Announced commercial supply agreement with BioVectra to support the development and commercialization of lead product candidate bentracimab <\/i><\/p>\n
Expanded pivotal Phase 3 REVERSE-IT trial of bentracimab into Canada and the European Union, and dosed first patients outside the United States<\/i><\/p>\n
MALVERN, Pa. & SAN DIEGO–(BUSINESS WIRE<\/a>)–PhaseBio Pharmaceuticals, Inc.<\/a> (Nasdaq: PHAS), a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for cardiopulmonary diseases, today reported financial results for the fourth-quarter and full-year ended December 31, 2020 and provided an update on clinical trial activities.\n<\/p>\n \n\u201cThroughout 2020, PhaseBio made significant progress advancing our pipeline of therapies for serious cardiopulmonary diseases,\u201d said Jonathan P. Mow, Chief Executive Officer of PhaseBio Pharmaceuticals. \u201cOur progress was driven by the continued global expansion of the pivotal Phase 3 REVERSE-IT trial of our lead product candidate bentracimab, which has now enrolled more than half of the first 100 patients needed to support a BLA submission. We\u2019ve generated this momentum by expanding the REVERSE-IT trial into Canada and the European Union, and we also recently announced a commercial supply agreement with BioVectra to support the continued development and eventual commercial supply of bentracimab, if approved.\u201d\n<\/p>\n \nMow continued, \u201cLooking ahead into 2021, we are excited to continue advancing this pivotal program through key planned milestones including publishing Phase 2a data, announcing the interim analysis of the first 100 patients from the REVERSE-IT Phase 3 trial, initiating additional trial sites abroad, and working with key collaborators on our bentracimab commercialization plans. We also remain focused on advancing pemziviptadil for pulmonary arterial hypertension and are targeting to report Phase 2b data in the second half of 2021.\u201d\n<\/p>\n Bentracimab (PB2452) Highlights<\/span><\/b><\/p>\n From execution of the co-development agreement through December 31, 2020, SFJ Pharmaceuticals has funded or reimbursed $47.1 million of clinical trial costs and other expenses of the initial $90 million commitment under the agreement, leaving $42.9 million of funding remaining available to support the Phase 3 program through the end of 2021. PhaseBio is eligible to receive up to an additional $30 million of funding if specific, pre-defined clinical development milestones for bentracimab are met.\n<\/li>\n<\/ul>\n Pemziviptadil (PB1046) and Other Pipeline Highlights<\/span><\/b><\/p>\n Operational Updates <\/span><\/b><\/p>\n Fourth-Quarter and Full-Year 2020 Financial Results<\/span><\/b><\/p>\n Cash Position<\/span><\/b><\/p>\n Quarter Ending Dec. 31, 2020<\/span><\/i><\/p>\n Year Ending Dec. 31, 2020<\/span><\/i><\/p>\n About PhaseBio <\/strong><\/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>, and follow us on Twitter @PhaseBio<\/a> and LinkedIn<\/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, and whether, if approved, these product candidates will be successfully distributed and marketed, as well as the success of our partnerships with SFJ Pharmaceuticals and BioVectra. 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 Annual Report on Form 10-K for the year ended December 31, 2020. 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 December 31, December 31, Assets:<\/b><\/p>\n<\/td>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n28,122\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n74,025\n<\/p>\n<\/td>\n<\/tr>\n \nOther receivables, prepaid expenses and other current assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,027\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,798\n<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,224\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,924\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease right-of-use assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,927\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,715\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32\n<\/p>\n<\/td>\n<\/tr>\n \nTotal assets\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n50,357\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n82,494\n<\/p>\n<\/td>\n<\/tr>\n Liabilities and stockholders’ (deficit) equity:<\/b><\/p>\n<\/td>\n \nCurrent portion of long-term debt\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,355\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,378\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable, accrued expenses and other current liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,605\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,101\n<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,773\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,326\n<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,548\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,508\n<\/p>\n<\/td>\n<\/tr>\n \nDevelopment derivative liability\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n51,719\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n<\/tr>\n \nOther long-term liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n559\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n203\n<\/p>\n<\/td>\n<\/tr>\n \nStockholders\u2019 (deficit) equity\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(25,202\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n59,978\n<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and stockholders’ (deficit) equity\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n50,357\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n82,494\n<\/p>\n<\/td>\n<\/tr>\n PhaseBio Pharmaceuticals, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n Statements of Operations<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except share and per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n Quarter Ended December 31,<\/b><\/p>\n<\/td>\n Year Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue:\n<\/p>\n<\/td>\n \nGrant revenue\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n689\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n320\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,786\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenue under collaborative agreement\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\u00a0\n<\/p>\n<\/td>\n \n75\n<\/p>\n<\/td>\n \n\u00a0\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\u00a0\n<\/p>\n<\/td>\n \n575\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal revenue\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\u00a0\n<\/p>\n<\/td>\n \n764\n<\/p>\n<\/td>\n \n\u00a0\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 \n\u00a0\n<\/p>\n<\/td>\n \n2,361\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 \n\u00a0\n<\/p>\n<\/td>\n \n22,367\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n72,088\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,911\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,611\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,663\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,088\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,186\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25,978\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,044\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n85,176\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42,097\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLoss from operations\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(25,978\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(11,280\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(84,856\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(39,736\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOther (expense) income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,397\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(51\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(13,709\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n489\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(30,375\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(11,331\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(98,565\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(39,247\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss per common share, basic and diluted\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1.03\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.39\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(3.39\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1.43\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares outstanding, basic and diluted\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n29,397,718\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,762,962\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n29,056,304\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,493,558\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\/20210315005223\/en\/<\/a><\/span><\/p>\n Investor Contact: Media Contact: KEYWORDS:<\/b> United States North America California Pennsylvania<\/p>\n INDUSTRY KEYWORDS:<\/b> Health Clinical Trials Research Science Pharmaceutical Cardiology Biotechnology<\/p>\n\n
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\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n
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2020<\/b><\/p>\n<\/td>\n\u00a0<\/td>\n \n \n
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2019<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\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
\n<\/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\/20210315005223\/en\/791182\/3\/PhaseBio_Inline_FullColor_RGB.jpg\")
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