PhaseBio Pharmaceuticals Raises $25M in Series B Funding Round
PhaseBio Pharmaceuticals, Inc., a Research Triangle Park, NC-based company focusing on the discovery and development of therapeutic fusion proteins, has raised $25m in a Series B financing round.
New investors New Enterprise Associates (NEA) and OSI Investment Management, a subsidiary of OSI Pharmaceuticals (OSI), led the round, with participation from existing investors Hatteras Venture Partners, Johnson & Johnson Development Corporation and Fletcher Spaght Ventures.
As stated by Christopher Prior, Ph.D., Chief Executive Officer of PhaseBio Pharmaceuticals, the financing will allow the company to build its pipeline of therapeutics based on its proprietary Elastin-Like Polypeptide (ELP) technology, including advancing lead programs through Phase 1/2 proof-of-concept studies in patients.
In conjunction with the financing, NEA General Partner James Barrett, Ph.D., and Principal Justin Klein, M.D., J.D., will join PhaseBio’s Board of Directors as will Robert Ingram, the former CEO/Chairman of GlaxoWellcome.
Additionally, the company has executed a Product Option Agreement with OSI Investment Management.