PhaseBio Reports First Quarter 2019 Financial Results and Recent Corporate Progress
Completed underwritten public offering of common stock that raised
Received FDA Breakthrough Therapy designation for PB2452
Results from Phase 1 clinical trial of PB2452 published in the
“Our priorities for 2019 include advancing our clinical stage development programs, creating value by partnering our early-stage programs and building on our strong financial position,” said
First Quarter and Recent Corporate Progress
- Completed underwritten public offering of common stock: In
April 2019, PhaseBio closed an underwritten public offering of 4.1 million shares of its common stock at a price to the public of $12.00per share, including shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. PhaseBio received $46.2 millionin net proceeds, after deducting underwriting discounts and commissions and offering expenses.
- Received Breakthrough Therapy designation for PB2452: In
April 2019, PhaseBio announced that the U.S. Food and Drug Administration(“FDA”) granted Breakthrough Therapy designation for PB2452. The Breakthrough Therapy designation for PB2452 was supported by Phase 1 trial results in which PhaseBio observed that PB2452 achieved immediate and sustained reversal of the antiplatelet activity of ticagrelor. Breakthrough Therapy designation is designed to expedite the development and review of promising new drugs for serious or life-threatening conditions when preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints.
- Reported and published PB2452 Phase 1 results: In
March 2019, full results from the Phase 1 clinical trial of PB2452 were published in the New England Journal of Medicinein a paper titled, “An Antibody-Based Ticagrelor Reversal Agent in Healthy Volunteers” and simultaneously presented in a featured clinical research session at the American Collegeof Cardiology’s 68th Annual Scientific Session. The results demonstrated that PB2452 provided immediate and sustained reversal of the antiplatelet activity of ticagrelor.
- Secured up to
$15.0 millionterm loan facility: In March 2019, PhaseBio entered into a $15.0 millionterm loan facility with Silicon Valley Bank(“SVB”) and WestRiver Innovation Lending Fund. PhaseBio received an initial tranche of $7.5 millionupon execution of the loan agreement and used the funds to repay its existing term loan with SVB in full. A second tranche of $2.5 millionwill be available through May 31, 2019. PhaseBio will draw the remaining funding of $5.0 millionupon the achievement of certain clinical milestones related to the development of PB2452.
- PB1023 licensing deal: In
April 2019, PhaseBio announced it licensed to ImmunoForge, Co. Ltd.(“ImmunoForge”) the global rights for PB1023, a long-acting, ELP-based GLP-1 agonist. Under the terms of the agreement, PhaseBio granted ImmunoForge an exclusive, worldwide license, with rights to sublicense, to PB1023 for the development and commercialization of treatments for all diseases except diabetes, obesity and non-alcoholic steatohepatitis (“NASH”). PhaseBio received an upfront payment upon execution of the agreement and is eligible to receive development milestone payments, and royalty payments on net sales of products, including sales from sublicense agreements.
- Dose the first patient in the Phase 2a trial of PB2452 in the second quarter of 2019.
- Report preliminary data from the Phase 2a trial of PB2452 in the second quarter of 2019.
- Initiate Phase 2b trial of PB2452 in the second half of 2019.
First Quarter 2019 Financial Results
Cash and cash equivalents at
Results of Operations
Three Months Ended
PhaseBio reported a net loss of
Grant revenue was
Research and development expense increased to
General and administrative expense increased to
PhaseBio is located in
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” and “future” or similar expressions are intended to identify forward-looking statements.
Forward-looking statements include statements concerning or implying the conduct of our clinical trials and the timing of the release of the results of our clinical trials. Forward-looking statements are based on management's current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements.
Risks regarding our business are described in detail in our
|PhaseBio Pharmaceuticals, Inc.|
|Condensed Balance Sheets|
|Cash and cash equivalents||$||51,894||$||61,031|
|Other receivable, prepaid expenses and other current assets||2,181||1,597|
|Property and equipment, net||380||355|
|Operating lease right-of-use assets||1,899||—|
|Other non-current assets||32||43|
|Liabilities and stockholders' equity:|
|Current portion of long-term debt||$||423||$||—|
|Accounts payable, accrued expenses and other current liabilities||3,374||4,577|
|Operating lease liabilities||1,666||—|
|Total liabilities and stockholders' equity||$||56,386||$||63,026|
|PhaseBio Pharmaceuticals, Inc.|
|Condensed Statements of Operations|
|(in thousands, except share and per share amounts)|
|Three Months Ended March 31,|
|Research and development||5,721||2,235|
|General and administrative||2,316||643|
|Total operating expenses||8,037||2,878|
|Loss from operations||(7,384||)||(2,878||)|
|Other income (expense)||91||(1,525||)|
|Net loss per common share, basic and
|Weighted average common shares
outstanding, basic and diluted
Chief Financial Officer
Source: PhaseBio Pharmaceuticals, Inc.