Sorbent Therapeutics, a US-based biopharmaceutical company, has closed its series B round on target at $21.8m and promoted Detlef Albrecht to its executive president.
In July, Sorbent had made an interim close of its B round at $16.8m, having previously raised more than $19m in its seed and A rounds. The consortium includes Canada-based venture capital (VC) firm AgeChem Financial as a new investor and existing VC investors CMEA Capital, Arch Venture Partners and Sofinnova Ventures, and Dow Chemical through its corporate venturing group.
Sorbent will use the capital to advance the clinical development of its lead drug candidate CLP-1001 for patients with sodium and fluid overload or risk for hyperkalemia in renal and cardiovascular diseases, such as end stage renal disease and congestive heart failure.
Albrecht was previously chief medical officer at Sorbent before becoming head at the round’s closing. Donald Joseph, Sorbent’s founding chief executive, will continue to serve on its board.
Prior to joining Sorbent, Albrecht ran research and development at Ilypsa (acquired by Amgen in 2007 for $420m) and Relypsa, where he also participated in raising over $100m in financing.