PhaseBio Secures $34M in Series D Financing

phasebioPhaseBio Pharmaceuticals, Inc., a Malvern, PA-based clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for orphan diseases, with an initial focus on cardiopulmonary disorders, closed a $34m Series D financing, including the conversion of existing convertible promissory notes.

Backers included:
– Cormorant Asset Management,
– Rock Springs Capital,
– Mountain Group Partners,
– New Enterprise Associates,
– Hatteras Venture Partners,
– AstraZeneca (NYSE: AZN),
– Johnson & Johnson Innovation – JJDC, Inc.,
– Syno Capital, and
– Fletcher Spaght Ventures.

The company intends to use the funds to advance clinical development of PB2452, a potentially first-in-class reversal agent for patients on ticagrelor, and PB1046, a novel treatment.

Led by Jonathan P. Mow, Chief Executive Officer, PhaseBio has an initial focus on cardiopulmonary disorders. The company’s lead development candidate is PB2452, a potentially first-in-class reversal agent for the antiplatelet therapy ticagrelor. PhaseBio is also leveraging its proprietary ELP biopolymer technology platform to develop therapies with the potential for less-frequent dosing and improved pharmacokinetics. Its second product candidate PB1046, which is based on ELP, is a once-weekly vasoactive intestinal peptide receptor agonist for the treatment of PAH.



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