PHAS - PhaseBio drops 6% after voluntarily suspending mid-stage pemziviptadil program

PhaseBio Pharmaceuticals (NASDAQ:PHAS) falls 5.6% premarket following an announcement that it is voluntarily ending its Phase 2b trial of pemziviptadil (PB1046) in pulmonary arterial hypertension (PAH) due to COVID-19 impacts on manufacturing, associated drug supply and the rate of enrollment in the study. The company will analyze the trial data to determine an appropriate path forward for the program, which depending on the results could include an improved product presentation and simplified product dosing in a subsequent trial. With the suspension of the Phase 2b trial, the company will reprioritize resources and capital towards pre-commercialization activities of bentracimab and the advancement of other pipeline programs, including PB6440 for resistant hypertension. The Phase 2b trial of pemziviptadil, named the VIP trial (Vasoactive Intestinal Peptide in adult patients with pulmonary arterial hypertension), had successfully enrolled more than 50% of the study’s target population.

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PhaseBio drops 6% after voluntarily suspending mid-stage pemziviptadil program