PhaseBio Pharmaceuticals Inc (CE) (PHASQ) Quote

PHASQ: BK PLAN effective. All shares cancelled.

https://otce.finra.org/otce/dailyList?viewType=Deletions

Last I looked equity was about $110 million out of the money. No hope for shareholders based on that.

On September 27, 2023, Caroline Loewy resigned as a member of the board of directors of PhaseBio Pharmaceuticals, Inc. (the “Company”). Her resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

This is still on the expert market so we can only assume that someone close to the company has a whiff of something somewhere.
Have this on watch for it to get it's filings in order, should be good for a pop when that happens

I subscribe to the docket - still lots of activity. I would be shocked if anything comes back to equity but I have been surprised before.

Have you heard any updates from the company?

Statement of Changes in Beneficial Ownership (4)
May 19 2023 - 04:19PM
Edgar (US Regulatory)


Richard van den Broek biography

Richard A. van den Broek serves as Independent Director of the Company. Mr. van den Broek currently serves as managing partner of HSMR Advisors, LLC, a position he has held since February 2004. He previously served on the boards of directors of Pharmacyclics, Inc. from December 2009 to April 2015, Response Genetics, Inc. from December 2010 to September 2015, Special Diversified Opportunities, Inc. from March 2008 to October 2015 and Celldex Therapeutics, Inc. from December 2014 to December 2016. Mr. van den Broek received an A.B. from Harvard University and is a Chartered Financial Analyst. Our Board of Directors believes that Mr. van den Broek is qualified to serve as a director based on his extensive experience in the biotechnology sector and deep understanding of the global pharmaceutical market.
What is the salary of Richard Broek?

As the Independent Director of PhaseBio Pharmaceuticals, the total compensation of Richard Broek at PhaseBio Pharmaceuticals is $148,588. There are 9 executives at PhaseBio Pharmaceuticals getting paid more, with Jonathan Mow having the highest compensation of $1,203,070.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

*** Much easier to view it here: https://www.otcmarkets.com/filing/html?id=15747108&guid=5lu-kpannBpCJth#PROXY2022_HTM_i7e47f4b6ac1d498fa8145a1860f599b8_64

Applicable percentages are based on 48,690,590 shares outstanding on March 31, 2022,

The following table sets forth certain information regarding the ownership of the Company’s common stock as of March 31, 2022 by: (i) each director and nominee for director; (ii) each of the executive officers named in the Summary Compensation Table; (iii) all executive officers and directors of the Company as a group; and (iv) all those known by the Company to be beneficial owners of more than five percent of its common stock.

Beneficial Ownership(1)
Beneficial Owner Number of Shares Percent of Total
5% or greater stockholders:
Entities Affiliated with New Enterprise Associates(2)
6,643,704 13.6 %
Entities Affiliated with Avidity Partners Management LP(3)
4,405,000 9.0
Zeneca, Inc.(4)
3,004,554 6.2
Entities Affiliated with Hatteras Venture Partners(5)
2,412,919 5.0
Entities Affiliated with Wellington Management Group LLP(6)
2,869,650 5.9
Entities Affiliated with RA Capital Management, L.P.(7)
2,850,000 5.9
Entities Affiliated with Rock Springs Capital Management LP(8)
2,581,299 5.3
Named executive officers and directors:
Jonathan P. Mow(9)
1,125,251 2.3
John P. Sharp(10)
332,024 *
John S. Lee, M.D., Ph.D.(11)
335,842 *
Edmund P. Harrigan(12)
95,549 *
William D. Humphries(13)
6,222 *
Nancy J. Hutson, Ph.D.(14)
75,678 *
Caroline M. Loewy(15)
68,716 *
Clay B. Thorp(16)
2,508,862 5.1
Alex C. Sapir(17)
28,909 *
Richard A. van den Broek(18)
63,750 *
All executive officers and directors as a group (14 persons)(19)
5,032,926 9.9

