Sangart closes $50M financing

Sangart, a privately held, USA-based biopharmaceutical company focused on the research, development and commercialization of oxygen transport agents, has received $50.0 million in new equity funding from existing investors, led by Leucadia National Corporation. The series F round brings the total amount raised by the company since its inception in 1998 to more than $120.0 million. This financing also included warrants which, if exercized, could provide an additional $50.0 million in future funding.

The proceeds will be used to advance two large-scale, multi-country European Phase III clinical trials of Sangart's lead product candidate, Hemospan, a hemoglobin-based oxygen carrier designed to serve as an alternative to blood transfusions. The trials, which began enrolling last month, are designed to gauge the ability of Hemospan to prevent and treat hemodynamic instability, especially hypotension, or low blood pressure, during orthopedic surgery and will include more than 800 patients, the company explained.