PhaseBio Pharmaceuticals

About PhaseBio Pharmaceuticals

PhaseBio Pharmaceuticals was a clinical-stage biopharmaceutical company founded in 2002, which focused on developing treatments for cardiovascular and cardiopulmonary diseases. The company developed a proprietary elastin-like polypeptide (ELP) technology platform designed to extend the circulating half-life of proteins and peptides, allowing for less frequent dosing and sustained-release delivery from a single subcutaneous injection.

The company's lead product candidate was bentracimab (formerly PB2452), a human monoclonal antibody fragment created to reverse the antiplatelet effects of ticagrelor, a common blood-thinning medication. This reversal agent was intended for use in patients experiencing major bleeding or requiring urgent surgery. Another significant pipeline product was pemziviptadil (PB1046), a once-weekly therapy for pulmonary arterial hypertension that utilized the company's ELP technology. The business model centered on advancing these and other drug candidates through clinical trials to gain regulatory approval and eventual commercialization, targeting a market with significant unmet needs in cardiovascular care.

A major operational development was a co-development and financing collaboration with SFJ Pharmaceuticals, announced in January 2020. Under this agreement, SFJ agreed to provide up to $120 million to fund the clinical development of bentracimab in exchange for milestone and royalty payments upon regulatory approval. However, a dispute arose between the two companies, leading to significant financial and legal challenges for PhaseBio. Faced with mounting pressures, PhaseBio filed for Chapter 11 bankruptcy protection in October 2022. Following the bankruptcy filing, the company entered into a structured process to sell its assets. A settlement was eventually reached where the rights to bentracimab and related assets were transferred to SFJ Pharmaceuticals. In June 2024, a Delaware bankruptcy court approved PhaseBio's liquidation plan to wind down its remaining operations. Subsequently, SFJ Pharmaceuticals, in partnership with SERB Pharmaceuticals, continued the development of bentracimab. They announced in August 2024 that the U.S. FDA had accepted the Biologics License Application (BLA) for bentracimab for priority review, with a target action date in the first quarter of 2025.