PhaseBio slumps as partner SFJ seeks transfer of blood pressure drug

PhaseBio Pharmaceuticals

28/09/2022 19:49

** Shares of drug developer PhaseBio Pharmaceuticals Inc
 PHAS.O  down 67% to 26 cents - set to post their record daily
pct decline
    ** Late on Tuesday, co said in a filing that it has received
a notice from its partner SFJ Pharmaceuticals to transfer the
drug development program related to bentracimab, to SFJ 
    ** Adds that the notice is due to PHAS' failure to remedy
its going concern condition 
    ** Bentracimab, a potential treatment for high blood
pressure, currently represents substantially all of PHAS' assets
    ** Brokerage William Blair, which downgraded PHAS to "market
perform", says losing of the deal, along with limited cash
runaway, will impact its current form
    ** PhaseBio would be due a royalty on sales if SFJ
commercializes bentracimab, but it does not provide any
near-term revenue for PHAS – brokerage 
    ** Including session losses, shares down ~91% YTD
 (Reporting by Khushi Mandowara and Raghav Mahobe)
 ((khushi.mandowara@thomsonreuters.com;))