Rare disease player rakes in a meaty $81M in Spain’s biggest ever private biotech fundraise

Funding rounds in the United States for the life sciences industry often dwarf financing in Europe. Looks like rare disease biotech Sanifit is an anomaly. On Wednesday, the Spanish drug developer unveiled a nearly $81 million bounty ? Spain?s largest-ever private biotech fundraise ? ahead of a pivotal study for its lead experimental drug.

Sanifit, which was spun out of the University of the Balearic Islands in 2007, is working on a treatment for calciphylaxis, a rare disease characterized by calcium accumulation in small blood vessels of the fat and skin tissues ? which lead to blood clots, skin ulcers and potentially life-threatening infections.

The disease, estimated to affect about 30,000 globally, typically afflicts those with chronic kidney disease. Although treatments such as painkillers are used to manage symptoms, there are no drugs approved to treat the etiology of the disease ? which is what Sanifit?s SNF472 is designed to do.

The small molecule, deriv