US-based pharmaceutical company Johnson & Johnson and Japan-based pharmaceutical company Astellas’s corporate venturing units have invested a further $23m in PhaseBio Pharmaceuticals, a drug developer.
Johnson & Johnson Development Corporation and Astellas Venture Management were joined in the series B extension round by venture firms New Enterprise Associates, which led the round, Hatteras Venture Partners and Fletcher Spaght Ventures.
PhaseBio is developing drugs to treat diabetes, metabolic disease and cardiovascular disease. The round takes the total raised in PhaseBio’s series B to $48.4m, after it raised $25m from the same investors in December 2009.
The company had raised as much as an estimated $16.7m before the B round, based on Global Corporate Venturing research. In 2008 PhaseBio raised $8.7m, according to a Securities and Exchange Commission filing. In 2007 it said it had raised $1.2m of a planned $7.5m round, according to another filing. In 2006 it raised $458,000, according to another filing.