Sorbent Therapeutics Raises Additional $36M in Series B Financing
Sorbent Therapeutics, a Sunnyvale, California-based biopharmaceutical company developing therapies for cardiovascular and renal disorders, has raised an additional $36m in Series B financing.
This brings the total amount raised by the company in this second round to $53m.
The investment was led by new shareholder Novartis Venture Funds, with participation from existing backers Sofinnova Ventures, ARCH Venture Partners, CMEA Capital and AgeChem.
The company intends to use the funds to complete Phase 2 for its lead program in heart failure, CLP1001, According to the company, 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.
In conjunction with the funding, Markus Goebel, M.D., Ph.D., managing director of Novartis Venture Funds, has joined Sorbent’s board of directors.