- PhaseBio Pharmaceuticals Inc PHAS received one note that its partner SFJ Pharmaceuticals Group has elected to transfer bentracimab rights to SFJ as PhaseBio has not resolved its going concern condition.
- Formerly known as PB2452, benracimab reverses the effects of AstraZeneca Plc AZN Blood thinner Brilinta (ticagrelor)
- In January 2020, PhaseBio announced a funding and development partnership with SFJ Pharmaceuticals. PhaseBio keeps exclusive worldwide commercial rights.
- In the December 2021 annual filing, PhaseBio listed an explanatory paragraph relating to its significant doubts about its ability to continue as a going concern.
- Related: Needham estimates the market opportunity for PhaseBio Pharma’s bentracimab at up to $1.5 billion.
- The company engaged a financial advisor in the first quarter of 2022.
- PhaseBio has received multiple offers to license and/or acquire certain commercial rights to bentracimab.
- However, any offer would have required SFJ not to terminate the co-development agreement and to assert payment obligations for PhaseBio’s expedited termination. Therefore, it could not proceed with such alternatives.
- Price promotion: PHAS shares traded 47.37% lower at $0.40 in premarket trading on Wednesday.
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