PhaseBio settles SFJ dispute in Ch.11; $2.5M admin claim, $27.8M unsecured claims

PhaseBio Pharmaceuticals Inc

Settlement stipulates a $2.5M allowed administrative claim for SFJ, down from the $15.4M sought.
SFJ receives $27.8M in aggregate general unsecured claims under the settlement.
Plan requires sale of Bentracimab royalties within six months of BLA approval; if sale <$2.5M, royalty transfers to SFJ.
SFJ will withdraw its objection and support the amended Chapter 11 Plan after Bankruptcy Court approval.
November 2023 monthly report shows cash $2.55M, cumulative professional fees $14.2M, zero employees.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PhaseBio Pharmaceuticals Inc entered into Plan Support and Settlement Agreement with SFJ Pharma X, Inc. (effective 2024-03-06).

Action: entry
Agreement: settlement
Counterparty: SFJ Pharma X, Inc.
Effective: 2024-03-06

Exact text from the filing

On March 6, 2024, the Company and SFJ executed and entered into a Plan Support and Settlement Agreement (the “Settlement Agreement”) to resolve the Motion to Allow, the Objection, and related matters.

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Source: SEC EDGAR

accession 0001193125-24-065935

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