Item 1.03 Bankruptcy or Receivership.
On October 23, 2022, PhaseBio Pharmaceuticals, Inc. (the "Company") filed a
voluntary petition for relief under Chapter 11 of Title 11 ("Chapter 11") of the
United States Bankruptcy Code (the "Bankruptcy Code") in the United States
Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"), thereby
commencing a Chapter 11 case for the Company (Case No. 22-10995). The Company
continues to operate its business as a "debtor-in-possession" under the
jurisdiction of the Bankruptcy Court and in accordance with the applicable
provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The
Company is seeking approval of a variety of "first day" motions containing
customary relief intended to enable the Company to continue its ordinary course
operations. The Company intends to sell its bentracimab program assets during
the bankruptcy case. Additional information about the Chapter 11 case, including
access to Bankruptcy Court documents, is available online at
https://omniagentsolutions.com/PhaseBio, a website administered by Omni Agent
Solutions, a third-party bankruptcy claims and noticing agent. The information
on this website is not incorporated by reference into, and does not constitute
part of, this Current Report on Form 8-K.
Item 8.01 Other Events.
On October 24, 2022, the Company issued a press release announcing the filing of
the Chapter 11 case and its entry into a confidential, non-binding agreement
with a potential stalking horse bidder for the Company's bentracimab program
assets. A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release, dated October 24, 2022.
Cover Page Interactive Data File (embedded within the Inline XBRL
104 document).
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
PHASEBIO PHARMACEUTICALS, INC. 
