Akebia Therapeutics, Inc., a Cincinnati, OH-based pharmaceutical discovery and development company focused on anemia and vascular disorders, has closed a $22m Series B financing.
The round was led by existing investors Novartis Venture Fund and Venture Investors, LLC, with participation from Triathlon Medical Ventures, Kearny Venture Partners, Athenian Venture Partners and Sigvion Capital and new investor AgeChem Venture Fund.
The financing, which includes a $14m first closing and the right to access another $8 through the end of 2011, enables the company to complete two phase 2b studies for our anemia drug, AKB-6548 and will position the program for pivotal studies. According to a written statement, AKB-6548 offers many potential advantages, including an improved safety profile, oral dosing and lower cost of goods, over traditional erythropoiesis stimulating agents (ESAs) currently used to treat anemia.
As stated by Joseph Gardner, Ph.D., President and Chief Executive Officer of Akebia, the round also enables Akebia to advance AKB-9778, their novel Tie-2 activator for diabetic macular edema and vascular leak, into the clinic.