PhaseBio raises $34M to test orphan disease strategy — focusing first on AstraZeneca drug
After spending the past three years repositioning itself as an orphan disease-focused biotech, PhaseBio is ready to roll with a fresh $34 million raise.
The Malvern, PA-based company owes its name to its elastin-like polypeptides platform technology, which creates therapeutic fusion proteins that undergo a fully reversible phase transition — thereby significantly extending their half lives.
PhaseBio once saw an application for that tech in diabetes as well as cardio, attracting pharma giants AstraZeneca and Johnson & Johnson’s venture arm, as well as VC players New Enterprise Associates, Hatteras Venture Partners and Fletcher Spaght Ventures for its 2015 Series C, in which it got $40 million to, among other things, advance a once-weekly, long-acting basal insulin.
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