Investors Bullish on Malvern-Based PhaseBio as Its Stock Nearly Triples in Six Months
PhaseBio, a small biopharmaceuticals firm in Malvern, has seen its stock nearly triple in the last six months following its IPO, writes Joseph DiStefano for Philadelphia Inquirer.
The company develops slow-release treatments for heart ailments. Last month, it sold stock worth $49.5 million at $12 a share, up from $5 when the stock first traded in November.
The company plans to use the money, along with the $61 million it already has, to advance the development of its drugs that treat heart conditions.
The recent boost in share price means the company is now valued at more than $300 million, a clear sign that investors are expecting big things.
The company had no sales in 2018 and currently has around $2 million a month in expenses. At the start of this year, it had 22 full-time and two part-time staff.
The company calls its lead candidate PB2452. It is designed to stop bleeding as a side effect of ticagrelor, a blood thinner for prospective heart-attack patients.
Its lead candidate is PB2452, which is designed to stop bleeding as a side effect of ticagrelor, a blood thinner for prospective heart-attack patients.
Read more about PhaseBio in the Philadelphia Inquirer here.
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