Sorbent Therapeutics Completes $36 Million Series B Financing for Net of $53 Million - Capital to Support Completion of Phase 2 of CLP1001 in Heart Failure -
SUNNYVALE, Calif., June 30, 2011 /PRNewswire/ -- Sorbent Therapeutics, a private biopharmaceutical company developing therapies for cardiovascular and renal disorders, announced today that it has expanded the Company's Series B financing from September 2010 by $36 million. This brings the total proceeds of the Company's second financing round to $53 million. New investor Novartis Venture Funds led this financing, joining existing investors Sofinnova Ventures, ARCH Venture Partners, CMEA Capital and AgeChem.
"Sorbent's CLP platform presents an attractive investment opportunity and we are especially encouraged by the clinical data that Sorbent has generated to date, which shows promise for various indications in the cardio-renal field," said Markus Goebel, M.D., Ph.D., managing director of Novartis Venture Funds who has joined the Company's board of directors in connection with the investment in Sorbent.
"Dr. Gobel's expertise in business development in the pharmaceutical industry and operational knowledge of drug development will be invaluable to the Sorbent team," commented David Collier, M.D., managing director of life sciences for CMEA Capital and a member of Sorbent's Board of Directors. "We look forward to working with him to advance Sorbent's clinical and corporate goals."
"Novartis Venture Funds' participation provides key validation of Sorbent's strategy and pipeline. I also would like to thank our existing investors for their continued support," added Detlef Albrecht, M.D., president and chief executive officer of Sorbent. "The financing will enable Sorbent to complete Phase 2 for its lead program in heart failure, CLP1001. We believe CLP1001 has the potential to address a significant need in the cardiovascular market for safe and effective management of electrolyte and fluid levels in patients with CHF."
About CLP1001 in Heart Failure
Sorbent's lead product, CLP1001, is a polymer that has been shown to remove potassium, sodium and fluid with good tolerability in over 100 patients and healthy volunteers. The addition of CLP1001 to the treatment regimen in heart failure patients may address fluid overload and the risk of hyperkalemia related to the use of multiple RAAS (Renin-Angiotensin-Aldosterone System) blockers.
About Congestive Heart Failure
Congestive heart failure is a serious and life-threatening condition that develops when the heart loses its ability to pump blood efficiently, allowing fluid to accumulate in the lungs, abdominal organs (especially the liver) and peripheral tissues. According to the American Heart Association, approximately 5.7 million people in the U.S. are living with heart failure, a condition that accounts for 1.1 million hospitalizations each year. Heart failure is estimated to cost the U.S. healthcare system over $37 billion annually.
Sorbent Therapeutics is a private biopharmaceutical company developing therapies for patients requiring targeted cation and fluid removal from the body. The Company is focused on the development of a platform of non-absorbed polymeric drugs to satisfy unmet clinical needs in large cardiovascular and renal markets such as heart failure, end stage renal disease, chronic kidney disease and hypertension. The Company is headquartered in Sunnyvale, California. For more information, visit www.sorbent.com.
SOURCE Sorbent Therapeutics