Malvern, PA, January 18, 2017 — PhaseBio Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company developing biopolymer-based drugs for the treatment of orphan diseases with an initial focus on cardiopulmonary disorders, today announced the closing of $14.7 million in convertible notes (“Financing”) to advance the clinical development of its lead compound PB1046, a weekly vasoactive intestinal peptide (VIP) receptor agonist, in orphan cardiopulmonary disorders.
Participating in the Financing are existing investors New Enterprise Associates, AstraZeneca, Johnson & Johnson Innovation – JJDC, Hatteras Venture Partners, Fletcher Spaght Ventures and Syno Capital. PhaseBio has the opportunity to increase the size of the Financing by up to $2.75 million from additional investors.
The Financing will support a Phase 2 study of PB1046 for the treatment of pulmonary arterial hypertension (PAH), which is expected to initiate in the first half of 2017, as well as the continued evaluation of PB1046 in additional indications. PhaseBio also intends to use the Financing to evaluate new pipeline products based on its proprietary elastin-like polypeptide (ELP) technology platform.
Read more: http://phasebio.com/phasebio-announces-14-7-million-convertible-notes-advance-clinical-development-pb1046-orphan-cardiopulmonary-disorders/