October 18, 2018
PhaseBio Announces Pricing of IPO
PhaseBio Pharmaceuticals, Inc. (“PhaseBio”), a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for orphan diseases, with an initial focus on cardiopulmonary, today announced the pricing of its initial public offering of 9,200,000 shares of common stock at a price to the public of $5.00 per share, for total gross proceeds of approximately $46.0 million.
The shares are expected to begin trading on the Nasdaq Global Market under the symbol “PHAS” on October 18, 2018, and the offering is expected to close on October 22, 2018, subject to customary closing conditions. In addition, PhaseBio has granted the underwriters a 30-day option to purchase up to 1,380,000 additional shares of common stock at the initial public offering price less underwriting discounts and commissions.
Citigroup, Cowen and Stifel acted as joint book-running managers for the offering. Needham & Company, LLC acted as co-manager for the offering.
PhaseBio is a clinical-stage biopharmaceutical company founded by Duke inventors Drs. Chilkoti and Setton. Committed to developing new and improved biotherapeutics for the treatment of serious rare diseases, their proprietary technology platform uses recombinant elastin-like polypeptide (ELP) biopolymers to control the half-life, bioavailability and physical characteristics of molecules for ease of administration.