PhaseBio Pharmaceuticals Inc (NASDAQ:PHAS) shares jumped Tuesday after the company received U.S. Food and Drug Administration breakthrough therapy designation for PB2452 for the reversal of antiplatelet activity of ticagrelor.
The Malvern, Pa.-based PhaseBio, a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for orphan diseases, also announced it has licensed to ImmunoForge, Co. Ltd. the global rights for PB1023, a long-acting, recombinant GLP-1 analogue for the treatment of certain diseases, including conditions related to sarcopenia. PB1023 was created as a genetic fusion protein utilizing PhaseBio’s proprietary elastin-like polypeptide technology platform.
Under the terms of the agreement, PhaseBio has granted ImmunoForge an exclusive, worldwide license, with rights to sublicense, to PB1023 for the development and commercialization of treatments for all diseases except diabetes, obesity and non-alcoholic steatohepatitis.
PhaseBio will receive an upfront payment upon execution of the agreement and is eligible to receive development milestone payments, and royalty payments on net sales of products, including sales from sublicense agreements.
PhaseBio CEO Jonathan P. Mow said, "The license agreement with ImmunoForge further validates the potential of our half-life extending ELP technology and provides non-dilutive capital to PhaseBio.
"We’re pleased to partner with ImmunoForge, a company leveraging cutting-edge science to develop novel therapies for cancer and metabolic diseases, to bring new treatment options to patients living with serious sarcopenia-related diseases."
Shares in PHAS rocketed $3.19, or 25.4%, to $15.76, mid-morning Tuesday.
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