SFJ plays hardball, demands rights to PhaseBio's lead candidate
More than two and a half years after backing PhaseBio in developing a drug that can reverse a specific blood thinner, California-based SFJ Pharmaceuticals is demanding rights to the drug — as investors send the stock price tanking.
SFJ, an Abingworth and Blackstone-backed company that provides certain pharma and biotechs with at-risk funding and clinical backing in exchange for revenue, handed PhaseBio a program transfer notice last week, announced in an SEC filing Tuesday. Per PhaseBio, SFJ is demanding that PhaseBio’s rights to bentracimab be transferred to SFJ, citing that PhaseBio has failed to rectify a “Going Concern Condition,” a financial red flag given out after a company determines that its ability to stay in business is a substantial concern.
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