Artificial Blood Substitute Maker Raises $50 Million
Sangart Inc., a San Diego-based developer of an artificial blood substitute, has raised $50 million in additional Series F funding. This brings the round total to $100 million, and the company’s total venture capitalization to over $170 million. No investor information was disclosed, although the initial tranche was led by Leucadia National Corp.
PRESS RELEASE
Sangart, Inc., a privately held biopharmaceutical company focused on the research, development and commercialization of oxygen therapeutics, today announced the receipt of approximately $50 million in funding from existing investors. This investment results from the exercise of warrants issued by Sangart as part of a Series F financing round initiated in 2007. The most recent investment brings the total funding under the Series F round to approximately $100 million. Proceeds from this warrant exercise will be used to fund further clinical development of Sangart’s MP4 oxygen therapeutic products.
“We are excited to see this continued support from our investors and believe it demonstrates the potential of our products,” said Brian O’Callaghan, President and CEO of Sangart. “This funding contributes significantly to our efforts to further the clinical research and development of our MP4 oxygen therapeutic products.”
About MP4 Oxygen Therapeutics
The MP4 molecule is the basis for Sangart’s oxygen therapeutic product platform. The MP4 molecule is created using unique polyethylene glycol conjugation with human hemoglobin and was specifically designed to the optimal molecular size, viscosity, oxygen affinity and diffusion potential to target oxygen delivery to tissues at risk of oxygen deprivation based on experiments with artificial capillaries and in several different animal models. Extensive research and testing demonstrates that this approach optimizes oxygen delivery while minimizing the side effects that plagued earlier generation products.
About Sangart
Sangart, Inc. is a privately held biopharmaceutical company focused on being the global scientific, clinical and commercial leader in oxygen-therapeutic agents, providing innovative products to patients in need. Sangart was founded based on technologies developed during more than two decades of research into the mechanisms of oxygen transport by cell-free hemoglobin solutions at the Letterman Army Institute of Research and University of California at San Diego. The discoveries arising from this research on the effective action of oxygen therapeutics have been patented and published in numerous scientific articles and form the basis for Sangart’s technologies.
To learn more about Sangart, please visit the company’s website at www.sangart.com
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