Press Release
PhaseBio Reports Fourth Quarter and Full-Year 2018 Financial and Business Results
Results from Phase 1 clinical trial of PB2452 published in the
Initiated Phase 2b trial of PB1046 for the treatment of pulmonary arterial hypertension
Closed initial public offering that raised
“For PhaseBio Pharmaceuticals, 2018 was a transformative year during which we reported positive results from our Phase 1 trial of PB2452, completed a successful initial public offering and advanced our clinical program for PB1046,” said
Fourth Quarter and Recent Corporate Progress
- Reported PB2452 Phase 1 results: In
March 2019 , full results from the Phase 1 clinical trial of PB2452 were published online in theNew England Journal of Medicine in a paper titled, “An Antibody-Based Ticagrelor Reversal Agent in Normal Volunteers” and simultaneously presented in a featured clinical research session at theAmerican College of Cardiology’s 68th Annual Scientific Session. Results demonstrated PB2452 provided immediate and sustained reversal of the antiplatelet activity of ticagrelor.
- Secured up to
$15.0 million term loan facility: InMarch 2019 , PhaseBio entered into a$15.0 million term loan facility withSilicon Valley Bank andWestRiver Innovation Lending Fund . PhaseBio received an initial tranche of$7.5 million upon execution of the loan agreement and will use the funds to repay an existing term loan in full. A second tranche of$2.5 million will be available throughMay 31, 2019 . PhaseBio will draw the remaining funding of$5.0 million upon the achievement of certain clinical milestones related to the development of PB2452.
- Appointed new members to the PhaseBio board of directors: In
March 2019 ,Richard A. van den Broek was appointed to the board of directors. InDecember 2018 ,Edmund P. Harrigan , M.D., was appointed to the board of directors.Caroline M. Loewy was appointed to the board of directors inJuly 2018 .Nancy Hutson , Ph.D., andLinda Tufts were appointed to the board of directors inMarch 2018 .
- Dosed first patient in PB1046 Phase 2b trial: In
November 2018 , PhaseBio dosed the first patient in a multi-center, randomized, double-blind, parallel-group Phase 2b trial to evaluate the safety, tolerability and efficacy of PB1046 for the treatment of pulmonary arterial hypertension (“PAH”).
- Completed initial public offering and Series D financing: In
October 2018 , PhaseBio closed an initial public offering of 9,864,666 shares of common stock at a public offering price of$5.00 per share, including shares sold pursuant to the partial exercise of the underwriters’ option to purchase additional shares. PhaseBio received$43.0 million in net proceeds, after deducting underwriting discounts and commissions and offering expenses. InSeptember 2018 , PhaseBio closed a Series D financing that resulted in net proceeds of$17.7 million .
- Awarded
$2.8 million NIH SBIR grant: InFebruary 2018 , PhaseBio was awarded a$2.8 million Fast Track Small Business Innovation Research (“SBIR”) grant from theNational Institutes of Health (“NIH”) to support the clinical development of PB1046, a first-in-class, sustained-release vasoactive intestinal peptide analogue, in patients with PAH.
Upcoming Milestones
- Initiate Phase 2a trial of PB2452 in the first half of 2019.
- Data readout from Phase 2a trial of PB2452 in the first half of 2019.
- Initiate Phase 2b trial of PB2452 in the second half of 2019.
Fourth Quarter and Full-Year 2018 Financial Results
Cash Position
Cash and cash equivalents at
Results of Operations
Three Months Ended
PhaseBio reported a net loss of
Grant revenues were
Research and development expense increased to
General and administrative expense increased to
Year Ended
PhaseBio reported a net loss of
Grant revenues were
Research and development expenses increased to
General and administrative expenses were
About PhaseBio
PhaseBio is located in
Forward-Looking Statements
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,” “anticipates,” 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
Investor Contact:
Chief Financial Officer
(610) 981-6506
john.sharp@phasebio.com
Media Contact:
6 Degrees
(215) 313-5638
shall@6degreespr.com
PhaseBio Pharmaceuticals, Inc. | |||||||
Condensed Balance Sheets | |||||||
(in thousands) | |||||||
December 31, | |||||||
2018 | 2017 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 61,031 | $ | 13,406 | |||
Other receivable, prepaid expenses and other current assets | 1,597 | 360 | |||||
Property and equipment, net | 355 | 302 | |||||
Other non-current assets | 43 | 31 | |||||
Total assets | $ | 63,026 | $ | 14,099 | |||
Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit): | |||||||
Convertible promissory notes, net of discount | $ | — | $ | 12,095 | |||
Derivative liability | — | 3,028 | |||||
Current portion of long-term debt | — | 761 | |||||
Accounts payable and accrued expenses | 4,577 | 1,711 | |||||
Preferred stock warrant liability | — | 1,656 | |||||
Deferred rent | 22 | 5 | |||||
Long-term debt | 7,500 | 2,625 | |||||
Redeemable convertible preferred stock | — | 89,634 | |||||
Stockholders’ equity (deficit) | 50,927 | (97,416 | ) | ||||
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ | 63,026 | $ | 14,099 | |||
PhaseBio Pharmaceuticals, Inc. | ||||||||||||||||
Statements of Operations | ||||||||||||||||
(in thousands, except share and per share amounts) | ||||||||||||||||
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Grant revenues | $ | 257 | $ | — | $ | 668 | $ | — | ||||||||
Operating expenses: | ||||||||||||||||
Research and development | 5,676 | 1,823 | 15,455 | 6,210 | ||||||||||||
General and administrative | 2,241 | 628 | 4,857 | 2,328 | ||||||||||||
Total operating expenses | 7,917 | 2,451 | 20,312 | 8,538 | ||||||||||||
Loss from operations | (7,660 | ) | (2,451 | ) | (19,644 | ) | (8,538 | ) | ||||||||
Other income (expense) | 2,792 | (84 | ) | (4,202 | ) | (1,709 | ) | |||||||||
Net loss | $ | (4,868 | ) | $ | (2,535 | ) | $ | (23,846 | ) | $ | (10,247 | ) | ||||
Net loss per common share, basic and diluted | $ | (0.26 | ) | $ | (3.41 | ) | $ | (4.49 | ) | $ | (13.78 | ) | ||||
Weighted average common shares outstanding, basic and diluted | 18,824,091 | 744,155 | 5,305,062 | 743,470 | ||||||||||||
Source: PhaseBio Pharmaceuticals, Inc.