Mallorcan biotech Sanifit has broken the record for the largest private fundraise in the Spanish biotech sector raising a total of €72.2M.
The fundraising consists of a €55.2M Series D round plus €17M in convertible bonds. The money will be used by Sanifit to fund an upcoming phase III trial of its lead drug candidate as well as preparations for its commercialization.
If the trial is successful, Sanifit’s drug could become the first treatment for calciphylaxis. This rare condition affecting patients with chronic kidney disease results in the accumulation of calcium crystals within blood vessels. This causes severe pain and results in 55% of patients dying within one year of diagnosis.
“[Our drug] is set apart by its elegant mechanism of action, which blocks new and existing crystal surfaces… It does that without interfering directly with calcium and phosphate blood levels,” Sanifit’s CEO Joan Perelló told me. “This represents a significant step forward from the current standard of care, which is limited to palliative and off-label options.”
The phase III trial will run in Europe and the US. It is scheduled to start by the end of the year and results are expected within 3 years. In this trial, Sanifit will be looking to confirm the phase II results obtained last year showing the drug’s ability to improve wound healing and reduce pain in patients with calciphylaxis.
The record fundraising highlights the big strides Spain’s biotech industry has made in recent years. The round was led by Spanish investor Caixa Capital Risc and counted with the participation of two new life sciences investors, both based in Spain: Columbus Venture Partners and Alta Life Sciences.
“Spain is home to some very exciting science and innovation and the life science sector is growing rapidly,” added Perelló. “On this occasion we were pleased to attract these significant Spanish investors as well as retaining the continued support of our international shareholders.”
Existing investors, including Lundbeckfonden Ventures, Ysios Capital, Forbion Capital Partners, Gilde Healthcare, Andera Partners, and HealthEquity Spain also participated in the fundraising.