PhaseBio Pharmaceuticals, Inc., a Malvern, PA-based clinical-stage biopharmaceutical company developing therapies for the treatment of orphan diseases, secured $15.6m in funding.
The company entered into a $7.5m term loan facility with Silicon Valley Bank, subject to funding in up to three tranches. PhaseBio received the initial tranche of $3.5m upon execution of the loan agreement. The remaining funding under the term loan may be drawn, at the company’s option, in $2m increments subject to certain milestones.
In addition, PhaseBio has drawn down the remaining $8.1m second tranche of an existing convertible note financing agreement entered into in January 2017. Investors participating in this second tranche include New Enterprise Associates, AstraZeneca, Johnson & Johnson Innovation – JJDC, Hatteras Venture Partners, Fletcher Spaght Ventures and Syno Capital.
The company intends to use the funds for the clinical advancement of its expanded pipeline.
PhaseBio Pharmaceuticals develops therapies for the treatment of orphan diseases by leveraging its proprietary elastin-like polypeptide (ELP) biopolymer technology platform. Its lead development candidate, PB1046, is a weekly vasoactive intestinal peptide (VIP) receptor agonist for the treatment of pulmonary arterial hypertension (PAH).