Two years after an experienced team of biotech executives gathered a whopping $70 million venture round for Relypsa, the Santa Clara, CA-based developer is almost $50 million closer to another big round of financing, according to SEC documents. The new money brings its total raised to date to $163 million, much of which is being spent on its lead program. And Relypsa plans to add another $30 million to the round before it's finished.
Relypsa was formed out of Ilypsa, a drug developer which Amgen acquired in 2007 for $420 million in order to pick up their lead program. Amgen left behind four preclinical programs, including work done on RLY5016, a therapy designed to treat hyperkalemia, a condition in which high levels of potassium threatens patients with diabetes, heart failure, and kidney disease with abnormal heart rhythms.
According to its website, Relypsa has completed 5 clinical studies on RLY5016 with a Phase IIb in diabetic nephropathy currently underway. Relypsa is hunting for partners interested in picking up regional commercial rights to RLY5016.
Backers include 5AM Ventures, New Leaf Venture Partners, and Delphi Ventures, among others. Relypsa was named a Fierce 15 company in 2008.
- here's the SEC document
- here's the report from the San Jose Business Journal
Relypsa - Top 15 Biotech VC Deals of 2010 | Relypsa - 2008 Fierce 15
Relypsa banks $70M Series B for pivotal trial work