*Represents ownership of less than one percent.
(1)This table is based upon information supplied by officers, directors and principal stockholders and Schedules 13D and 13G filed with the SEC. Unless otherwise indicated in the footnotes to this table and subject to community property laws where applicable, the Company believes that each of the stockholders named in this table has sole voting and investment power with respect to the shares indicated as beneficially owned. Applicable percentages are based on 48,690,590 shares outstanding on March 31, 2022, adjusted as required by rules promulgated by the SEC.
(2)This information has been obtained from a Schedule 13D filed on October 31, 2018 by entities and individuals associated with New Enterprise Associates 13 L.P., or NEA 13, and the Company’s records. Consists of (a) 6,641,634 shares of common stock held directly by NEA 13 and (b) 2,070 shares of common stock held directly by NEA Ventures 2009, L.P., or Ven 2009. NEA Partners 13, L.P., or NEA Partners 13, is the sole general partner of NEA 13 and NEA 13 GP, LTD, or NEA 13 LTD, is the sole general partner of NEA Partners 13. The shares directly held by Ven 2009 are indirectly held by Karen P. Welsh, the general partner of Ven 2009. The principal business address for all entities and individuals affiliated with NEA 13 and Ven 2009 is New Enterprise Associates, 1954 Greenspring Drive, Suite 600, Timonium, MD 21093.
(3)This information has been obtained from a Schedule 13G/A filed on February 14, 2022 by entities and individuals associated with Avidity Partners Management LP. Avidity Partners Management LP, Avidity Partners Management (GP) LLC, Avidity Capital Partners Fund (GP) LP, Avidity Capital Partners (GP) LLC, David Witzke and Michael Gregory share power to vote, dispose, direct the vote or disposition of 4,405,000 shares of common stock, while Avidity Master Fund LP has the shared power to vote, dispose, direct the vote or disposition of 3,481,766 shares of common stock. David Witzke and Michael Gregory are Managing Members of
22

