MALVERN, Pa. and SAN DIEGO, Oct. 17, 2018 (GLOBE NEWSWIRE) -- PhaseBio Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for orphan diseases, with an initial focus on cardiopulmonary, today announced the pricing of its initial public offering of 9,200,000 shares of common stock at a price to the public of $5.00 per share, for total gross proceeds of approximately $46.0 million.

The shares are expected to begin trading on the Nasdaq Global Market under the symbol “PHAS” on October 18, 2018, and the offering is expected to close on October 22, 2018, subject to customary closing conditions. In addition, PhaseBio has granted the underwriters a 30-day option to purchase up to 1,380,000 additional shares of common stock at the initial public offering price less underwriting discounts and commissions.