Laboratoris Sanifit S.L., a clinical-stage biopharmaceutical company, today announces that it has raised €36.6M ($41.3M) 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 the End Stage Renal Disease (ESRD) population undergoing haemodialysis.

The investment has been 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”, throught its investment founds, and Baxter Healthcare. Current shareholders also supported the series C round.

Sanifit also announces the appointment of Dr Russell Greig as chairman of the board of directors. Russell 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 current fundraising will enable Sanifit to advance the lead drug candidate, SNF472, through the end of phase IIb as a treatment for cardiovascular diseases linked to calcification in End Stage Renal Disease (ESRD) and through phase II/III for calciphylaxis.

ESRD patients treated with dialysis suffer from high incidence in cardiovascular events and high mortality rates as a consequence of an accelerated progression of cardiovascular calcification. Half of the deaths in dialysis patients are due to cardiovascular morbidity. Calciphylaxis is the most severe form of cardiovascular calcification. It is a devastating rare disease that affects up to 4% of dialysis patients with an overall mortality rate of about 80%. There are approximately 2.5 million dialysis patients worldwide with no effective treatment for these pathologies. The ESRD market represents an opportunity worth over €2Bn ($2.25Bn).

SNF472 has shown significant potency in more than 20 preclinical studies. It has an excellent safety profile as proven in a phase 1a clinical trial with healthy volunteers. It is currently concluding a phase 1b/2a 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 such as cardiovascular pathologies 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.”