PhaseBio Pharmaceuticals, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on October 23, 2022. The debtor listed both its assets and liabilities in the range of $10 million to $50 million. The debtor is represented by Daniel J. DeFranceschi, Michael Joseph Merchant, Brendan Joseph Schlauch and Sarah Silveira of Richards Layton & Finger, P.A. as its legal counsels and Cooley LLP as its lead bankruptcy counsel.

The debtor also hired Lawrence Perkins of SierraConstellation Partners LLC as its chief restructuring officer and financial advisor, Miller Buckfire & Co. as its investment banker. Omni Agent Solutions acted as noticing and claims agent.