PhaseBio Pharmaceuticals, Inc. a biopolymer-based drug manufacturer, has raised $40 million in a Series C round of funding, which includes a major share from AstraZeneca. Existing investors New Enterprise Associates, Hatteras Venture Partners and Johnson & Johnson Innovation were also involved in the financing round, according to BioSpace.
“AstraZeneca is committed to bringing innovative treatments to improve the life of diabetic patients,” said Michael Gutch, executive director of Corporate Development at AstraZeneca, in a BioSpace article. “The ELP technology developed by PhaseBio might offer to patients the opportunity to manage their diabetes by injecting once-weekly, long-acting basal insulin.”
“The investment from AstraZeneca, together with our existing investors, provides PhaseBio with a great deal of operational flexibility and resources to advance PE0139 into a Phase IIa study, as well as to initiate Phase IIa trials of PB1046 for acute heart failure and for cardiomyopathy in Duchenne and Becker muscular dystrophy patients,” says Jonathan Mow, chief executive officer of PhaseBio. “Given the broad potential for PB1046 to treat both heart failure and orphan diseases, we have the flexibility to develop and launch the product on our own or in collaboration with a partner.”
JJDC and Fletcher Spaght Ventures will help PhaseBio further its progress on PE0139, a once-weekly insulin treatment for type 2 diabetes. Additionally, PhaseBio will be able to work on PB1046, its once-weekly Vasoactive Intestinal Peptide. The company has been aiming to conduct two separate Phase IIa trials for heart failure and cardiomyopathy with the product.