AstraZeneca leads PhaseBio series C

PhaseBio Pharmaceuticals Inc. (Malvern, Pa.) raised $20 million in the first tranche of a planned $40 million series C round led by AstraZeneca plc (LSE:AZN; NYSE:AZN). Existing investors New Enterprise Associates, Hatteras Venture Partners, Johnson & Johnson Innovation and Fletcher Spaght Ventures participated. The biotech expects a second tranche to close in 2016.

This year, PhaseBio plans to start Phase IIa testing of PE0139 to treat Type II diabetes, with a read out this year, and PB1046 for heart failure and for cardiomyopathy in patients with Duchenne and Becker muscular dystrophy (DBMD), with data anticipated in 2016. ...