PhaseBioPharmaceuticals, Inc., which specializes in drugs for relatively rare diseases, announced today that it will put $14.7 million towards the development of its vasoactive intestinal peptide receptor agonist PB1046.
The Financing will support a Phase 2 study of PB1046 for the treatment of pulmonary arterial hypertension (PAH), which is expected to initiate in the first half of 2017, as well as the continued evaluation of PB1046 in additional indications. PhaseBio also intends to use the Financing to evaluate new pipeline products based on its proprietary elastin-like polypeptide (ELP) technology platform.
“There is robust scientific evidence for the use of VIP receptor agonists for the treatment of cardiopulmonary diseases, and PB1046 is the first VIP analog to demonstrate potential for once-weekly dosing,” said Jonathan P. Mow, Chief Executive Officer of PhaseBio. “This financing will enable PhaseBio to advance PB1046 in multiple orphan cardiopulmonary indications.”
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