SAN DIEGO, April 19, 2011 /PRNewswire/ — Sangart, Inc., today
announced that it recently received more than $50 million in new
equity funding from existing investors, led by Leucadia National
Corporation. The most recent investment brings the total funding
raised by the company since its inception in 1998 to more than $230
million. This financing round also included warrants which, if
exercised, could provide up to an additional $50 million in future
funding.
Funds raised in this Series G round will be used to advance the
development of the MP4OX product in severe traumatic hemorrhage and
the MP4CO product in sickle cell disease. MP4OX is an
investigational biopharmaceutical designed to enhance the perfusion
of oxygen-deprived (ischemic) tissues and provide targeted oxygen
delivery in the capillaries. MP4CO is an investigational
biopharmaceutical designed to deliver therapeutic levels of carbon
monoxide (CO) to patients suffering from a sickle cell crisis.
“We are encouraged by this level of support from our existing
investors, who recognize the clinical potential of our products,”
said Brian O’Callaghan, President and CEO of Sangart. “This funding
will allow us to continue advancing the development of our
medicines and get them as quickly as possible to patients in need.
We continue to see promise in our MP4-based medicines in the
treatment of patients who experience an acute traumatic injury and
in patients with sickle cell disease suffering from a
vaso-occlusive crisis.”
About MP4Sangart’s product platform is based on the MP4
molecule, an investigational biopharmaceutical product designed to
enhance the perfusion of oxygen-deprived (ischemic) tissues and
provide targeted oxygen delivery in the capillaries. Using a novel
pegylation approach, Sangart produces the MP4 molecule designed at
the optimal oxygen affinity, diffusion potential and molecular size
to perfuse capillaries and target oxygen delivery to tissues
specifically at risk of
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