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PhaseBio Announces Pricing of Initial Public Offering
MALVERN, Pa. and SAN DIEGO, Oct. 17, 2018 (GLOBE NEWSWIRE) -- 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.
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146; or Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, or via email: PostSaleManualRequests@broadridge.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains certain forward-looking statements, including statements with regard to the timing and completion of the proposed securities offering. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the proposed securities offering discussed above will be consummated on the terms described or at all. Completion of the proposed securities offering and the terms thereof are subject to numerous factors, many of which are beyond the control of PhaseBio, including, without limitation, market conditions, failure of customary closing conditions and the risk factors and other matters set forth in PhaseBio’s filings with the Securities and Exchange Commission. PhaseBio undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
PhaseBio Pharmaceuticals, Inc.
Chief Financial Officer
Sarah Hall, 6 Degrees