Akebia Therapeutics has announced (pdf) it has completed a $41 million Series C financing.

Akebia Therapeutics, headquartered in Cincinnati, is a biopharmaceutical company focused on the development of small molecules for the treatment of anemia and vascular disease.

Satter Investment Management, a Chicago-based PE firm, led the funding round. It was joined by Novo A/S as co-lead as well as existing investors Novartis Venture Funds, Kearny Venture Partners, Venture Investors LLC, Athenian Venture Partners, Triathlon Medical Ventures, AgeChem Venture and Sigvion Capital Fund.

Proceeds of the financing will be used to fund the ongoing development of AKB-6548, the Akebia Therapeutics’ lead clinical compound. AKB-6548 is an orally available, hypoxia-inducible factor prolyl hydroxylase inhibitor under development for the treatment of anemias secondary to chronic kidney and end stage renal disease.