Press release
Catalyst Biosciences Publishes New Investor Presentation
Provides Details on Current Board’s Cash Distribution Plan and Efforts to Maximize the Amount of Cash Available for Distribution Company Commits to
About this update from Gyre Therapeutics, Inc.
[{"type":"text","content":"Provides Details on Current Board’s Cash Distribution Plan and Efforts to Maximize the Amount of Cash Available for Distribution Company Commits to Distributing $45 Million to Stockholders in an Initial Distribution, if Proxy Contest and Litigation End Soon, and Without Much Additional Expense Highlights the Concerning Connections Between JDS1’s Nominees and the Singer Family Stockholders Urged to VOTE “FOR” ALL of Catalyst’s Nominees, Who Are Committed to the Company’s Cash Distribution Plan, on the WHITE Proxy Card SOUTH SAN FRANCISCO, Calif., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Catalyst Biosciences, Inc. (NASDAQ: CBIO) (the “Company” or “we”) today published a detailed investor presentation in advance of its upcoming 2022 Annual Meeting of Stockholders (the “Annual Meeting”), scheduled to be held on August 15, 2022. We encourage stockholders to read the Company’s presentation, which can be seen by clicking on the link here. The presentation highlights the current Board’s commitment to returning all of its available cash (after reserving for or paying the Company’s liabilities and obligations) to stockholders. It also reiterates the overall strength of the Catalyst Board of Directors and encourages Catalyst stockholders to reelect the Company’s three highly qualified nominees by voting “FOR” ALL nominees on the WHITE proxy card. Key highlights from the presentation include: The Catalyst Board has taken decisive action to change the Company’s strategy and maximize stockholder value. The Board initiated a comprehensive review of strategic alternatives, which resulted in the monetization of a portion of the Company’s product portfolio for significant value. The Company then reduced operating expenses, shrunk the workforce to six employees, ceased all R&D, and sold lab equipment and other assets. The Board is committed to distributing all of the Company’s available cash expeditiously to stockholders, after reserving for liabilities and obligations (the “Cash Distribution Plan”). The Company has committed to announcing a record date for a substantial distribution of cash to stockholders as soon as the litigation with JDS1 and the proxy contest are resolved. If the litigation and proxy contest are concluded soon and without much additional expense, the Company expects that initial distribution to be $45 million. The Company estimates ...