Phase Bioscience, a Durham-based development stage biotechnology company that is relocating to new headquarters and lab facilities in Morrisville, has closed on a $1 million secured equipment loan with SVB Silicon Valley Bank.
The funding is the latest in a series of such events supporting the privately held company. The North Carolina Biotechnology Center provided Phase Bio a $15,000 Business Development Loan in 2002, and followed that with a $75,000 Small Business Innovation Research (SBIR) Bridge Loan in 2005. In 2006 the Biotechnology Center approved a $150,000 Small Business Research loan to help it develop its novel drug-delivery technology extending the viability of proteins used in therapy.
Phase Bio is also one of 36 companies -- and one of nine late-state life science firms -- chosen to strut its stuff to venture capitalists at the 25th annual Venture Conference.
The event, April 16-18 at Durham's Washington Duke Inn & Golf Club, will showcase the Southeast and Mid-Atlantic's top investment opportunities to hundreds of venture capitalists and financiers from throughout the United States.
"We are extremely pleased to add a prestigious venture-oriented bank like SVB to our group of financial partners," said Tom Laundon, President of Phase Bio. "They join a committed group of investors, including Fletcher Spaght Venture Partners, Hatteras Venture Partners and Johnson and Johnson Development Corporation. These additional resources will greatly enhance our research capabilities and productivity."
