Existing backers AstraZeneca and Johnson & Johnson returned for a round that will advance PhaseBio's orphan disease drug pipeline, based on research from Duke University.
PhaseBio, a US-based orphan disease drug developer exploiting research from Duke University, closed a $34m series D round on Wednesday that included pharmaceutical firms AstraZeneca and Johnson & Johnson.
Cormorant Asset Management, Rock Springs Capital, Mountain Group Partners, New Enterprise Associates (NEA), Hatteras Venture Partners, Syno Capital and Fletcher Spaght Ventures also took part. Johnson & Johnson invested through Johnson & Johnson Innovation – JJDC.
PhaseBio is working on treatments for orphan diseases and in particular cardiopulmonary disorders that affect the lungs and heart that will be based on its elastin-like polypeptide (ELP) technology, which in turn relies on synthesised biopolymers.
ELP was developed by co-founder Ashutosh Chilkoti, a professor in Duke’s biomedical engineering department. PhaseBio originally owned the full rights to ELP, but sublicensed it back to the university for the development of long-acting cancer drugs with minimal toxic side effects in 2016.
The series D proceeds will fund…
