Sorbent Therapeutics, Inc., a Sunnyvale, California-based biopharmaceutical company developing therapies for cardiovascular and renal diseases, closed a $6.5m tranche in a $15m Series D financing.
Existing investors CMEA Capital, ARCH Venture Partners, Sofinnova Ventures, AgeChem and Novartis Venture Funds participated in the round.
Proceeds from the financing will be used to support continued development of CLP-1001 and general corporate operations. Sorbent completed the enrollment of 275 patients with heart failure in its Phase 2b STEPWISE clinical trial of CLP-1001, a cross-linked polyelectrolyte polymer intended to selectively bind to and remove excess water and sodium in the GI tract.
Led by Detlef Albrecht, M.D., President and Chief Executive Officer, Sorbent focuses on the development of non-absorbed polymeric drugs to satisfy unmet clinical needs in large cardiovascular and renal markets such as heart failure, chronic kidney disease and hypertension.