PhaseBio Pharma: Rises after $120 mln funding deal with SFJ Pharma

PhaseBio Pharmaceuticals

10/01/2020 17:19

** Shares of drug developer  PHAS.O  rise 50.3% to $8.49 -
highest in more than 4 months
    ** PHAS signs deal with privately-held drug developer SFJ
Pharmaceuticals to develop anti-bleeding experimental treatment
PB2452; SFJ Pharma agrees to fund up to $120 mln for its
development  urn:newsml:reuters.com:*:nGNX1PKSpM
    ** PB2452 is PHAS' lead experimental treatment to control
excessive bleeding in major blood loss as well as urgent surgery
situations; Co intends to initiate a late-stage trial of PB2452
in Q1 2020
    ** Of the $120 mln funding, SFJ Pharma will pay PHAS up to
$90 mln through the end of 2021 for development expenses and up
to $30 mln in milestone payments
    ** SFJ Pharma also agrees to play central role in PB2452's
development and regulatory activities outside U.S.
    ** PHAS will retain full worldwide commercial rights of
PB2452
    ** Co will make annual re-payments to SFJ for seven to eight
years based on PB2452's regulatory approval in certain regions
worldwide
    ** In 2019, PHAS stock had risen 97.7%

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com;))