Akebia Therapeutics, a Cincinnati, OH-based biotech company focused on developing and commercializing small molecules to treat anemia and cancer, completed a $41m Series C financing.
The round was co-led by Satter Investment Management, LLC, and Novo A/S, with participation from existing investors Novartis Venture Funds, Kearny Venture Partners, Venture Investors LLC, Athenian Venture Partners, Triathlon Medical Ventures, AgeChem Venture and Sigvion Capital Fund.
The company intends to use the proceeds to fund the ongoing development of AKB-6548, its lead clinical compound.
Spun out of Procter & Gamble Pharmaceuticals in 2007, and led by Joseph Gardner, Ph.D., President and Chief Executive Officer, Akebia Therapeutics develops AKB-6548, an orally bioavailable HIF-PH inhibitor that is in Phase 2 clinical trials for anemia associated with CKD. AKB-6548 potentially promises to be a safer, less expensive, orally dosed pharmaceutical to stimulate endogenous EPO production.