PhaseBio Might Have To Return Global Rights To Its Lead Program

  • PhaseBio Pharmaceuticals Inc PHAS received a notice that its partner SFJ Pharmaceuticals Group elected to transfer bentracimab rights to SFJ as PhaseBio failed to remedy its Going Concern Condition.
  • Formerly known as PB2452, bentracimab reverses the effects of AstraZeneca Plc's AZN blood thinner Brilinta (ticagrelor) 
  • In January 2020, PhaseBio announced a financing and co-development partnership with SFJ Pharmaceuticals. PhaseBio retains exclusive worldwide commercial rights.
  • In December 2021 annual filing, PhaseBio listed an explanatory paragraph relating to its substantial doubt about its ability to continue as a going concern. 
  • Related: Needham Estimates PhaseBio Pharma's Bentracimab Market Opportunity Of Up To $1.5B.
  • The company engaged a financial advisor in Q1 of 2022.
  • PhaseBio received several offers for the licensing and/or acquiring certain commercial rights to bentracimab.
  • Each offer, however, would have required SFJ to refrain from terminating the co-development agreement and asserting accelerated termination payment obligations by PhaseBio. Hence, it could not move forward with any such alternatives.
  • Price Action: PHAS shares traded 47.37% lower at $0.40 during pre-market trading on Wednesday.
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