MALVERN, Pa., and SAN DIEGO, April 11, 2019 (GLOBE NEWSWIRE) -- PhaseBio Pharmaceuticals, Inc. (Nasdaq: PHAS), a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for orphan diseases, today announced the pricing of its underwritten public offering of 3,586,500 shares of its common stock at a price to the public of $12.00 per share. All of the common stock to be sold in the offering is being offered by PhaseBio. In addition, PhaseBio has granted the underwriters a 30-day option to purchase up to an additional 537,975 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering are expected to be $43.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by PhaseBio. The offering is expected to close on April 16, 2019, subject to customary closing conditions.

Citigroup, Cowen and Stifel are acting as joint book-running managers for the offering. Needham & Company is acting as co-manager for the offering.