PhaseBio Pharmaceuticals raises $48.4m from NEA-backed Series B

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PhaseBio, a clinical-stage biotechnology company developing drugs to treat diabetes, metabolic disease and cardiovascular disease, has raised $48.4m from a Series B financing round from existing investors including New Enterprise Associates (NEA).

The close follows receipt of the third tranche to advance the company’s product development programmes, the company said in a statement.

PhaseBio raised $25m in December 2009 in a Series B financing round led by NEA, with participation by OSI Investment Holdings (now Astellas Venture Management) and previous investors Johnson & Johnson Development Corp, Hatteras Venture Partners and Fletcher Spaght Ventures.

These investors have now provided an additional $23m, which will support Phase 2b clinical testing of Glymera for the treatment of type 2 diabetes, and a Phase 1 clinical study of Vasomera in patients with stage 1 and 2 essential hypertension.

The funding will also support additional preclinical work to further the clinical development of Vasomera for the treatment of acute and chronic heart failure and pulmonary hypertension, and to complete a Phase 1/2a clinical study of Insumera, a fully native mature insulin fused to ELP, for type 2 diabetes.

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