SAN DIEGO, May 24, 2012 /PRNewswire/ -- Sangart, Inc., a global biopharmaceutical company dedicated to developing and commercializing targeted rescue therapies for patients in acute ischemic crisis, today announced that it recently received $50 million in additional equity funding from existing investor, Leucadia National Corporation. This funding was made upon the exercise of Series G preferred stock warrants previously held by Leucadia and brings the total funding raised by the company since inception to more than $280 million.
This funding followed an independent Data Monitoring Committee (DMC) review of safety data from the first 122 patients enrolled in the Phase 2b trauma study involving MP4OX, Sangart's novel oxygen therapeutic agent (OTA) developed to perfuse and oxygenate tissues at risk for ischemia in patients experiencing hemorrhagic shock. After evaluating the data, the DMC unanimously recommended that the study should continue without any modification.
"We are encouraged by this level of support from our existing investors, who recognize the clinical potential of our products," said Brian O'Callaghan, President and CEO of Sangart. "This funding will allow us to continue advancing the development of our medicines and get them as quickly as possible to patients in need. We continue to see promise in our unique MP4 gas-delivery platform, focused on developing therapies for patients in crisis who are experiencing ischemia and organ dysfunction as a result of hemorrhagic shock injury or a vaso-occlusive crisis associated with sickle cell disease."
The funds will be used to advance the development of the MP4OX product in severe traumatic hemorrhagic shock and the MP4CO product in sickle cell disease.
Sangart's unique MP4 gas-delivery platform is being used to develop therapies for patients in crisis who are experiencing ischemia (oxygen deprivation of tissues) and organ dysfunction as a result of hemorrhagic shock injury or a vaso-occlusive crisis associated with sickle cell disease.
Sangart is a global biopharmaceutical company dedicated to developing and commercializing targeted rescue therapies for patients in acute ischemic crisis. Sangart's therapies are designed to help patients with medical conditions that cause ischemia, such as hemorrhagic shock and sickle cell disease.
To learn more about Sangart, please visit the company's website at www.sangart.com.
Edelman Public Relations
SOURCE Sangart, Inc.