\n\u201cIn the third quarter, PhaseBio continued to make progress and build momentum on our mission to develop novel treatments for serious cardiovascular diseases, primarily through the growth of our global clinical trial footprint for our lead product candidate bentracimab,\u201d said Jonathan P. Mow, Chief Executive Officer of PhaseBio Pharmaceuticals. \u201cIn October, we expanded enrollment of our pivotal Phase 3 REVERSE-IT Trial for bentracimab into Canada where we dosed the first patients outside the United States. With continued widespread use of antiplatelet therapies for patients with acute coronary syndrome, both in the United States and globally, there continues to be a significant unmet need for a novel therapy like bentracimab that has the potential to immediately and sustainably reverse the antiplatelet effects of ticagrelor in patients requiring urgent surgeries or experiencing major bleeding events.\u201d\n<\/p>\n
\nMow continued, \u201cWe\u2019re also pleased to be resuming enrollment for VIP, our Phase 2b trial of pemziviptadil for patients with pulmonary arterial hypertension (PAH). Looking ahead, we remain focused on delivering on our key clinical development milestones for bentracimab and pemziviptadil in 2021 and will be working in the near term on the preparation of our regulatory filings and commercialization efforts for bentracimab.\u201d\n<\/p>\n
Recent Pipeline and Business Highlights<\/span><\/b><\/p>\n Third-Quarter 2020 Financial Results<\/span><\/b><\/p>\n About PhaseBio <\/b><\/p>\n PhaseBio Pharmaceuticals, Inc.<\/a> is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for cardiovascular and cardiopulmonary diseases. The company\u2019s pipeline includes: bentracimab (PB2452), a novel reversal agent for the antiplatelet therapy ticagrelor; pemziviptadil (PB1046), a once-weekly vasoactive intestinal peptide receptor agonist for the treatment of pulmonary arterial hypertension; and PB6440, an oral agent for the treatment of resistant hypertension. PhaseBio\u2019s proprietary elastin-like polypeptide technology platform enables the development of therapies with potential for less-frequent dosing and improved pharmacokinetics, including pemziviptadil, and drives both internal and partnership drug-development opportunities.\n<\/p>\n \nPhaseBio is located in Malvern, PA, and San Diego, CA. For more information, please visit www.phasebio.com<\/a>.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as \u201canticipates,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cprojects,\u201d and \u201cfuture\u201d or similar expressions are intended to identify forward-looking statements.<\/i><\/p>\n Forward-looking statements include statements concerning or implying the conduct or timing of our clinical trials and our research, development and regulatory plans for our product candidates, the potential for these product candidates to receive regulatory approval from the FDA or equivalent foreign regulatory agencies, whether, if approved, these product candidates will be successfully distributed and marketed and the success of our collaboration with SFJ, including whether we will receive all of the contemplated funding under the co-development agreement. 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.<\/i><\/p>\n Risks regarding our business are described in detail in our Securities and Exchange Commission (\u201cSEC\u201d) filings, including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which we intend to file shortly hereafter. These forward-looking statements speak only as of the date hereof, and PhaseBio Pharmaceuticals, Inc. disclaims any obligation to update these statements except as may be required by law.<\/i><\/p>\n PhaseBio Pharmaceuticals, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n September 30, December 31, Assets:<\/b><\/p>\n<\/td>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$ 39,353\n<\/p>\n<\/td>\n \n$ 74,025\n<\/p>\n<\/td>\n<\/tr>\n \nOther receivables, prepaid expenses and other current assets\n<\/p>\n<\/td>\n \n10,595\n<\/p>\n<\/td>\n \n4,798\n<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net\n<\/p>\n<\/td>\n \n6,164\n<\/p>\n<\/td>\n \n1,924\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease right-of-use assets\n<\/p>\n<\/td>\n \n2,038\n<\/p>\n<\/td>\n \n1,715\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current assets\n<\/p>\n<\/td>\n \n57\n<\/p>\n<\/td>\n \n32\n<\/p>\n<\/td>\n<\/tr>\n \nTotal assets\n<\/p>\n<\/td>\n \n$ 58,207\n<\/p>\n<\/td>\n \n$ 82,494\n<\/p>\n<\/td>\n<\/tr>\n Liabilities and stockholders’ equity:<\/b><\/p>\n<\/td>\n \nCurrent portion of long-term debt\n<\/p>\n<\/td>\n \n$ 5,341\n<\/p>\n<\/td>\n \n$ 2,378\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable, accrued expenses and other current liabilities\n<\/p>\n<\/td>\n \n6,029\n<\/p>\n<\/td>\n \n6,101\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt, net\n<\/p>\n<\/td>\n \n8,117\n<\/p>\n<\/td>\n \n12,326\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities, net\n<\/p>\n<\/td>\n \n1,667\n<\/p>\n<\/td>\n \n1,508\n<\/p>\n<\/td>\n<\/tr>\n \nDevelopment derivative liability\n<\/p>\n<\/td>\n \n32,224\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n \nOther long-term liabilities\n<\/p>\n<\/td>\n \n477\n<\/p>\n<\/td>\n \n203\n<\/p>\n<\/td>\n<\/tr>\n \nStockholders\u2019 equity\n<\/p>\n<\/td>\n \n4,352\n<\/p>\n<\/td>\n \n59,978\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and stockholders’ equity\n<\/p>\n<\/td>\n \n$ 58,207\n<\/p>\n<\/td>\n \n$ 82,494\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n PhaseBio Pharmaceuticals, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Statements of Operations<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except share and per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended September 30,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Nine Months Ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue:\n<\/p>\n<\/td>\n \nGrant revenue\n<\/p>\n<\/td>\n \n$ \u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$ 241\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$ 320\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$ 1,097\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue under collaborative agreement\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal revenue\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n241\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n320\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,597\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating expenses:\n<\/p>\n<\/td>\n \nResearch and development\n<\/p>\n<\/td>\n \n17,416\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,028\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n49,721\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n22,530\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative\n<\/p>\n<\/td>\n \n3,076\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,803\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,477\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,523\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses\n<\/p>\n<\/td>\n \n20,492\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,831\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n59,198\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,053\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss from operations\n<\/p>\n<\/td>\n \n(20,492\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(11,590\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(58,878\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(28,456\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOther (expense) income\n<\/p>\n<\/td>\n \n(4,651\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n199\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9,312\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n540\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss\n<\/p>\n<\/td>\n \n$ (25,143\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$ (11,391\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$ (68,190\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$ (27,916\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss per common share, basic and \n$ (0.86\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$ (0.40\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$ (2.36\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$ (1.03\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares \n29,243,181\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,719,932\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,941,669\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,065,774\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201112006073\/en\/<\/a><\/span><\/p>\n Investor Contact: Media Contact: KEYWORDS:<\/b> California Pennsylvania United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Biotechnology FDA Health Pharmaceutical Clinical Trials<\/p>\n\n
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2020<\/b><\/p>\n<\/td>\n\n \n
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2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n
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diluted\n<\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n
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outstanding, basic and diluted\n<\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n<\/b>
John Sharp
\n
PhaseBio Pharmaceuticals, Inc.
\n
Chief Financial Officer
\n
(610) 981-6506
\n
john.sharp@phasebio.com<\/a><\/p>\n
\n<\/b>
Will Zasadny
\n
Canale Communications, Inc.
\n
will.zasadny@canalecomm.com
\n<\/a>
619-961-8848\n<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20201112006073\/en\/791182\/3\/PhaseBio_Inline_FullColor_RGB.jpg\")
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