Last year, Malvern-based PhaseBio Pharmaceuticals went public and raised $46 million through an initial public stock offering, writes John George for the Philadelphia Business Journal.

According to CEO Jonathan Mow, the main reason for the move was to finance the next stage of development for PhaseBio’s two leading drug candidates.

“We had to have enough capital to get through some significant value creation milestones,” said Mow. “We started thinking about our alternatives and an IPO was an obvious alternative.”

However, the process did not go exactly as planned. In fact, doing the IPO in October 2018 at the height of the financial crisis created significant financial headwinds.

“We raised a smaller amount than we anticipated,” said Mow. “We will likely need to do another raise before we head into Phase-III studies.”

Now, the company is looking to get approval for its drugs in both the U.S. and Europe, and according to Mow, there are no plans to sell the company anytime soon.

“If you build it for sale, you tend to take shortcuts that ultimately don’t create as much value,” he said.

Read more about PhaseBio Pharmaceuticals in the Philadelphia Business Journal here.

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