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.
"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."