PhaseBio Pharmaceuticals Inc. said it raised $34 million in the latest round of financing that saw the participation of AstraZeneca PLC and Johnson & Johnson.
The financing also saw new investors funnel funds in the Malvern, Pa.-based biotechnology company, which is developing a treatment to prevent bleeding in heart patients, including Cormorant Asset Management LP, Rock Springs Capital Management LP and Mountain Group Capital LLC.
Apart from AstraZeneca and Johnson & Johnson, existing investors that participated in the financing include New Enterprise Associates, Hatteras Venture Partners, Syno Capital and Fletcher Spaght Ventures.
The financing helps PhaseBio advance its lead product candidate PB2452 which is being studied as a treatment for heart patients receiving AstraZeneca's ticagrelor — sold as Brilinta — who are experiencing a major bleeding event or who require urgent surgery.
PB2452 is in a phase 1 proof-of-concept study that is expected to be completed in January 2019. Meanwhile, the company also plans to study another medicine called PB1046 as a treatment for pulmonary arterial hypertension with a clinical trial expected to begin later this year.