The biopharmaceutical developer, a spinout from medical device company Q-Med, is entering the third phase of testing a drug to prevent kidney failure.

Sweden-based biopharmaceutical developer Oxthera, a spinout of medical device company Q-Med, raised €32m ($34m) yesterday from various investors including  Swedish state-backed fund Stiftelsen Industrifonden.

Asset manager Brohuvudet, Kurma Partners and Idinvest Partners also took part in a round that was co-led by four venture capital firms, Life Sciences Partners, Ysios Capital, Sunstone Capital and Flerie Invest.

Founded in 2005, Oxthera is the developer of Oxabact, an oral product used to treat primary hyperoxaluria (PH), a rare disorder causing soft tissue calcification in the kidneys…