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Catalyst Biosciences Shares Soar After Complement Portfolio Sale

By Colin Kellaher

 

Shares of Catalyst Biosciences Inc. more than doubled in early trading Monday after the biopharmaceutical company said it sold its portfolio of protease medicines that regulate complement to Vertex Pharmaceuticals Inc. for $60 million in cash.

The South San Francisco, Calif., company in February said it planned to explore options to monetize its assets, and it hired investment bank Perella Weinberg Partners to assist with the process.

Catalyst said it has significantly reduced its cash burn, and that it continues to work with its advisers to evaluate additional moves.

The company said its product candidates now consist of the coagulation-related assets marzeptacog alfa (activated), dalcinonacog alfa and CB 2679d-GT.

Catalyst shares, which closed Friday at 38 cents, were recently changing hands at 92 cents.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

May 23, 2022 09:53 ET (13:53 GMT)

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