PhaseBio entered into a $7.5 million term loan facility with Silicon Valley Bank, subject to funding in up to three tranches.
- Entered into $7.5 million term loan facility with Silicon Valley Bank
- Closed $8.1 million second tranche of convertible notes announced in January 2017
- Funds will be used to advance clinical development of PB1046 in pulmonary arterial hypertension and PB2452, a reversal agent for ticagrelor
MALVERN, Pa., Nov. 29, 2017 (GLOBE NEWSWIRE) -- PhaseBio Pharmaceuticals, a clinical-stage biopharmaceutical company developing therapies for the treatment of orphan diseases, today announced that the Company has secured $15.6 million in funds to support the clinical advancement of its expanded pipeline.
PhaseBio entered into a $7.5 million term loan facility with Silicon Valley Bank, subject to funding in up to three tranches. PhaseBio received the initial tranche of $3.5 million upon execution of the loan agreement. The remaining funding under the term loan may be drawn, at PhaseBio’s option, in $2 million increments subject to certain milestones.
In addition, PhaseBio has drawn down the remaining $8.1 million second tranche of an existing convertible note financing agreement entered into in January 2017. Investors participating in the second tranche of the financing include New Enterprise Associates, AstraZeneca, Johnson & Johnson Innovation – JJDC, Hatteras Venture Partners, Fletcher Spaght Ventures and Syno Capital.
“In addition to the commitment from our current investors, this new loan facility strengthens our financial position in support of recently reported milestones, including the dosing of our lead therapy PB1046 in an exploratory study for pulmonary arterial hypertension and the diversification of our pipeline with the in-licensing of PB2452, a reversal agent for ticagrelor,” said John Sharp, Chief Financial Officer of PhaseBio. “We are pleased to expand our relationship with Silicon Valley Bank and anticipate that this extended runway will enable us to further deliver on our goals, by supporting the initiation of a Phase 2 study for PB1046 and a Phase 1 study for PB2452, both planned for 2018.”
“PhaseBio is developing compelling therapies that have the potential to provide new and improved treatments for patients suffering from orphan disorders,” said Scott McCarty, Director at Silicon Valley Bank. “We are excited to partner with PhaseBio and look forward to working with the company to advance its corporate strategy.”
About PhaseBio
PhaseBio Pharmaceuticals, Inc., is a clinical-stage biopharmaceutical company developing therapies for the treatment of orphan diseases. PhaseBio is leveraging its proprietary elastin-like polypeptide (ELP) biopolymer technology platform to develop therapies with the potential for less-frequent dosing and better patient compliance. PhaseBio’s lead development candidate, PB1046, is a first-in-class weekly vasoactive intestinal peptide (VIP) receptor agonist for the treatment of pulmonary arterial hypertension (PAH). PhaseBio is privately owned, with headquarters and research laboratories in Malvern, PA. For more information, please visit www.phasebio.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at www.svb.com.
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Laura Bagby, 6 Degrees
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