Based: Malvern, PA
Raised: $23.2 million
Investors: Astellas Venture Management, Fletcher Spaght Associates, Hatteras Venture Partners, Johnson & Johnson Development Corporation, New Enterprise Associates.
The scoop: Just a few months after launching an early-stage study of an experimental cardiovascular drug, Malvern, PA-based PhaseBio snagged an extra $23 million in venture funds. Much of that money is being used to back a Phase IIb study of the biotech's lead drug, Glymera, an experimental diabetes drug. A third drug, called Insumera, is in a Phase I/IIstudy for Type II diabetes. The most recent entry into the clinic is known as PB1046, a VPAC2-selective vasoactive intestinal peptide agonist being studied for hypertension and congestive heart failure.