Avidity Partners Management (GP) LLC, the general partner of Avidity Partners Management LP, and Avidity Capital Partners (GP) LLC, the general partner of Avidity Capital Partners Fund (GP) LP, the general partner of Avidity Master Fund LP. The principal business address for all entities and individuals referenced in this footnote is 2828 N Harwood Street, Suite 1220, Dallas, Texas 75201.
(4)This information has been obtained from a Schedule 13D filed on October 29, 2018 by entities and individuals associated with AstraZeneca PLC, or AstraZeneca. Shares beneficially owned consists of 3,004,554 shares directly held by Zeneca Inc., a wholly-owned subsidiary of AstraZeneca, or Zeneca. The principal business address of AstraZeneca is 1 Francis Crick Avenue, Cambridge, CB2 0AA, United Kingdom, and the principal business address of Zeneca is 1800 Concord Pike, Wilmington, Delaware, 19803, United States.
(5)These shares are held by entities and individuals associated with Hatteras Venture Partners. Clay B. Thorp, our Chair, co-founded and serves as general partner of Hatteras Venture Partners. Consists of (a) 1,818,638 shares held by Hatteras Venture Partners III, LP, or HVP III, (b) 162,890 shares held by Hatteras Venture Affiliates III, LP, or HV Affiliates, (c) 415,959 shares held by Venture Capital Multiplier Fund, LP, or Multiplier Fund, and (d) 15,432 shares held by Catalysta Ventures, L.L.C., or Catalysta. Hatteras Venture Advisors III, LLC, or HVA III, is the general partner of HVP III and HV Affiliates. The securities held by HVP III and HV Affiliates are indirectly held by the individual management members of the general partner, HVA III, or the HVA III Managing Members. The HVA III Managing Members are Clay B. Thorp, Robert A. Ingram, Kenneth B. Lee, Douglas Reed and John C. Crumpler. HVA III and the HVA III Managing Members may share voting and dispositive power over the securities directly held by HVP III and HV Affiliates. Catalysta is not under common control with HVA III. The individual management members of Catalysta, or the Catalysta Managing Members, are John C. Crumpler and Clay B. Thorp. The Catalysta Managing Members may share voting and dispositive power over the securities directly held by Catalysta. Hatteras Venture Advisors V, or HVA V, is the general partner of Multiplier Fund. The securities held by Multiplier Fund are indirectly held by the individual management members of the general partner, HVA V, or the HVA V Managing Members. The HVA V Managing Members are John C. Crumpler, Robert A. Ingram, Douglas Reed, Christy Shaffer and Clay B. Thorp. HVA V and the HVA V Managing Members may share voting and dispositive power over the securities directly held by Multiplier Fund. The principal business address for all entities and individuals affiliated with Hatteras Venture Partners is 280 S. Mangum Street, Suite 350 Durham, North Carolina 27701.
(6)This information has been obtained from a Schedule 13G filed on February 4, 2022 by entities and individuals associated with Wellington Management Group LLP. Wellington Management Group LLP, Wellington Group Holdings LLP and Wellington Investment Advisors Holdings LLP share power to dispose and direct the disposition of 2,869,650 shares of common stock. Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP, Wellington Management Company LLP share power to vote and direct the vote of 2,664,080 shares of common stock. Wellington Management Group LLP is the parent holding company of Wellington Group Holdings LLP, Wellington Investment Advisors LLP and Wellington Management Global Holdings, Ltd., and the following investment advisers (the “Wellington Investment Advisers”): Wellington Management Company LLP, Wellington Management Canada LLC, Wellington Management Singapore Pte Ltd, Wellington Management Hong Kong Ltd, Wellington Management International Ltd, Wellington Management Japan Pte Ltd, Wellington Management Australia Pty Ltd. The shares of common stock beneficially owned by Wellington Management Group LLP are owned of record by clients of the Wellington Investment Advisers. Wellington Investment Advisors Holdings LLP controls directly, or indirectly through Wellington Management Global Holdings, Ltd., the Wellington Investment Advisers. Wellington Investment Advisors Holdings LLP is owned by Wellington Group Holdings LLP. Wellington Group Holdings LLP is owned by Wellington Management Group LLP. The principal business address for all entities referenced in this footnote is c/o Wellington Management Company LLP, 280 Congress Street, Boston, MA 02210.
(7)This information has been obtained from a Schedule 13G/A filed on February 14, 2022 by entities and individuals associated with RA Capital Management, L.P (“RA Capital”). Consists of 2,850,000 shares of common stock held directly by RA Capital Healthcare Fund, L.P. (the “Fund”). RA Capital Healthcare Fund GP, LLC is the general partner of the Fund. The general partner of RA Capital is RA Capital Management GP, LLC, of which Peter Kolchinsky and Rajeev Shah are the controlling persons. RA Capital serves as investment adviser for the Fund and may be deemed a beneficial owner of the securities held by the Fund. The Fund has delegated to RA Capital the sole power to vote and the sole power to dispose of all securities held in the Fund’s portfolio. Because the Fund has divested voting and investment power over the reported securities it holds and may not revoke that delegation on less than 61 days’ notice, the Fund disclaims beneficial ownership of these securities. As managers of RA Capital, Dr. Kolchinsky and Mr. Shah may be deemed beneficial owners of the securities beneficially owned by RA Capital. RA Capital, Dr. Kolchinsky, and Mr. Shah disclaim ownership of these securities. The principal business address for all entities and individuals referenced in this footnote is c/o RA Capital Management, L.P., 200 Berkeley Street, 18th Floor, Boston MA 02116.
(8)This information has been obtained from a Schedule 13G/A filed on February 15, 2022 by entities associated with Rock Springs Capital Management LP (“RSCM”). Consists of (i) 2,375,000 shares of common stock directly beneficially owned by Rock Springs Capital Master Fund LP (“Master Fund”) and (ii) 206,299 shares of common stock directly beneficially owned by Four Pines Master Fund LP (“Four Pines”). RSCM serves as the investment manager to each of the Master Fund and Four Pines. Rock Springs Capital LLC is the general partner of RSCM. The principal business address for RSCM and RSC is 650 South Exeter, Suite 1070, Baltimore, MD 21202, and the principal business address for Master Fund is c/o Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman, KY1-9008, Cayman Islands.
(9)Consists of (a) 51,199 shares of common stock held by the Mow Trust dated April 17, 2008, (b) 121,584 shares of common stock held directly by Mr. Mow and (c) 952,468 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022. Mr. Mow and his wife Diana Mow are joint trustees of the Mow Trust dated April 17, 2008 and share voting and dispositive power for such shares.
23

