CardioKine brings in $50mm with its Series B venture round

CardioKine (developing therapeutics for cardiovascular conditions) has raised $50mm with the sale of Series B preferred shares. Advent Venture Partners and Fidelity Biosciences co-led the venture round and were joined by Teachers Private Capital (all new investors) and CardioKine's Series A backers, including Perseus-Soros Biopharmaceutical Fund, HealthCare Ventures, Care Capital, CIBC Capital Partners, and Burrill & Co. The company will use the proceeds to begin Phase III studies in the next few months of Lixivaptan, a V2 vasopressin receptor antagonist in development for hyponatremia (an imbalance of sodium and water that can cause heart failure and cirrhosis).