PhaseBio Announces Term Loan of up to $15 Million
March 25 2019 - 4:30PM
Entered into term loan facility with Silicon
Valley Bank and WestRiver Innovation Lending Fund to borrow up to
$15 million
PhaseBio Pharmaceuticals, Inc. (Nasdaq: PHAS), a clinical-stage
biopharmaceutical company focused on the development and
commercialization of novel therapies for orphan diseases, today
announced that the Company has secured up to $15 million in funds
to support the clinical advancement of PB2452, a novel reversal
agent for the antiplatelet drug ticagrelor, and for repayment of
PhaseBio’s existing term loan in full.
PhaseBio entered into a $15 million term loan
facility with Silicon Valley Bank and WestRiver Innovation Lending
Fund, subject to funding in up to three tranches. PhaseBio received
the initial tranche of $7.5 million upon execution of the loan
agreement and will use the funds to repay PhaseBio’s existing term
loan in full. The second tranche of $2.5 million will be available
through May 31, 2019. PhaseBio will draw the remaining funding of
$5 million upon the achievement of certain clinical milestones.
“We are pleased that our new partnership with
WestRiver Innovation Lending Fund and our continued partnership
with Silicon Valley Bank are able to support clinical advancements
for our product candidates, including PB2452, which has the
potential to be an important treatment for patients on ticagrelor
who experience major bleeding or require urgent surgery,” said John
Sharp, Chief Financial Officer of PhaseBio. “This funding further
strengthens our cash position and provides additional financial
resources as we continue to focus on bringing meaningful therapies
to patients who are currently without effective treatment
options.”
“Working with PhaseBio, we have been impressed
by the company’s commitment to advancing novel therapies for
patients with orphan diseases,” said Tom Gordon, Managing Director
at Silicon Valley Bank. “We are excited for the future of PB2452
and look forward to our continued partnership with PhaseBio.”
About PB2452
PB2452 is a novel, recombinant, human monoclonal
antibody antigen-binding fragment, or Fab fragment, designed to
reverse the antiplatelet activity of ticagrelor in major bleeding
and urgent surgery situations. In Phase 1 clinical and preclinical
studies, PB2452 achieved immediate and complete reversal of
ticagrelor’s antiplatelet activity, and has the potential to bring
life-saving therapeutic benefit by increasing the safety of
ticagrelor and mitigating concerns regarding the bleeding risk
associated with antiplatelet drugs. There are currently no approved
reversal agents for ticagrelor or any other antiplatelet drugs.
About PhaseBio
PhaseBio Pharmaceuticals, Inc. is a
clinical-stage biopharmaceutical company focused on the development
and commercialization of novel therapies to treat orphan diseases,
with an initial focus on cardiopulmonary disorders. The company’s
lead development candidate is PB2452, a novel reversal agent for
the antiplatelet therapy ticagrelor. PhaseBio is also leveraging
its proprietary elastin-like polypeptide (“ELP”) technology
platform to develop therapies with the potential for less-frequent
dosing and improved pharmacokinetics. PhaseBio’s second product
candidate PB1046, which is based on ELP, is a once-weekly
vasoactive intestinal peptide receptor agonist for the treatment of
pulmonary arterial hypertension.
PhaseBio is located in Malvern, PA and San
Diego, CA. For more information, please
visit www.phasebio.com.
Investor Contact:John SharpPhaseBio
Pharmaceuticals, Inc. Chief Financial Officer(610)
981-6506john.sharp@phasebio.com
Media Contact:Sarah Hall6 Degrees(215)
313-5638shall@6degreespr.com
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