PhaseBio Pharmaceuticals Inc., a Malvern, Pennsylvania-based company focused on developing treatments for metabolic and specialty cardiopulmonary disorders, secured $40m in Series C funding.
The round was led by AstraZeneca with participation from New Enterprise Associates, Hatteras Venture Partners, Johnson & Johnson Innovation – JJDC and Fletcher Spaght Ventures. In addition to the funding, Dr. Michael Gutch of AstraZeneca joined PhaseBio’s board of directors while Donald Dwyer, also of AstraZeneca, became a board observer.
The company intends to use the funds to progress its once-weekly insulin (PE0139) into Phase 2a testing for type 2 diabetes and once-weekly Vasoactive Intestinal Peptide (PB1046) into separate Phase 2a trials for heart failure and for cardiomyopathy in Duchenne and Becker muscular dystrophy.
Led by Jonathan P. Mow, Chief Executive Officer, PhaseBio Pharmaceuticals is advancing PE0139, a super long-acting, fully native basal insulin intended for once-weekly subcutaneous administration, either as a monotherapy or in combination with other treatments for type 2 diabetes. PB1046 is comprised of a recombinant form of the human peptide hormone Vasoactive Intestinal Peptide (VIP) that stimulates biological pathways important in the regulation of the cardiopulmonary and immune systems. Both compounds utilize PhaseBio’s proprietary Elastin-Like Polypeptide (ELP) technology to provide longer half-life and greater stability in circulation while retaining similar potency to the native sequences.