PhaseBio Pharma slips on bankruptcy plans

PhaseBio Pharmaceuticals

24/10/2022 13:50

** Shares of drug developer PhaseBio Pharmaceuticals
 PHAS.O  fall 8.9% to 18 cents premarket
    ** Shares fall after co announces plans to file for
bankruptcy protection  urn:newsml:reuters.com:*:nBw4VPkg2a
    ** PhaseBio also intends to file a motion seeking
authorization to pursue an auction and sale process for its
bentracimab program assets
    ** In connection with sale, PHAS has entered into
non-binding agreement with undisclosed pharmaceutical co in
advance
    ** The pharma co is expected to pay PHAS $40 million in cash
upfront and further $60 million upon the achievement of certain
regulatory milestones with respect to bentracimab
    ** JMB Capital Partners has made a financing commitment of
$15 million to PHAS
    ** Up to last close, stock fell 92.4% YTD
 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((nandhini.srinivasan@thomsonreuters.com))