Pharmaceutical company Relypsa announced that its investors extended its first round of funding by $10 million to a total $43 million to help it finish phase-two clinical trials on its lead drug candidate, a treatment that could alleviate symptoms of heart failure and chronic kidney disease.
Based in Santa Clara, Calif., Relypsa predicts the phase to close by the end of 2009 and already plans to raise new funds in 2010. The drug being tested treats a condition called hyperkalemia, which is caused by high concentrations of potassium in the bloodstream that lead to arrhythmia and cardiac arrest or impaired kidney function.
The additional funds came from 5AM Ventures, New Leaf Venture Partners, CMEA Ventures, Delphi Ventures and Mediphase Venture Partners, the same group that put up the original $33 million for the round, which opened in 2007. They paid the same share price now as they did then. Relypsa spun out from drug company Ilypsa when it was purchased by Amgen for $420 million in July 2007. Many of its current investors were also backers of Ilypsa.