Crescent Biopharma Inc Stock Price, News & Analysis

Catalyst Biosciences, Inc. (NASDAQ: CBIO) reported significant financial results for Q2 2022. The company completed the sale of its complement portfolio to Vertex Pharmaceuticals for $60 million, contributing to a substantial increase in cash reserves to $75.4 million. The second quarter net income reached $51.6 million, or $1.64 per share, a notable improvement from a loss of $19.9 million in the same period last year. Catalyst plans to distribute up to $65 million to shareholders, pending resolution of ongoing litigation.

JDS1, LLC, which owns approximately 8.4% of Catalyst Biosciences, Inc. (NASDAQ: CBIO), announced the withdrawal of its director nominations and non-binding proposals ahead of Catalyst's 2022 Annual Meeting. This decision included terminating its proxy contest, with no agreements made with Catalyst regarding this withdrawal. JDS1 advised Catalyst's stockholders that the GOLD proxy cards previously received will not be counted and will be discarded.

Catalyst Biosciences (NASDAQ: CBIO) has announced the withdrawal of nominations for Board of Directors candidates by JDS1, LLC. The candidates, Shelly C. Lombard, Matthew Stecker, and Igor Volshteyn, will not be on the ballot for the 2022 Annual Meeting scheduled for August 15, 2022. Stockholders are encouraged to vote using the WHITE proxy card to ensure their votes are counted. Catalyst's product pipeline includes promising therapeutics for bleeding disorders, which are available for strategic partnerships.

Catalyst Biosciences (NASDAQ: CBIO) announced plans to distribute $45 million to stockholders, contingent upon the swift resolution of a proxy contest and litigation with JDS1. The company aims to maximize stockholder value by monetizing assets and significantly reducing expenses. With a new cash distribution plan in place, Catalyst estimates potential distributions could total up to $65 million. However, ongoing legal challenges from JDS1 are hindering cash distribution, raising concerns about their intentions. Stockholders are urged to vote for Catalyst's nominees supporting the cash distribution plan in the upcoming Annual Meeting on August 15, 2022.

Catalyst Biosciences (NASDAQ: CBIO) announced an agreement with its largest shareholder, JEC II Associates, to support Catalyst’s nominees in the upcoming 2022 Annual Meeting on August 15. JEC will vote all shares in favor of Catalyst’s nominees and Michael Torok will join as an observer on the Transaction Committee. Catalyst plans a significant cash distribution to stockholders, estimating up to $65 million, contingent on the resolution of ongoing litigation. The company urges other shareholders to support this plan using the WHITE proxy card.

JDS1, LLC, holding approximately 8.4% of Catalyst Biosciences, Inc. (NASDAQ: CBIO), is urging stockholders to vote for its nominees in the upcoming board election. JDS1 advocates for the distribution of the majority of Catalyst's available cash, estimated at $65 million, to stockholders. The proxy contest aims to address significant stockholder value losses, with shares plummeting 95.1% from February 2018 highs. Catalyst has not committed to a specific cash distribution amount or timeline, creating concerns among stockholders regarding the management of funds.

Catalyst Biosciences (NASDAQ: CBIO) has reiterated its commitment to expedite cash distributions to stockholders, estimating a potential total of $65 million, following a letter mailed to stockholders ahead of its Annual Meeting on August 15, 2022. The Board warns that JDS1, LLC, an involved stockholder, may have ulterior motives in a proxy contest, seeking to replace three directors. Catalyst urges stockholders to vote 'FOR' all its nominees on the 'WHITE' proxy card to ensure the successful execution of its Cash Distribution Plan and protect shareholder interests.

The Delaware Court of Chancery has denied JDS1's motion for expedited proceedings against Catalyst Biosciences (NASDAQ: CBIO), ruling that JDS1's disclosure claims have been effectively mooted. CEO Nassim Usman emphasized that the company is focused on controlling expenses and that stockholder cash distributions will occur once potential liabilities from ongoing litigation are clearer. Catalyst is also in the process of monetizing its assets, including therapeutics like MarzAA and DalcA, which have shown promising clinical results. Further updates will be provided to stockholders as needed.

Catalyst Biosciences (NASDAQ: CBIO) announced plans to distribute cash to stockholders, potentially totaling up to $65 million. This decision follows the successful sale of certain assets for up to $60 million and extensive engagement with investors. The Company aims to maximize distributions after settling obligations related to ongoing stockholder litigation. CEO Nassim Usman highlighted cost reductions, including significant layoffs and the cessation of R&D activities, leaving only six employees. Further updates on distribution timing will follow as liabilities are assessed.