Cardioxyl Pharmaceuticals, a Chapel Hill biotech company, said Tuesday that it has raised $28 million to continue developing its experimental drug to treat severe heart failure.
The money is the second round of venture financing for Cardioxyl, which raised $15 million in 2010.
This latest round was led by OrbiMed Advisors and also included new investor Osage University Partners and returning investors New Enterprise Associates and Cary-based Aurora Funds.
Cardioxyl's lead drug candidate is CXL-1020, which is in Phase 2 clinical trials. The drug is being tested as a potential therapy for acute decompensated heart failure.