(10) Consists of (a) 59,741 shares of common stock and (b) 272,283 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022.
(11) Consists of 335,842 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022.
(12) Consists of (a) 6,000 shares of common stock and (b) 89,549 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022.
(13) Consists of 6,222 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022.
(14) Consists of (a) 33,760 shares of common stock, (b) 4,000 shares of common stock held in an individual retirement account for the benefit of Dr. Hutson and (c) 37,918 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022.
(15) Consists of 68,716 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022.
(16) Consists of (a) 32,943 shares of common stock held by Mr. Thorp and (b) 63,000 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022. Also consists of (a) 1,818,638 shares of common stock held directly by Hatteras Venture Partners III, LP, or HVP III, (b) 162,890 shares of common stock held directly by Hatteras Venture Affiliates III, LP, or HV Affiliates, (c) 415,959 shares of common stock held directly by Venture Capital Multiplier Fund, or Multiplier Fund, and (d) 15,432 shares of common stock held directly by Catalysta Ventures, L.L.C., or Catalysta. Hatteras Venture Advisors III, LLC, or HVA III, is the general partner of HVP III and HV Affiliates. The securities held directly by HVP III and HV Affiliates are indirectly held by HVA III. Mr. Thorp is a manager of HVA III and may be deemed to share voting and dispositive power with regard to the securities directly held by HVP III and HV Affiliates. Hatteras Venture Advisors V, LLC, or HVA V, is the general partner of Multiplier Fund. The securities held directly by Multiplier Fund are indirectly held by HVA V. Mr. Thorp is a manager of HVA V and may be deemed to share voting and dispositive power with regard to the securities held by Multiplier Fund. Mr. Thorp is a manager of Catalysta and may be deemed to share voting and dispositive power with regard to the securities held directly by Catalysta.
(17) Consists of 28,909 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022.
(18) Consists of 63,750 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022.
(19) Consists of (a) 2,756,097 shares of common stock and (b) 2,276,829 shares of common stock issuable upon the exercise of options within 60 days of March 31, 2022.


https://www.otcmarkets.com/filing/html?id=15747108&guid=5lu-kpannBpCJth#PROXY2022_HTM_i7e47f4b6ac1d498fa8145a1860f599b8_64

right now they are a bankrupt pink sheets that is out of compliance so it is now an expert only buy, or existing shareholders can only sell.
There is no promise of anything happening right now, I am holding this one on the strength of it's last financial report and it's share structure....

high risk high reward!

check out latest financial report. https://www.otcmarkets.com/filing/html?id=16511986&guid=5lu-kpannBpCJth#phasebiocase22-10995dock_htm

I'm new here, what is the scoop with this company?

yea maybe someone figured out that this little bankrupt shell has $15 million in assets.

Would not take much to gain controlling interest with a market cap of 300k

Outstanding Shares
49,858,116
08/08/2022

1million shares traded, very large buys at ask.


