CINCINNATI, Ohio — Cardiovascular drugmaker Akebia Therapeutics will add $10 million more than expected to its Series A fund-raise, bringing the total to $25 million, the company stated (pdf).
The company stated it raised additional money to ensure the development of two of its drugs. Akebia plans later this year to start Phase I clinical trials on an oral medication designed to create new red blood cells in anemia patients. In addition, it wants to establish a human clinical proof of concept for a second drug that prevents vascular leak syndrome, in which blood components leak out of veins and into other systems — a side effect of some cancer treatments.
Akebia said in December it had raised $15.1 million from investors. It had received $9 million of the funds and was due another $6 million after it reached certain benchmarks. However, Akebia said investors expanded that arrangement. So instead of $6 million, the company is now pledged $16 million more.
Akebia will receive $12 million now instead of the original $6 million, and get the final $4 million if it reaches additional goals.
Novartis Bioventures and Venture Investors co-led the expansion financing. Existing investors Triathlon Medical Ventures, Kearny Venture Partners, Athenian Venture Partners and Sigvion Capital also participated.
The additional funding follows the company’s decision late last month to hire Ian Howes as its new chief financial officer and vice president of corporate development to expand drug development at the company.
