Pharmaceutical company AstraZeneca led a $40m series C round for PhaseBio Pharmaceuticals, a US-based drug developer working on treatments for metabolic and specialty cardiopulmonary disorders, yesterday.
The round also featured Johnson & Johnson Innovation, a network of centres owned by pharmaceutical company Johnson & Johnson that provide a range of services to companies including funding, incubation and office space, and the firm’s corporate venturing unit Johnson & Johnson Development Corporation.
New Enterprise Associates (NEA), Hatteras Venture Partners and Fletcher Spaght Ventures took part in the round as well. The funding will support the advancement of PhaseBio’s lead drug candidates into Phase 2a clinical trials.
PhaseBio is currently working on a once-weekly insulin product for type 2 diabetes, and a vasoactive intestinal peptide to treat conditions including heart failure.
PhaseBio closed a $48.4m series B round in 2012 backed by NEA, Hatteras and Fletcher Spaght. The company had previously secured $16.7m, according to regulatory filings.