Date/Time Price Shares Exch/Mkt
05/04/2023 11:41:00 EDT 0.0007 200 OTCBB
05/04/2023 11:36:22 EDT 0.0011 190000 OTCBB
05/04/2023 11:34:59 EDT 0.0011 159246 OTCBB
05/04/2023 11:34:38 EDT 0.001 500000 OTCBB
05/04/2023 11:34:38 EDT 0.001 6425 OTCBB
05/04/2023 11:34:37 EDT I 0.0009 10 OTCBB
05/04/2023 11:34:37 EDT I 0.0008 50 OTCBB
05/04/2023 11:34:37 EDT I 0.0008 12 OTCBB
05/03/2023 15:03:29 EDT I 0.0007 10 OTCBB
05/03/2023 14:04:06 EDT 0.0007 6461 OTCBB

Cash end of month 15.9 million

Market Cap 34,901 03/23/2023


It will rise again....!!!

I have tried to contact the company to see if an Equity Committee, so far no response.

Well great, that 13/G filing stated that some bozo Cayman Islands Company does not have any shares in PhaseBio

Paperwork exorcise, means nada.

There is another filing that doesn't show up on Edgar. 47 years here.

here............. this is the foundation of public companies, this is theirs.. I don't know where you are coming from, in my 22 years of full time trading this is the basis

https://www.otcmarkets.com/stock/PHASQ/disclosure

https://www.nasdaq.com/market-activity/stocks/phasq/financials

nor do we ever know they were filed until the SEC

Jeeze how do you survive not knowing this

Basically its an annual report that is submitted along with the 10-K but is separate from it.

This could keep trading on the Expert Market for some time. If the company wants to relist they will need to file a Form 10 and get a sponsoring market maker.

No it doesn't work that way. There are periodic reports that publicly traded companies must file with the SEC. We do not see these, nor do we ever know they were filed until the SEC says they never got it. Has nothing to do with financials, or anything that you can find.

After ten minutes of digging on the telephone this is what I got

all numbers listed on filings and OTCmarkets go to voicemail, leave a number ... yea right..

the link for investors on the web site goes to Authentication failed. Please try again.

we are all dancing in the dark right now, lets see what happens, the company is obviously hidden from view but personally I do not think they are over.

I don't think so, they were delisted from the nasdaq but bring the quarterlies up to speed and they are on the otc. The only way to find out is ask someone in the know inside the company, I will make calls when I get a chance.

The company would need to reapply for listing. Unless they really got the goods and there is equity, most likely this is finished.

So does that mean worthless, get whatu can?

phasq , listed on expert market because delinquent sec reporting

And after that 8-K came out

In connection with a definitive asset purchase agreement for bentracimab (the “Purchase Agreement”) anticipated to be executed as soon as possible, this company would be designated as the stalking horse bidder and would (a) pay PhaseBio cash in the amount of $40 million (the “Upfront Payment”); (b) pay PhaseBio cash in the total amount of $60 million upon the achievement of certain regulatory milestones with respect to bentracimab; (c) satisfy cure amounts in connection with the assumption and assignment of designated executory contracts and leases; (d) assume any agreed-upon liabilities; and (e) provide cash consideration to be paid upon PhaseBio’s entry into and due performance under a transition services agreement. This company would also provide a $4 million deposit into escrow and, if approved as the stalking horse bidder, would be entitled to a break-up fee of $2 million and reimbursement of expenses of up to $750,000, to be paid from the proceeds of a sale to an alternative purchaser.

latest 8k = total assets =16,844,337 , total liabilities = 31,245,993 , net worth -14,400,993

When this finally washes out the fair value of this company is now about .70 per share, depending on debt load after this is cleared up.

More money "Settlement Agreement" https://casedocs.omniagentsolutions.com/cmsvol2/pub_47455/776ad76e-6533-40de-b7f3-ec4e640c6393_355.pdf

When they aim to preserve the NOLs, they can only do it if the 'old and cold' equity survives. That looks good for existing shareholders.

phasq - delinquent sec reporting and under grace period , how long does grace period last , do they plan to file or let sec destroy it

Volume should pick up once they have the money in their hand and should pick up again when they announce it in a filing. For now it is for high risk and opportunists that know what is coming. But still in this market the volume is lower than I expected for the first day out after the legal opinion moved in their favor

There are additional assets/payments. Shorts will burn.

