PhaseBio Pharmaceuticals (PHAS) Plans to Raise $66 Million in October 18th IPO

PhaseBio Pharmaceuticals (PHAS) plans to raise $66 million in an IPO on Thursday, October 18th, IPO Scoop reports. The company plans to issue 5,000,000 shares at $12.50-$14.00 per share.

PhaseBio Pharmaceuticals has a market cap of $254.6 million.

Citigroup, Cowen and Stifel acted as the underwriters for the IPO and Needham was co-manager.

PhaseBio Pharmaceuticals provided the following description of their company for its IPO: ”  We are a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies to treat orphan diseases, with an initial focus on cardiopulmonary indications. Our lead product candidate, PB2452, is a novel reversal agent for the antiplatelet drug ticagrelor, which we are developing for the treatment of patients on ticagrelor who are experiencing a major bleeding event or those who require urgent surgery. We recently completed a Phase 1 clinical trial of PB2452 in healthy subjects. Our second product candidate, PB1046, is a once-weekly fusion protein currently in a Phase 2b clinical trial for the treatment of pulmonary arterial hypertension, or PAH. PB1046 utilizes our proprietary half-life extending elastin-like polypeptide, or ELP, technology, which also serves as the engine for our preclinical pipeline. We retain worldwide rights to all of our product candidates. “.

PhaseBio Pharmaceuticals was founded in 2002 and has 19 employees. The company is located at 1 Great Valley Parkway, Suite 30, Malvern, PA 19355, US and can be reached via phone at (610) 981-6500 or on the web at http://www.phasebio.com.

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