PhaseBio Announces Pricing of Public Offering of Common Stock

MALVERN, Pa. & SAN DIEGO--(BUSINESS WIRE)--PhaseBio Pharmaceuticals, Inc. (Nasdaq: PHAS), a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for cardiopulmonary diseases, today announced the pricing of an underwritten public offering of 16,000,000 shares of its common stock at a public offering price of $3.50 per share. The gross proceeds to PhaseBio from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $56.0 million. In addition, PhaseBio has granted the underwriters a 30-day option to purchase up to an additional 2,400,000 shares of its common stock. All of the shares to be sold in the offering are to be sold by PhaseBio. The offering is expected to close on or about March 22, 2021, subject to customary closing conditions.