Navigation Links
Sorbent Therapeutics Completes $36 Million Series B Financing for Net of $53 Million
Date:6/30/2011

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.

(Logo: http://photos.prnewswire.com/prnh/20110630/CG28426LOGO)

"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.

About Sorbent

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
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Allied Healthcare Announces Litholyme(TM) -- New CO2 Absorbent Used in Anesthesia
2. Reportlinker Adds US Enzyme-Linked Immunosorbent Assay (ELISA) Industry
3. Vicus Therapeutics to Present at the 234th American Chemical Society National Meeting in Boston, MA
4. Allos Therapeutics Initiates Study of PDX in Patients with Cutaneous T-Cell Lymphoma
5. Amicus Therapeutics Announces Second Quarter 2007 Financial Results
6. TorreyPines Therapeutics Completes Patient Enrollment in Phase IIb Clinical Trial of Tezampanel for the Treatment of Acute Migraine Headache
7. CV Therapeutics Announces Eight Abstracts Accepted for Presentation at the European Society of Cardiology Congress 2007
8. Pharmacopeia Assists the World Health Organization in the Discovery of Novel Therapeutics for the Treatment of Malaria
9. Protalix BioTherapeutics Treats First Patient in Phase III Clinical Trial of prGCD
10. TorreyPines Therapeutics Initiates a Phase I Multiple Dose Clinical Trial of Tezampanel
11. TorreyPines Therapeutics Completes Phase I Multiple Dose Clinical Trial of NGX267, a Selective M1 Agonist for the Potential Treatment of Cognitive Impairment Associated with Schizophrenia
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/23/2017)... HORSHAM, Pa. , Sept. 22, 2017 ... received a complete response letter from the U.S. Food ... (BLA) seeking approval of sirukumab for the treatment of ... response letter indicates additional clinical data are needed to ... of moderately to severely active RA. ...
(Date:9/19/2017)... --  ZirMed Inc ., a recognized leader in cloud-based revenue ... been ranked #1 by its users for the seventh consecutive ... Survey. ZirMed was recognized as the top-ranked end-to-end revenue cycle ... over 200 beds and holds one of the longest #1 ... ...
(Date:9/12/2017)... and NEW YORK , Sept. 12, 2017 ... performance ratings for global supply chains, has published the first annual edition ... CSR performance of more than 20,400 companies evaluated by EcoVadis, based on ... 2015 and 2016. ... EcoVadis Global CSR Risk & Performance Index ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... Many families have long-term insurance that covers ... companies have a waiver for care if the client has a cognitive impairment diagnosis. ... pays for care, is often waived, so the benefits from their insurance start immediately,” ...
(Date:10/13/2017)... ... October 13, 2017 , ... Ellevate Network, the leading network for professional ... action towards gender equality at their inaugural Summit in New York City in June. ... a social audience of over 3 million. To watch the Mobilize Women video, ...
(Date:10/13/2017)... ... October 13, 2017 , ... Yisrayl Hawkins, Pastor and Overseer at The ... the most popular and least understood books in the Holy Scriptures, Revelation. The Book ... have baffled scholars for centuries. Many have tossed it off as mere rubbish, but ...
(Date:10/13/2017)... ... October 13, 2017 , ... Coveros, a leader in ... awarded a contract by the Center for Medicare and Medicaid Services (CMS). The ... enterprise use of Agile methodologies in a consistent and high value manner across ...
(Date:10/13/2017)... ... , ... “America On The Brink”: the Christian history of the United States ... creation of published author, William Nowers. Captain Nowers and his wife, Millie, have ... thirty years in the Navy. Following his career as a naval aviator and ...
Breaking Medicine News(10 mins):