Jun 6 2012
PhaseBio Pharmaceuticals, Inc., a privately held, clinical-stage
biotechnology company developing drugs to treat diabetes, metabolic
disease and cardiovascular disease, announced today that it has raised a
total of $48.4 million from its Series B financing following receipt of
the third tranche to advance the company's product development programs.
In December 2009, PhaseBio raised $25M in a Series B financing led by
New Enterprise Associates, with participation by OSI Investment Holdings
(now Astellas Venture Management) and previous investors Johnson &
Johnson Development Corporation, Hatteras Venture Partners and Fletcher
Spaght Ventures. These investors have now provided an additional $23
million, which will support Phase 2b clinical testing of Glymera for the
treatment of type 2 diabetes, a Phase 1 clinical study of Vasomera in
patients with stage 1 and 2 essential hypertension and additional
preclinical work to support further clinical development of Vasomera for
the treatment of acute and chronic heart failure and pulmonary
hypertension, and to complete a Phase 1/2a clinical study of Insumera, a
fully native mature insulin fused to ELP, for type 2 diabetes.
"This additional investment with participation by all of our investors
reflects their confidence in the PhaseBio product development programs,
our versatile ELP technology platform and the extraordinary progress we
have made in advancing our pipeline," said Christopher Prior, Ph.D.,
chief executive officer of PhaseBio. "This provides us great flexibility
in continuing to grow the value of PhaseBio by advancing our
best-in-class GLP-1 analogue, Glymera, our complementary ultra
long-acting basal insulin, Insumera, and our first-in-class, VPAC2
selective agonist, Vasomera, through further clinical studies to drive
higher value partnerships," continued Dr. Prior.
Research shows citrus and grape compounds may protect against type 2 diabetes