Caixa Capital Risc has led the €55.2 million financing round for Sanifit Therapeutics, a biopharmaceutical company that develops drugs to treat calcification-related cardiovascular diseases. It is the largest operation in the history of the biotech sector in Spain.

The financing consists of a €55.2m Series D round, in addition to a recent capitalisation of €17m of convertible bonds. The fundraise, which is the largest completed by a private biotechnology company in Spain, was supported by new investors Columbus Venture Partners and Alta Life Sciences, in addition to an international consortium of existing shareholders including Lundbeckfonden Ventures (Denmark), Ysios Capital (Spain), Forbion Capital Partners (Netherlands), Gilde Healthcare (Netherlands), Andera Partners (France), HealthEquity (Spain) and several private individuals.

Sanifit is also pleased to announce that Guy Paul Nohra, representing Alta Life Sciences and Damià Tormo, representing Columbus Venture Partners, will join the Board of Sanifit as nonexecutive directors with immediate effect.

The proceeds of the fundraise will enable Sanifit to further accelerate the clinical development of its lead candidate SNF472 for the treatment of calcific uremic arteriolopathy (CUA). The condition, also known as calciphylaxis, is a devastating rare disease which leads to the death of approximately 55% of patients within the first year of diagnosis due to severe cardiovascular calcification which blocks small blood vessels in skin and fat tissue.

In phase 2 studies, SNF472 met both its primary and secondary endpoints in calciphylaxis patients and has been granted Orphan Drug Designation by the FDA and EMA. Sanifit is currently preparing a pivotal phase 3 CUA study for SNF472 in Europe and the US, which is anticipated to start in Q4 2019.

Dr. Joan Perelló, Chief Executive Officer of Sanifit commented: “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. We are delighted by the support from a number of highly regarded healthcare investors from Spain and across Europe and we welcome Guy and Damià to the Board. Their experience and insight will be invaluable as we utilise this funding to continue the advancement of SNF472 in the clinic. We look forward to finalising plans for the phase 3 pivotal trial in calciphylaxis patients, due to start later this year.”

Marcelino Armenter, Chairman of Caixa Capital Risc and Chief Executive Officer of CriteriaCaixa commented: “This notable private fundraising round -the largest of its kind to be completed in Spain- is representative of a growing healthcare ecosystem in the country. We look forward to continuing our support of Sanifit as it progresses its innovative and potentially life changing assets through the clinic to market approval, and finally to patients.”

Damià Tormo, Managing Partner for Columbus, remarked: “it is a huge satisfaction to support a historic operation for the Spanish biotech sector led by a company that emerged as a spin-off of the University of the Balearic Islands and which today is one of the most innovative on the international scene, with the potential to fill a clear gap in medical care”.