PhaseBio Pharmaceuticals, Inc., a Malvern, Pennsylvania-based clinical-stage biotechnology company developing drugs to treat diabetes, metabolic disease and cardiovascular disease, has raised $15m in Series B financing.
This final close, which adds to the $10m PhaseBio received in December 2009, brings the total amount raised by the company in Series B financing to $25m.
The round was led by New Enterprise Associates, with participation from OSI Investment Holdings (now Astellas Venture Management) and existing investors Johnson & Johnson Development Corporation, Hatteras Venture Partners and Fletcher Spaght Ventures.
The company intends to use the funds to advance clinical testing of GlymeraTM (PB1023), to treat Type 2 diabetes, and complete preparations for clinical testing of its second product development compound, VasomeraTM, to treat resistant hypertension.
PhaseBio was also awarded $489,000 in two federal grants under the Qualified Therapeutic Discovery Project (QTDP) program to help fund these development programs.