I posted an item last Wednesday about a new bike design but it would appear that this is not so revolutionary (no pun intended) after all. I found the following post on Paris Daily Photo blog and it seems this idea has been around for quite some time !
If you walk down the Avenue de la Grande Armée on the 16th arrondissement side you will see this bike in the Peugeot shopwindow which was originally built in 1899 - by the Peugeot brothers. Although it's hard to see on this photo, what makes it very innovative is that the transmission between the pedals and the back wheel is made through a gear system and not a chain.