Laboratoris Sanifit S.L., a clinical-stage biopharmaceutical company, has announced that it has raised €36.6M ($41M) in a Series C financing round. The 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 haemodialysis.
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.
Sanifit also announces the appointment of Dr. Russell Greig as chairman of the board of directors. Dr. Greig worked at GSK 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 patients treated with dialysis experience higher rates of serious cardiovascular adverse events and mortality as a consequence of accelerated progression of cardiovascular calcification. Half of the mortality in dialysis patients is from cardiovascular complications. Calciphylaxis is the most severe form of cardiovascular calcification. It is a devastating rare disease that affects up to 4% of dialysis patients and has an overall mortality rate of about 80%. There are approximately 2.5 million dialysis patients worldwide with no effective treatment for this medical condition. ESRD represents a market opportunity of over €2Bn ($2.25Bn).
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, CEO of Sanifit. “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.”
“We were excited to have the opportunity to participate in this financing,” said Joël Jean-Mairet, managing partner of Ysios Capital. “Sanifit is developing a first-in-class drug with a unique mechanism of action that can improve patient outcomes and positively impact patient lives. This is a pivotal moment to be investing in a company focused on a condition with such an attractive market opportunity.”
“This is an exciting and attractive opportunity to develop a new drug, SNF472, for two underserved and life threatening conditions, ESRD and calciphylaxis,” said Russell Greig, newly appointed chairman of Sanifit, “The company has already made significant progress and with the support of some of Europe’s top VC Funds, it is well positioned to make substantial and rapid progress in both these areas of pronounced unmet medical need.”