to Arvelle.