Malvern, PA, August 27, 2018 — PhaseBio Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for orphan diseases, with an initial focus on cardiopulmonary disorders, today announced the completion of a $34 million Series D financing, including the conversion of existing convertible promissory notes.
New investors in the financing include Rock Springs Capital, Mountain Group Partners and CormorantAsset Management. Existing investors New Enterprise Associates, Hatteras Venture Partners, AstraZeneca, Johnson & Johnson Innovation – JJDC, Syno Capital and Fletcher Spaght Ventures also participated in the financing.
PhaseBio plans to use the proceeds to advance the clinical development of its product candidates, including the initiation of a Phase 2 clinical study of its elastin-like polypeptide (“ELP”)-based therapy PB1046 in pulmonary arterial hypertension (“PAH”) in the third quarter of 2018 and to explore additional indications for its half-life extending ELP technology platform.
“We are encouraged by the enthusiasm of our new and existing investors for the potential of our orphan disease pipeline and our proprietary ELP technology platform,” said Jonathan P. Mow, Chief Executive Officer of PhaseBio. “We look forward to readout of data from the Phase 1 study of our lead product candidate PB2452, a novel reversal agent for the antiplatelet therapy ticagrelor, exploring partnership opportunities for our drug products outside of the U.S. and dosing patients in the Phase 2 study of our second product candidate PB1046 in patients with PAH in the third quarter. In addition, we plan to nominate our third product candidate, the second based on our ELP technology, for initiation of IND enabling studies.”
“PhaseBio’s novel therapies for orphan diseases and the compelling opportunity for its ELP technology platform to generate a pipeline of treatments with the potential for less- frequent dosing and improved pharmacokinetics is promising,” said Clay Thorp, Chairman of PhaseBio’s Board of Directors and General Partner at Hatteras Venture Partners. “We look forward to working with PhaseBio to rapidly advance therapies that address unmet needs in patients with orphan diseases.”
PhaseBio Pharmaceuticals, Inc., is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for the treatment of orphan diseases, with an initial focus on cardiopulmonary disorders. The company’s lead development candidate is PB2452, a novel 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. PhaseBio’s second product candidate PB1046, which is based on ELP, is a once-weekly vasoactive intestinal peptide receptor agonist for the treatment of PAH.
PhaseBio is privately owned, with headquarters and research laboratories in Malvern, PA. For more information, please visit www.phasebio.com.
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