Sanifit raises $41 million to advance lead candidate for cardiovascular diseases

Spanish biotech firm Laboratoris Sanifit says it has raised 36.6 million euros ($41 million) in a Series C financing round.

The Palma de Mallorca-based company is focused on the development of SNF472, an experimental drug for the treatment of cardiovascular diseases linked to calcification in patients with end stage renal disease (ESRD) undergoing hemodialysis.

The investment was led by Ysios Capital and supported by a substantial syndicate of new investors including Lundbeckfond Ventures, Forbion Capital Partners, Gilde Healthcare, Edmond de Rothschild Investment Partners, 'la Caixa' and Baxter Ventures. Existing shareholders also supported the series C round.

Names new chairman
 
Sanifit also announced the appointment of Russell Greig as chairman of the board of directors. Dr Greig worked at GlaxoSmithKline for nearly three decades, most recently as president of SR One, GSK's Corporate Venture Group. Prior to joining SR One, he served as president of GSK's Pharmaceuticals International and was on the corporate executive team from 2003 to 2008.

This round of fundraising will enable Sanifit to advance its lead drug candidate, SNF472, through phase IIb proof of concept for the treatment of cardiovascular diseases linked to calcification in ESRD and to complete Phase II/III for calciphylaxis. ESRD represents a market opportunity of over 2 billion euros ($2.25 billion), according to the company.

SNF472 has shown significant efficacy data in more than 20 preclinical studies. It has also shown excellent safety and tolerability in a Phase Ia clinical trial in healthy volunteers. SNF472 is currently concluding a Phase Ib/IIa pharmacology study in haemodialysis patients.

“We are delighted to have attracted such high profile investors to our company,” said Joan Perelló, chief executive of Sanifit, adding: “This funding will help SNF472 to address clear unmet medical needs and will help to change the lives of patients with cardiovascular complications in the field of dialysis.”