Pharma

Diabetes, cardiovascular drug developer PhaseBio adds $15M

The Philadelphia-area pharmaceutical company hopes for medical breakthroughs in Type 2 diabetes and hypertension. PhaseBio has embarked on Phase I and Phase II testing of its diabetes treatment, Glymera. Another treatment, Vasomera, focuses on hypertension. The $15 million was part of a total $25 million raised by the former Research Triangle Park/Duke University spinoff.

The Philadelphia-area biopharma company PhaseBio Pharmaceuticals has received the final $15 million of a $25 million investment to fund further testing of its lead drug, which focuses on hyperglycemia related to Type 2 diabetes.

The company, a spinoff from Duke University now operating in Malvern, Pennsylvania, announced the Series B financing in January just before it left Research Triangle Park.

The additional $15 million comes as PhaseBio begins testing its drug Glymera, a biopolymer that increases the impact of certain drugs so it cuts the amounts (and cost) needed. PhaseBio is focused primarily on diabetes, cardiovascular issues and metabolic disease. The company is embarking on Phase I and Phase II testing.

PhaseBio CEO Chris Prior said in his company’s press release that it will file next year a second investigational new drug application for Vasomera, which treats hypertension.

PhaseBio investors include New Enterprise Associates, OSI Investment Management, Hatteras Venture Partners, Johnson & Johnson Development Corporation and Fletcher Spaght Ventures.