Catalyst Biosciences (CBIO) to Implement Corp. Realignment; Will Focus on Clinical Hemostasis Programs
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Catalyst Biosciences, Inc. (Nasdaq: CBIO) announced that it has implemented a corporate realignment of the Company's workforce, resulting in a reduction in staff of 10 employees, or approximately 50 percent. The Company is reallocating its financial resources to its hemostasis programs to focus primarily on CB 813d, a next-generation Factor VIIa for the potential treatment of Hemophilia Inhibitor patients and CB 2679d, a next-generation Factor IX for the potential treatment of hemophilia B, both of which are expected to start clinical trials in 2017.
Catalyst’s anti-complement research programs will be reduced and all related research activities will be discontinued. The Company will incur a one-time charge in the third quarter of approximately $1.1 million related to the reduction, including severance, benefits and related costs.
“This decision enables us to direct our resources toward our most promising development opportunities, including our next-generation Factor IX, CB 2679d, which we are developing for patients with hemophilia B and CB 813d for hemophilia patients with inhibitors,” said Nassim Usman, Ph.D., President and Chief Executive Officer of Catalyst. “We are deeply grateful for the extensive contributions of our colleagues who are impacted by this realignment.”
“We have been actively building our development capabilities over the last year with the addition of Andrew Hetherington as VP Manufacturing Operations, Dr. Howard Levy as Chief Medical Officer and Jeff Landau as VP Business Development. Catalyst is now positioned as a development-focused organization with expertise in protein and peptide manufacturing, hematology and cardiovascular medicine and commercial and in-licensing business development.”
The Company intends to continue to explore licensing opportunities for its anti-complement programs in Delayed Graft Function and Dry Age-Related Macular Degeneration.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Inovio Pharma (INO) Announces FDA Clinical Hold Placed on Proposed VGX-3100 Phase 3
- Sonic Corp (SONC) Tops Q4 EPS by 1c, Offers FY17 Outlook
- UPDATE: Corelogic (CLGX) Tops Q3 EPS by 7c, Expects to Achieve Upper Ends of FY16 Guidance
Create E-mail Alert Related CategoriesCorporate News, Guidance, Hot Corp. News, Management Comments, Trader Talk, Trading Halts
Related Entities13D, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!