Common shares went to Zero when filing Bankruptcy! And will be wiped out soon!

All the funds by assets sell have Nothing to do with common shares at all. It’ll go to creditors, bond holders.

These potential tax savings, if preserved, could substantially enhance the Debtor’s efforts to maximize value for the benefit of its stakeholders.

Now it remains to be seen if investors understand the added value here, some do already. With the market going through a ghost town phase it may take a few days to catch on, but the value is there and will continue to be there. I am now getting officially excited about this one!!

Will it be a ten bagger? It has that potential if not more...

Debtor’s NOLs = $252 million as of December 31, 2021
https://casedocs.omniagentsolutions.com/cmsvol2/pub_47455/62e18259-ab3f-4625-8bad-a7b6b46a3aa0_204.pdf

"Royalty payments could exceed $80 million"

22 . Based on those assumptions and projections, I understand from the Debtor that
once the Royalty begins generating payments from SFJ, the Royalty would represent additional
significant potential value for the Debtor’s creditors and other stakeholders. I further understand
from the Debtor that the potential Royalty payments could exceed $80 million during the Royalty
Term (as defined in the Program Transfer Agreement) without discounting or application of any
probabilities of regulatory success. Based on my understanding of what is common in the life
sciences industry, royalty streams such as this Royalty stream could also be monetized in advance
of any or full receipt of the cash flows.
https://casedocs.omniagentsolutions.com/cmsvol2/pub_47455/f57398a3-eb6a-4113-9c52-726ba71591b9_338.pdf

With a market cap of $2.5 million and now with outstanding shares of 50 million fair value for the company (without royalty payments) is
$32 million in cash divided by50 million shares equals $.64 per share fair value



I think we got a Monday morning runner.

My Summary

the Settlement Agreement and, on the Closing Date, transferring to SFJ the Debtor’s bentracimab assets
At the Closing, SFJ shall pay to the Debtor in immediately available funds,
$32.9 million (the “SFJ Consideration”), which the Debtor shall use to
immediately pay, in full, the DIP Obligations

SFJ shall pay allbentracimab-related post-petition essential vendor payments (excluding payments to BioVectra) incurred on or after January 1, 2023

SFJ shall pay a royalty to the Debtor (or the Debtor’s assignee) in an amount equal to2.5% of worldwide net sales of the Licensed Product by SFJ, its affiliates, or by third party licensees and/or sublicensees of SFJ or its affiliates, which exceed $300 million in any calendar year.

Interim Funding. SFJ shall pay the Debtor a one-time cash payment of $2.5
million in immediately available funds

the settlement provides the Debtor and its estate with a substantial $32.9
million cash payment. That cash payment will enable the Debtor to satisfy its DIP Financing obligations in full and also pay all bentracimab-related post-petition essential vendor payments (excluding payments to BioVectra) incurred by the Debtor on or before December 31, 2022.
Importantly, $2.5 million of the $32.9 million cash payment will be made available to the Debtor upon execution of the Program Transfer Agreement and can be used to fund the Debtor’s estate until the closing of the Settlement/Sale Transaction.

those projections could be used to calculate how much the 2.5% royalty
on worldwide annual net sales of bentracimab exceeding $300 million could generate.

Settlement/Sales Agreement

https://casedocs.omniagentsolutions.com/cmsvol2/pub_47455/f57398a3-eb6a-4113-9c52-726ba71591b9_338.pdf

approved an agreement under which Malvern-based PhaseBio will transfer its bentracimab program assets to SFJ Pharmaceuticals for $32.9 million.

So if i read that right PhaseBio gets 32.9 million and what is it's debt load ?

And is it worth more than the current market cap of 2,542,764 01/06/2023

Guessing we have a runner here but the details are murky at best.

I currently hold 50,000 shares I bought as a gamble.

