Glymera Phase 2b Research Commenced By PhaseBio Pharmaceuticals

PhaseBio Pharmaceuticals, Inc., a privately owned, clinical-stage biotechnology company generating drugs as a treatment for diabetes, metabolic disease and heart problems, introduced today that it has started dosing in a multicenter (USA), randomized, placebo and active comparator controlled Phase 2b survey that could enroll about 600 affected individuals with diabetes type 2 inadequately controlled along with diet and exercise, metformin, a sulfonylurea or a mixture of metformin/sulfonylurea.

The study will consider the performance and overall safety of three doses of once on a weekly basis Glymera compared to coordinated placebo in addition to an active comparator.

On account of very promising Phase 1/2a results, PhaseBio raised one additional $23 million in May 2012 in a third tranche of a Series B financing to aid Phase 2b clinical testing of Glymera regarding the remedy for diabetes type 2.

This delivered to a total of $48.4 million the amount raised direct from Series B, which was led by New Enterprise Associates along with involvement by Hatteras Venture Partners, Johnson & Johnson Development Corporation, Astellas Venture Management and Fletcher Spaght Ventures.