MALVERN, Pa., Jan. 18, 2017 (GLOBE NEWSWIRE) -- 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.
“There is robust scientific evidence for the use of VIP receptor agonists for the treatment of cardiopulmonary diseases, and PB1046 is the first VIP analog to demonstrate potential for once-weekly dosing,” said Jonathan P. Mow, Chief Executive Officer of PhaseBio. “This financing will enable PhaseBio to advance PB1046 in multiple orphan cardiopulmonary indications.”
“PhaseBio has the proven ability to identify novel drugs in therapeutic areas with high unmet need and to execute clinical development plans in an efficient manner,” said Justin Klein, M.D., J.D., Partner at New Enterprise Associates. “We anticipate that the team will further utilize these strengths to develop PB1046 for the treatment of pulmonary arterial hypertension and additional indications.”
About PhaseBio
PhaseBio Pharmaceuticals is a clinical-stage biopharmaceutical company developing new and improved biotherapeutics for the treatment of orphan diseases, with a focus on cardiopulmonary disorders. The company’s proprietary technology platform uses recombinant elastin-like polypeptide (ELP) biopolymers to control the half-life, bioavailability and physical characteristics of molecules for ease of administration. The resulting compounds are engineered for a specific rate of absorption to enhance efficacy and reduce side effects, which can lead to less-frequent dosing and better patient compliance. PhaseBio's lead development candidate, PB1046, is a first-in-class weekly vasoactive intestinal peptide (VIP) receptor agonist for the treatment of pulmonary arterial hypertension (PAH); the treatment and prevention of cardiomyopathy associated with Duchenne muscular dystrophy (DMD), Becker muscular dystrophy (BMD) and X-linked dilated cardiomyopathy; and the treatment of cystic fibrosis. PhaseBio is privately owned, with headquarters and research laboratories in Malvern, PA. For more information, please visit www.phasebio.com.