Phase Bioscience, a 5-year-old life science startup, has closed on $5.4 million to wrap up a Series B round of financing.
The company, which landed $1.2 million in the round earlier this year as well as a new chief executive officer, announced the latest close on Wednesday.
Leading the latest close was Fletcher Spaght Ventures, a new investor, along with current investor Johnson & Johnson Development Corp.
Durham-based Hatteras Venture Partners also participated, adding to an earlier investment in Phase Bio.
As part of the deal, Guy Fish of Fletcher Spaght and Doug Reed of Hatteras Ventures were added to the Phase Bio board.
"This is a significant milestone for the company and provides the financial resources needed to continue the development and commercialization of the company’s core technologies," said Nick Ellis, Phase Bio’s CEO.
Ellis is a former president of pharmaceutical firm Trimeris. Part of Ellis’ role had been to raise additional B-round financing.
PhaseBio recently licensed drug-discovery technology from Duke University, and the additional funding will be used to advance that. The company also has its own drug-purification and delivery-process technology.