PhaseBio Pharma Files For Chapter 11 Bankruptcy Protection

(RTTNews) - PhaseBio Pharmaceuticals Inc. (PHAS) said Monday that it has elected to file a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. As part of the case, PhaseBio also intends to file a motion seeking authorization to pursue an auction and sale process.

The proposed bidding procedures, if approved by the court, would require interested parties to submit binding offers to acquire PhaseBio's bentracimab program assets, the company said in a statement.

In anticipation of the sales process, PhaseBio has entered into a confidential non-binding agreement with a large pharmaceutical company.