\n\u201cThroughout the first quarter of 2021, we made meaningful progress in executing on our strategic business and clinical objectives. Our headway was anchored by continued enrollment of our pivotal Phase 3 clinical trial for our lead product candidate bentracimab, including expansion of the trial into the European Union, and was furthered with the signing of a commercial scale manufacturing agreement with BioVectra to support bentracimab scale up,\u201d said Jonathan P. Mow, Chief Executive Officer, PhaseBio Pharmaceuticals. \u201cI am tremendously pleased with the expansion of our REVERSE-IT clinical trial into Europe, as well as continued patient enrollment at our Canadian sites, which together help bring us closer to potentially commercializing the first ticagrelor reversal agent for patients with critical unmet need. The program is continuing to progress towards a BLA submission as we approach the first 100 patients enrolled, a key milestone that remains on track for mid-2021.\u201d\n<\/p>\n
Bentracimab Highlights and Recent Updates<\/span><\/b><\/p>\n Pemziviptadil Highlights and Recent Updates<\/span><\/b><\/p>\n Operational Updates<\/span><\/b><\/p>\n First-Quarter Financial Results<\/span><\/b><\/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 VIP 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. 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 March 31, December 31, Assets:<\/b><\/p>\n<\/td>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n76,963\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n28,122\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other current assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,194\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<\/tr>\n \nProperty and equipment, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,792\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<\/tr>\n \nOperating lease right-of-use assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,815\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<\/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 \n57\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal assets\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n100,821\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n50,357\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Liabilities and stockholders’ equity (deficit):<\/b><\/p>\n<\/td>\n \nCurrent portion of long-term debt\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,370\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,355\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable, accrued expenses and other current liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,298\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<\/tr>\n \nLong-term debt, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,425\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<\/tr>\n \nOperating lease liabilities, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,428\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<\/tr>\n \nDevelopment derivative liability\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n68,260\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<\/tr>\n \nOther long-term liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n629\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<\/tr>\n \nStockholders\u2019 equity (deficit)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,411\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<\/tr>\n \nTotal liabilities and stockholders’ equity (deficit)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n100,821\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n50,357\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\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 Quarter Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/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<\/tr>\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 \n320\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 \n22,320\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,449\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 \n3,327\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,159\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 \n25,647\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,608\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(25,647\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(14,288\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOther expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,711\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(617\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(27,358\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(14,905\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$\n<\/p>\n<\/td>\n \n(0.87\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.52\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 \n31,282,662\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,773,274\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\/20210513005990\/en\/<\/a><\/span><\/p>\n Investor Contact: Media Contact: KEYWORDS:<\/b> United States North America California Pennsylvania<\/p>\n INDUSTRY KEYWORDS:<\/b> Science Cardiology Other Science Biotechnology Research Pharmaceutical Health Clinical Trials<\/p>\n\n
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2020<\/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 \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 \n \n \n \n \n \n \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 \n \u00a0<\/td>\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 <\/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 \u00a0<\/td>\n<\/tr>\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 \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
(619) 961-8848
\n
will.zasadny@canalecomm.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210513005990\/en\/791182\/3\/PhaseBio_Inline_FullColor_RGB.jpg\")
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