PhaseBio Pharmaceuticals, a US-based drug developer for diabetes (pictured), has drawn down the second tranche of its $25m series B round that closed in January.
PhaseBio said the second slice of $15m from the B round followed the completion of phase one and 2a testing of its Glymera (PB1023) drug to treat type 2 diabetes and moving the company’s second lead compound toward an
Investigational New Drug filing planned for next year.
PhaseBio raised the $25m from corporate venturing units OSI Investment (now called Astellas Venture Management) and Johnson & Johnson Development Corporation (JJDC) as well as venture capital firms New Enterprise Associates, Hatteras Venture Partners and Fletcher Spaght Ventures.
The series A round raised $400,000 in mid-2005, while JJDC provided the initial $1.2m of its series B round in December 2006, according to news provider VentureWire.