PhaseBio reports Q2 EPS (33c), consensus (32c)
Reports Q2 revenue $703,000, two estimates $160,000. Cash and cash equivalents at June 30 were $90.3M compared to $61M at December 31, 2018. The increase primarily reflects proceeds from the underwritten public offering of common stock completed in April, partially offset by cash used in operating activities. "The second quarter of 2019 marked an important period in the evolution of PhaseBio, punctuated by the successful accomplishment of several critical milestones," said Jonathan Mow, CEO of PhaseBio. "We reported positive preliminary results from our Phase 2a trial of PB2452 for the reversal of the antiplatelet activity of ticagrelor in older and elderly subjects also taking aspirin, which resembles the patient population most likely to be treated with ticagrelor and potentially benefit from PB2452, if approved. We also received Breakthrough Therapy designation for PB2452 and completed an upsized and oversubscribed underwritten public offering of our common stock, which generated net proceeds of $46.3 million. Our achievement in the second quarter of key regulatory and development milestones, coupled with an infusion of capital has positioned us well to continue advancing our lead program, PB2452, while building the infrastructure necessary to execute a successful commercial launch, if approved, and ensure broad availability of this potentially life-saving therapy."