Crescent Biopharma Inc Stock Price, News & Analysis

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.

Catalyst Biosciences (NASDAQ: CBIO) announced a definitive agreement with Vertex Pharmaceuticals (NASDAQ: VRTX) for the sale of its protease medicines portfolio, including CB 2782-PEG, for $60 million in cash. This move is part of Catalyst's strategy to explore monetization options and enhance shareholder value, a process underway since February. Catalyst's remaining product candidates include MarzAA, DalcA, and CB 2679d-GT, which are in various stages of development and available for partnering. The company aims to reduce cash burn while evaluating further strategic alternatives.

Catalyst Biosciences (NASDAQ: CBIO) reported first-quarter 2022 financial results, highlighting a net loss of $14.5 million or ($0.46) per share, an improvement from $22.4 million or ($0.79) per share year-over-year. Cash and cash equivalents stood at $34.8 million. The company regained rights to CB 2782-PEG for dry age-related macular degeneration (AMD) and received Rare Pediatric Disease Designation for CB 4332. R&D expenses decreased from $17.0 million to $9.7 million, reflecting cost reductions amidst a 70% staff reduction.

Catalyst Biosciences (NASDAQ: CBIO) reported its Q4 and full-year 2021 financial results, highlighting a strategic shift from hemophilia to complement therapeutics and protease medicines. The firm reacquired rights to CB 2782-PEG, expanding its dry AMD portfolio, a market potentially exceeding $10 billion. Catalyst also received Rare Pediatric Disease Designation for CB 4332. The company announced significant reductions in personnel (70%) and costs and reported a net loss of $20.3 million for Q4 and $87.9 million for the year, with cash and investments totaling $46.9 million as of December 31, 2021.

ShouTi Inc., a clinical-stage biopharmaceutical company, has appointed Sharon Tetlow to its board of directors, where she will also chair the audit committee. With over 30 years of experience in life sciences finance, Tetlow has previously held senior roles including CFO at various biopharmaceutical firms. She currently serves on the boards of Dice Therapeutics (DICE), Valneva SE (VALN), and Catalyst Biosciences (CBIO). Her expertise is expected to strengthen ShouTi's growth strategy as the company focuses on developing innovative oral therapeutics for chronic diseases.

Catalyst Biosciences (NASDAQ: CBIO) has regained full rights to CB 2782-PEG, a C3-degrader aimed at treating dry AMD, after Biogen ended their collaboration. CEO Nassim Usman highlighted the potential of CB 2782-PEG and another candidate, CB 4332, to address a significant market opportunity in dry AMD, estimated over $10 billion. The press release also notes the challenges ahead, including the need for further clinical trials and potential market risks.

Catalyst Biosciences (NASDAQ: CBIO) has engaged Perella Weinberg Partners as a financial advisor to explore strategic alternatives. The collaboration aims to monetize its hemophilia assets and find partners for its complement asset development. CEO Nassim Usman emphasized PWP's extensive network and expertise in accelerating business development efforts. Catalyst focuses on developing innovative protease therapeutics, addressing unmet medical needs in complement system disorders, including their CB 4332 protease and partnerships with Biogen.