SEATTLE, Oct. 13, 2017 /PRNewswire/ -- PhaseRx, Inc.
(NASDAQ: PZRX), a biopharmaceutical company developing mRNA treatments for life-threatening inherited liver diseases in children,
today announced that its board of directors has made a determination to conduct a restructuring of operations to reduce
short term operating costs and delay the development of its lead product candidate PRX-OTC. This reorganization includes a
reduction in PhaseRx's workforce by 10 employees, including some executive officers. These efforts are aimed at preserving the
company's cash resources. As of June 30, 2017, PhaseRx had cash and equivalents of $8.4 million and a total of 20 employees.
The board of directors has also begun a review of strategic alternatives, including but not limited to a potential merger
transaction. The company has not set a timetable for this process. No decision has been made as to whether the company will
engage in a transaction or transactions and there can be no assurance that the review of strategic alternatives will result in a
transaction, or the terms or timing of any potential transaction that may take place.
The company does not intend to discuss or disclose further developments during this process unless and until its board of
directors has approved a specific action or otherwise determined that further disclosure is appropriate.
About PhaseRx
PhaseRx is a biopharmaceutical company dedicated to developing mRNA products for the treatment of children with inherited
enzyme deficiencies in the liver using intracellular enzyme replacement therapy (i-ERT). PhaseRx's initial product development
focus is on urea cycle disorders, a group of rare genetic diseases that generally present before the age of twelve and are
characterized by the body's inability to remove ammonia from the blood with potentially devastating consequences for patients.
The company's i-ERT approach is enabled by its proprietary Hybrid mRNA Technology™ platform. PhaseRx is headquartered in
Seattle. For more information, please visit www.phaserx.com.
Safe Harbor Statement
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may,"
"will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or
similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are
subject to various known and unknown risks and uncertainties, many of which are beyond the company's control, and cannot be
predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i)
the fact that the company has incurred significant losses since its inception and anticipates that it will continue to incur
significant losses for the foreseeable future, (ii) the company being dependent on technologies it has licensed and that it may
need to license in the future, (iii) the fact that the company will need to raise substantial additional funding to develop its
planned products, (iv) the fact that the company's Hybrid mRNA Technology has not previously been tested beyond company
preclinical studies, and that mRNA-based drug development is unproven, (v) the fact that all of the company's programs are in
preclinical studies or early stage research and it is uncertain that any company product candidates will receive regulatory
approval or be commercialized, (vi) the fact that development of the company's product candidates will be expensive,
time-consuming and subject to regulatory approval, (vii) the company expecting to continue to incur significant research and
development expenses, (viii) the company becoming dependent on collaborative arrangements for the development and
commercialization of its products, (ix) the company's ability to adequately protect its proprietary technology from legal
challenges, infringement or alternative technologies and (x) the biotechnology and pharmaceutical industries being intensely
competitive. More detailed information about the company and the risk factors that may affect the realization of forward looking
statements is set forth in the company's filings with the Securities and Exchange Commission (SEC), including the most recent
annual report on Form 10-K and its quarterly reports on Form 10-Q. Investors and security holders are urged to read these
documents free of charge on the SEC's web site at http://www.sec.gov. The company assumes no obligation to publicly update or revise its forward-looking statements
as a result of new information, future events or otherwise.
Contacts:
Corporate Communications Contact:
Jason Spark
Canale Communications
Senior Vice President
jason@canalecomm.com
619-849-6005
Investor Contact:
Robert H. Uhl
Westwicke Partners, LLC
Managing Director
robert.uhl@westwicke.com
858.356.5932
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SOURCE PhaseRx, Inc.