October 19, 2018

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Pharma with Duke University roots files to go public


A clinical-stage pharmaceutical firm with Duke University roots has filed paperwork to go public in an $86.3 million offering – one that could mean a windfall for a Triangle investor.

PhaseBio Pharmaceuticals, which spun out of Duke University in 2002 and counts Durham’s Hatteras Venture Partners as a backer, relocated its headquarters from Durham to Pennsylvania in 2010.

Late Friday, the company, which focuses on treating rare diseases – particularly in the cardiopulmonary space – filed for an initial public offering to trade on the Nasdaq under the ticker PHAS.

The cash, according to the filing, would go toward advancing its drug candidates, as well as for working capital and other “general corporate purposes.”

The company was co-founded by Durham businessman Clay Thorp, who also co-founded Hatteras Venture Partners.

Thorp serves as chairman of PhaseBio’s board of directors. And entities affiliated with Hatteras Venture Partners own 17.5 million shares of the company, more than 5 percent.

Duke University, too, continues to have a stake in the firm’s success, as, under the terms of a license agreement, PhaseBio could have to pay it up to $2.2 million should certain clinical development and regulatory milestones be achieved. Duke is also entitled to certain royalty percentages on sales.

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[Originally posted by Triangle Business Journal— September 21, 2018]