Philadelphia-based Cardiokine, which is developing drugs for cardiovascular disease, has raised $50 million in its second round of venture capital. Much of that money will go to the Phase III trial of Lixivaptan, an experimental drug for an imbalance of sodium and water in the body called hyponatremia. Lixivaptan has already been scrutinized in several Phase II studies. Advent Venture Partners and Fidelity Biosciences are co-leading the new financing round, joining existing investors such as Burrill & Co.
"There is a clear need for safe and effective therapies to treat hyponatremia," said Dr. Stephen Knight, managing partner of Fidelity Biosciences. "As Lixivaptan progresses toward commercialization, we believe it offers significant potential to become an important new therapy for millions of patients whose prognosis is compromised by hyponatremia."
- here's the release from DrugNewswire.com
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