PhaseBio falls on $56 mln equity raise

PhaseBio Pharmaceuticals

18/03/2021 10:14

** PhaseBio Pharmaceuticals  PHAS.O  shares down ~13%
premarket after follow-on prices
    ** Co sells 16 mln shares at $3.50, raises $56 mln
 urn:newsml:reuters.com:*:nBw1DcPp7a
    ** Offering prices at ~19% discount to stock's last sale
    ** Plans to use net offering proceeds to fund clinical
development and advance its drugs to treat cardiovascular and
cardiopulmonary diseases
    ** Cowen, Stifel and William Blair joint bookrunners
    ** Deal size represents ~60% of co's free float, per
Refinitiv data
    ** Earlier this week, Needham raised PT on PHAS based on
rapid enrollment of patients in late-stage study of co's lead
candidate, bentracimab, for reversal of the anti-platelet effect
of AstraZeneca's  AZN.L  blood thinner Brilinta  urn:newsml:reuters.com:*:nL4N2LE41P
    ** PHAS up 28% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))