PhaseBio Might Have To Return Global Rights To Its Lead Program

Benzinga2022-09-28

PhaseBio Pharmaceuticals Inc (NASDAQ: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 (NASDAQ: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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