PhaseBio, Eyegate raise venture funding

Research Triangle Park, NC-based PhaseBio Pharmaceuticals has raised $25 million in a Series B financing round. New investors New Enterprise Associates and OSI Investment Management, a subsidiary of OSI Pharmaceuticals, led the round. The protein engineering company boasts a platform called Elastin-Like Polypeptide (ELP) technology, which boosts the pharmacology and delivery of therapeutics.

"The financing provides us funding that will allow us to build our pipeline of ELP-based therapeutics including advancing our lead programs through Phase 1/2 proof-of-concept studies in patients," Christopher Prior, CEO of PhaseBio Pharmaceuticals, says in a statement.

- see the release from PhaseBio

ALSO: Waltham, MA's EyeGate Pharma has landed $22.6 million in Series D venture financing. Eyegate gained access to $11 million of that in December 2009; the remainder will be held in reserve for future use. The funding will be used to bankroll clinical trials of EGP-437 for dry eye syndrome. A Phase III study of the drug is planned for the first half of this year. EyeGate release