MALVERN, PA — PhaseBio Pharmaceuticals, Inc. (Nasdaq: PHAS), a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for orphan diseases, announced that the Company has secured up to $15 million in funds to support the clinical advancement of PB2452, a novel reversal agent for the antiplatelet drug ticagrelor, and for repayment of PhaseBio’s existing term loan in full.
PhaseBio entered into a $15 million term loan facility with Silicon Valley Bank and WestRiver Innovation Lending Fund, subject to funding in up to three tranches. PhaseBio received the initial tranche of $7.5 million upon execution of the loan agreement and will use the funds to repay PhaseBio’s existing term loan in full. The second tranche of $2.5 million will be available through May 31, 2019. PhaseBio will draw the remaining funding of $5 million upon the achievement of certain clinical milestones.
“We are pleased that our new partnership with WestRiver Innovation Lending Fund and our continued partnership with Silicon Valley Bank are able to support clinical advancements for our product candidates, including PB2452, which has the potential to be an important treatment for patients on ticagrelor who experience major bleeding or require urgent surgery,” said John Sharp, Chief Financial Officer of PhaseBio. “This funding further strengthens our cash position and provides additional financial resources as we continue to focus on bringing meaningful therapies to patients who are currently without effective treatment options.”
“Working with PhaseBio, we have been impressed by the company’s commitment to advancing novel therapies for patients with orphan diseases,” said Tom Gordon, Managing Director at Silicon Valley Bank. “We are excited for the future of PB2452 and look forward to our continued partnership with PhaseBio.”
Source: PhaseBio Pharmaceuticals, Inc., One Great Valley Parkway, Suite 30, Malvern PA 19355
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