Catalyst Biosciences Inc (CBIO) Shares Soar on Key Milestone Achievement for Factor IX Program
Catalyst Biosciences Inc (NASDAQ:CBIO) investors came back from the hills after the drug maker announced that it has achieved a key milestone under its collaboration with ISU Abxis to advance the Factor IX program towards its first human clinical trial. Completion of the CB 2679d/ISU304 toxicology studies supported the recent Investigational New Drug (IND) approval by the Korean Ministry of Food and Drug Safety and triggered a milestone payment to Catalyst.
Catalyst shares reacted to the news, rising nearly 15% to $6.64 in pre-market trading Tuesday.
“Individuals with severe hemophilia B will experience abnormal bleeding – not just after an injury, but spontaneously into potentially any organ, joints or muscles. Without preventative treatment or prophylaxis, these individuals may experience several spontaneous bleeding episodes per month,” said Nassim Usman, Ph.D., President and Chief Executive Officer of Catalyst. “Our vision is to prevent bleeding with the stabilization and normalization of clotting levels using more convenient subcutaneous dosing.”
Catalyst has a collaboration with ISU Abxis to advance the development of CB 2679d/ISU304 through a Phase 1/2 proof-of-concept study in individuals with severe hemophilia B. After Phase 1/2, ISU Abxis has an option for exclusive commercial rights in South Korea and a profit share on ex-South Korean commercialization. Catalyst retains full development and commercial rights for CB 2679d/ISU304 outside of South Korea. Under the license agreement, the next potential milestone payment is for the first patient enrolled in the Phase 1/2 trial.
Catalyst Biosciences, Inc. is a clinical-stage biopharmaceutical company. It focuses on creating and developing novel medicines to address serious medical conditions for patients who need new or better treatment options.