Bankruptcy court approves PhaseBio's $32.9M asset transfer deal (1/05/23)

By John George

A U.S. Bankruptcy Court judge had approved an agreement under which Malvern-based PhaseBio will transfer its bentracimab program assets to SFJ Pharmaceuticals for $32.9 million.

Bentracimab is a new drug candidate in late-stage clinical testing as a treatment to reverse potentially adverse effects of blood-thinning medicine.

PhaseBio, which also has offices in San Diego, filed for Chapter 11 on Oct. 23, about two weeks after it was sued for breach of contract by California-based SFJ, its development partner for bentracimab. The two companies entered into a co-development agreement in January 2020.

In its lawsuit, SFJ argued that because PhaseBio (NASDAQ: PHAS) had not improved its financial position since filing a "going concern" notice in March 2022, tied to its shrinking cash reserves, the bentracimab program should be transferred to SFJ under the terms of their co-development contract.

PhaseBio voluntarily filed for Bankruptcy Court protection with a plan to sell its assets through an auction before the end of the year. The court gave the two companies until the end of January to fully execute an asset transfer agreement reached with SFJ to resolve the litigation.

An SFJ spokesperson said the company "is pleased with the outcome which allows SFJ to move forward in advancing this much needed therapy with the goal of bringing it to market to the benefit of patients globally."

Representatives of PhaseBio were not available for comment.

In November, Chiesi Farmaceutici of Italy was designated as the stalking horse bidder for PhaseBio after it entered into an agreement to acquire all of the company's assets for $40 million at closing, and $60 million in future contingent payment tied to the development of bentracimab.

Complicating the bidding process, however, was that SFJ held a secured claim of $120 million against PhaseBio for obligations from their co-development agreement.

Under the agreement approved Dec. 31 by Judge Laurie Selber Silverstein, PhaseBio will be required to reimburse Chiesi any expense incurred after being approved by the Bankruptcy Court as the stalking horse bidder. Chiesi's agreement with PhaseBio included a $2 million break-up fee and expense reimbursements of up to $750,000 if its asset purchase agreement was terminated.

The bulk of the sale proceeds will be used to pay PhaseBio's lenders. It could not be immediately determined what the company's unsecured creditors will receive. At the time of its bankruptcy filing, PhaseBio listed both assets and liabilities between $10 million and $50 million. The company's specific list of creditors was sealed by the court.

The program transfer agreement between PhaseBio and SFJ includes a provision requiring the companies to cooperate in designating certain PhaseBio employees to be offered full-time employment at SFJ.

PhaseBio, led by CEO Jonathan Mow, started 2022 with 60 employees. In its last quarterly report covering the period ending June 30, the company said it had cash and cash equivalents of $7.8 million and accrued expenses and liabilities of $12.9 million.

On Nov. 3, PhaseBio’s common stock was suspended from trading on Nasdaq and, effective the next day, its stock began being quoted on the OTC Pink Marketplace under the symbol “PHASQ.” The stock was delisted on Dec. 31.

https://www.bizjournals.com/philadelphia/news/2023/01/05/phasebio-malvern-bankruptcy-sfj-pharmaceuticals.amp.html

06

I have no proof, but I know the nature of the game without technical information. just saying. GLTA :))

Just some kids playing games. Nobody else wanted to play with them :(

This is such a dice roll, problem is the dice keep spinning

Someone's trying to shake some lose here?? Little bump!

On November 28, 2022, the Company’s board of directors appointed Lawrence Perkins, the Company’s Chief Restructuring Officer, as principal financial officer, effective upon the effectiveness of Mr. Sharp’s resignation.
Mr. Perkins, age 45, has served as the Company’s Chief Restructuring Officer since October 2022. Mr. Perkins is the founder and Chief Executive Officer of Sierra Constellation Partners, an interim management and advisory firm, which he founded in 2013. Mr. Perkins has served in a variety of senior- level positions, including interim CEO/President, Chief Restructuring Officer, board member, financial advisor, strategic consultant and investment banker, to numerous private and public middle-market companies.

https://sierraconstellation.com/