Press release
Catalyst Biosciences Reports First Quarter 2022 Operating & Financial Results
SOUTH SAN FRANCISCO, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Catalyst Biosciences, Inc. (NASDAQ: CBIO) today announced its operating and financial results
About this update from Gyre Therapeutics, Inc.
[{"type":"text","content":"SOUTH SAN FRANCISCO, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Catalyst Biosciences, Inc. (NASDAQ: CBIO) today announced its operating and financial results for the first quarter ended March 31, 2022. “In the first quarter, we regained the rights to CB 2782-PEG, a C3 degrader protease, for the potential treatment of dry age-related macular degeneration (“AMD”) and now have full rights to two wholly-owned, potential best-in-class complement candidates that may provide compelling opportunities in our exploration of strategic alternatives as announced in February,” said Nassim Usman, Ph.D., president and chief executive officer of Catalyst. “While exploring these opportunities, we implemented personnel and cost reductions, decreasing our headcount by over 70%. We remain committed to exploiting the potential for all of our assets to bring value to our shareholders.” First Quarter Milestones Regained the rights to CB 2782-PEG for the treatment of dry AMD, expanding the Company’s complement portfolio in ophthalmology. The company’s complement portfolio now consists of several wholly-owned drug candidates at various stages of discovery for dry AMD. Dry AMD is a leading cause of blindness in its severe form for which there are no currently approved therapies. Received Rare Pediatric Disease Designation for CB 4332, an enhanced Complement Factor I (“CFI”) for the treatment of CFI Deficiency. Under the FDA’s rare pediatric disease designation program, the FDA may grant a priority review voucher to a sponsor that received product approval for a rare pediatric disease. First Quarter 2022 Results and Financial Highlights Cash and cash equivalents as of March 31, 2022, were $34.8 million.Research and development expense for the three months ended March 31, 2022 was $9.7 million compared with $17.0 million for the same period last year. The decrease was due primarily to a decrease in hemophilia-related costs, complement-related costs, personnel-related costs, and stock-based compensation expense. General and administrative expense for the three months ended March 31, 2022 was $5.0 million compared with $5.4 million for the same period last year. This decrease was due primarily to a decrease in professional services, partially offset by an increase in allowance for doubtful accounts. Interest and other income, net for the three months ended Marc...