PhaseBio Reports Third Quarter 2018 Financial and Business Results
Closed initial public offering that raised
Demonstrated proof of concept for PB2452, supporting continued development for the reversal of antiplatelet activity of ticagrelor
“The significant corporate and clinical progress PhaseBio has achieved thus far in 2018 reflects our commitment to advancing innovative therapies in areas of high unmet need,” said
Third Quarter 2018 and Recent Corporate Progress
- Dosed first patient in PB1046 Phase 2b trial: In November, 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: In October, PhaseBio closed an initial public offering of 9,864,666 shares of common stock at a public offering price of
$5.00per share, including shares sold pursuant to the partial exercise of the underwriters’ option to purchase additional shares. PhaseBio received $43.0 millionin net proceeds, after deducting underwriting discounts and commissions and offering expenses.
- Reported preliminary PB2452 Phase 1 data: In
September 2018, PhaseBio announced positive preliminary results from its Phase 1 clinical trial of PB2452, a novel reversal agent for the antiplatelet drug ticagrelor. PhaseBio has locked the trial database and confirmed that PB2452 achieved rapid, complete and sustained reversal of ticagrelor’s antiplatelet activity, with no PB2452-related adverse events or serious adverse events reported, consistent with the preliminary results described in PhaseBio’s final prospectus for its IPO, filed with the Securities and Exchange Commissionon October 19, 2018. PhaseBio expects to present the data from this trial at a medical meeting in 2019.
- Completed Series D financing: In August, PhaseBio raised
$17.7 millionin net proceeds from the sale of Series D preferred stock. Existing investors participated in the financing as well as new investors, including Cormorant Asset Management, Rock Springs Capitaland Mountain Group Partners.
- Provided update on development of PB1046 for PAH: In July, PhaseBio reported the completion of a Phase 1b/2a multiple ascending dose trial of PB1046 in patients with heart failure with reduced ejection fraction, as well as preliminary data from a pilot study of PB1046 in PAH patients. Results from these studies support the continued evaluation of PB1046 as a once-weekly subcutaneous injection for the treatment of PAH.
Caroline M. Loewyto board of directors: In July, Caroline M. Loewyjoined PhaseBio’s board of directors and was appointed Chair of the Audit Committee. Ms. Loewy currently serves on the Board of Directors and Audit Committees of CymaBay Therapeuticsand Aptose Biosciences.
- Initiate Phase 2a trial of PB2452 in healthy older adults in the first half of 2019.
- PhaseBio expects to present the final data from the completed Phase 1 trial of PB2452 at a medical meeting in 2019.
Third Quarter 2018 Financial Results
Cash and cash equivalents at
Results of Operations
Three Months Ended
The Company reported a net loss of
Grant revenues were
Research and development expenses increased to
General and administrative expenses were
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,” “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, the timing of the release of the results of our clinical trials, and our cash use. 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
Chief Financial Officer
|PhaseBio Pharmaceuticals, Inc.|
|Condensed Statements of Operations|
|(in thousands, except share and per share amounts)|
|Three Months Ended
|Nine Months Ended
|Research and development||4,354||1,330||9,779||4,387|
|General and administrative||1,056||565||2,616||1,700|
|Total operating expenses||5,410||1,895||12,395||6,087|
|Loss from operations||(4,999||)||(1,895||)||(11,984||)||(6,087||)|
|Net loss per common share, basic and diluted||$||(10.45||)||$||(3.44||)||$||(25.33||)||$||(10.38||)|
|Weighted average common shares outstanding, basic and diluted||755,908||743,241||749,198||743,241|
|PhaseBio Pharmaceuticals, Inc.|
|Condensed Balance Sheets|
|September 30,||December 31,|
|Cash and cash equivalents||$||24,341||$||13,406|
|Other receivable, prepaid expenses and other current assets||627||340|
|Property and equipment, net||251||302|
|Deferred offering costs||2,218||—|
|Other non-current assets||51||51|
|Liabilities, redeemable convertible preferred stock and stockholders' deficit:|
|Convertible promissory notes, net of discount||$||—||$||12,095|
|Current portion of long-term debt||3,125||761|
|Accounts payable and accrued expenses||4,563||1,711|
|Preferred stock warrant liability||5,990||1,656|
|Redeemable convertible preferred stock||125,609||89,634|
|Total liabilities, redeemable convertible preferred stock and stockholders' deficit||$||27,488||$||14,099|
Source: PhaseBio Pharmaceuticals, Inc.