PhaseBio Announces Pricing of Public Offering of Common Stock
April 11 2019 - 9:19PM
PhaseBio Pharmaceuticals, Inc. (Nasdaq: PHAS), a clinical-stage
biopharmaceutical company focused on the development and
commercialization of novel therapies for orphan diseases, today
announced the pricing of its underwritten public offering of
3,586,500 shares of its common stock at a price to the public of
$12.00 per share. All of the common stock to be sold in the
offering is being offered by PhaseBio. In addition, PhaseBio has
granted the underwriters a 30-day option to purchase up to an
additional 537,975 shares of common stock at the public offering
price, less underwriting discounts and commissions. The gross
proceeds from the offering are expected to be $43.0 million,
before deducting underwriting discounts and commissions and
estimated offering expenses payable by PhaseBio. The offering
is expected to close on April 16, 2019, subject to customary
closing conditions.
Citigroup, Cowen and Stifel are acting as joint book-running
managers for the offering. Needham & Company is acting as
co-manager for the offering.
The offering is being made only by means of a prospectus. When
available, the final prospectus related to the offering may be
obtained from Citigroup Global Markets Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
telephone: 1-800-831-9146; or Cowen and Company, LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, Attn: Prospectus Department, telephone: 1-631-274-2806,
or fax: 1-631-254-7140.
A registration statement relating to these securities has been
filed with, and declared effective by, the Securities and Exchange
Commission. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including statements with
regard to PhaseBio’s proposed securities offering. Words such as
“anticipates,” "believes," “expects,” "intends," "projects,"
"anticipates," and "future" or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are subject to the inherent uncertainties in predicting
future results and conditions and no assurance can be given that
the proposed securities offering discussed above will be
consummated on the terms described or at all. Completion of the
proposed offering and the terms thereof are subject to numerous
factors, many of which are beyond the control of PhaseBio,
including, without limitation, market conditions, failure of
customary closing conditions and the risk factors and other matters
set forth in PhaseBio’s Annual Report on Form 10-K for the year
ended December 31, 2018 and other filings PhaseBio makes
with the SEC from time to time. PhaseBio undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by law.
Investor Contact: John Sharp PhaseBio
Pharmaceuticals, Inc. Chief Financial Officer (610) 981-6506
john.sharp@phasebio.com
Media Contact: Sarah Hall 6 Degrees (215)
313-5638 shall@6degreespr.com
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