Sanifit has raised $80.9 million in a series D venture round that will be used to advance its lead candidate pivotal phase 3 clinical trials for the treatment of calciphylaxis, the largest private financing of a Spanish biopharmaceutical company.
Calciphylaxis is a rare disease in which blood vessels become blocked by a buildup of calcium in the walls of the vessels, preventing blood flow to the skin and fat tissues or internal organs that can lead to tissue damage and necrosis. Symptoms include ulcers, infection, pain, and organ failure, leading to death within the first year of diagnosis for approximately 55 percent of patients. The exact cause of calciphylaxis is not known.
“We believe this successful fundraise represents a significant endorsement of both our technology and our mission to help patients suffering from debilitating conditions related to progressive vascular calcification, particularly calciphylaxis,” said Joan Perelló, CEO of Sanfit.
Sanfit was founded in 2007 as a spin-off from the University of the Balearic Islands. Its lead compound, SNF 472 is a small molecule inhibitor of the hydroxyapatite (HAP) crystallization that leads to vascular calcification. It binds to the growth sites of HAP, impeding their formation.
The experimental molecule is in clinical development for the treatment of calciphylaxis in patients undergoing dialysis. In mid-stage studies, completed in 2018, SNF472 met its primary and secondary endpoints. Sanifit will use the new funding to advance phase 3 studies, which are expected to start in the fourth quarter of 2019 in the United States and Europe. It is also testing the molecule to assess its effect on slowing arterial calcification, a major risk factor for cardiovascular disease in patients on dialysis, results of which are expected by the end of 2019. SNF472 has been granted Orphan Drug Designation by the U.S. Food and Drug Administration and by the European Medicines Agency.
The series D financing, which included $19.3 million in convertible bonds and $62.8 million in capital, was led by Spain’s Caixa Capital Risc with participation by new investors Columbus Venture Partners and Alta Life Sciences. The existing group of international shareholders also participated the round, including Lundbeckfonden Ventures, Ysios Capital, Forbion Capital Partners, Gilde Healthcare, Andera Partners, HealthEquity, and several private individuals.
Photo: Joan Perelló, CEO of Sanfit
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