Sorbent Therapeutics has closed a $36 million Series B financing round led by new investor Novartis Venture Funds. The firm’s existing investors Sofinnova Ventures, ARCH Venture Partners, CMEA Capital and AgeChem alsoparticipated.
The deal brings the total proceeds of the biopharmaceutical company’s second funding round to $53 million. Markus Goebel,managing directorof Novartis Venture Funds, has joined Sorbent’s board of directors as part of the transaction. The funds will be used to complete a mid-stage program for its lead congestive heart failure drug and to add a few employees.
Click here for the release from Sorbent.