PhaseBio Pharmaceuticals, a US-based biopharmaceutical developer working on treatments for cardiopulmonary disorders, has secured $15.6m in a round featuring pharmaceutical companies AstraZeneca and Johnson & Johnson.
The funding includes $8.1m from the second tranche of a convertible note financing deal agreed in January 2017 with Johnson & Johnson’s corporate venturing vehicle, Johnson & Johnson Innovation – JJDC, and AstraZeneca, as well as New Enterprise Assosiates (NEA), Hatteras Venture Partners, Fletcher Spaght Ventures and Syno Capital.
The other $7.5m of the financing comes through a loan facility provided by financial services firm Silicon Valley Bank. PhaseBio will recieve an initial $3.5m with the final $4m available in $2m increments subject to undisclosed milestones.
PhaseBio is working on treatments for orphan diseases: rare conditions that affect fewer than 200,000 people across the US. Its lead candidate, PB1046, is a treatment for a lung condition known as pulmonary arterial hypertension that requires fewer doses to increase patient compliance.
The funding will be used to continue development of PB1046 and PB2452, a candidate intended to reverse the effects of anticoagulant drug Ticagrelor.
PhaseBio previously raised $40m in a 2015 series C round featuring AstraZeneca, Johnson & Johnson Innovation – JJDC, NEA, Hatteras Venture Partners and Fletcher Spaght Ventures.
Johnson & Johnson Innovation – JJDC, NEA, Hatteras and Fletcher Spaght joined Astellas Venture Management, a subsidiary of pharmaceutical firm Astellas, in a $48.4m series B round for the company made up of a $25m first tranche in 2009 and a $23m second tranche in 2012.
Prior to the series B round, PhaseBio had raised approximately $16.7m in funding according to regulatory filings.