Catalyst Biosciences Announces 1-for-15 Reverse Stock Split
11 February 2017 - 12:00AM
Catalyst Biosciences, Inc. (NASDAQ:CBIO), a clinical-stage
biopharmaceutical company focused on developing novel medicines to
address hematology indications, today announced a reverse stock
split of its shares of common stock at a ratio of one-for-fifteen.
The reverse stock split will be effective at 5:00 p.m. Eastern
Time on February 10, 2017. At the opening of trading
on February 13, 2017, Catalyst’s common stock will begin
trading on a split-adjusted basis and the number of shares of
Catalyst’s common stock outstanding will decrease from
approximately 13.0 million pre-split shares to approximately
868,000 post-split shares.
The primary purpose of the reverse stock split is to enable
Catalyst to regain compliance with the $1.00 minimum bid price
requirement for continued listing on The Nasdaq Capital
Market. Catalyst has until May 30, 2017 to regain compliance
with the minimum bid price requirement and has submitted written
notice to Nasdaq of its intention to cure the minimum bid price
deficiency by effecting a reverse stock split. To regain
compliance, the closing bid price of Catalyst’s common stock must
be at least $1.00 for a minimum of ten (10) consecutive
trading days.
“In the past three months we have presented data supporting the
refocused development of our promising hemostasis programs to
deliver subcutaneous prophylactic treatment to individuals with
hemophilia, and we intend to commence two clinical trials this
year,” said Nassim Usman, Ph.D., President and Chief Executive
Officer of Catalyst. “We believe that both our Factor VIIa and
Factor IX hemophilia product candidates have the properties
required, including high potency, to allow for subcutaneous
injection with the potential to achieve stable and normal clotting
levels.”
Catalyst’s common stock will continue to trade on
The Nasdaq Capital Market under the symbol “CBIO.” There
will be no change to the Company’s ticker symbol as a result of the
reverse stock split. In addition, Catalyst’s common stock will
trade under a new CUSIP number 14888D 208 following the reverse
stock split.
In the reverse stock split, every fifteen (15) shares of
Catalyst’s common stock outstanding will automatically be changed
and reclassified into one (1) new share of common stock. Holders of
common stock that would otherwise receive a fractional share of
common stock pursuant to the reverse stock split will receive cash
in lieu of the fractional share. The reverse stock split will
affect all Catalyst stockholders uniformly and will not affect any
stockholder’s percentage ownership interests in Catalyst (except to
the extent that the reverse stock split results in any stockholders
owning only a fractional share). Additionally, all Catalyst
convertible notes, equity awards and warrants outstanding
immediately prior to the reverse stock split will be
proportionately adjusted.
Stockholders who hold their shares electronically in book-entry
form at a brokerage firm need not take action as their shares will
automatically be adjusted by their brokerage firm to reflect the
reverse stock split. Beneficial holders may contact their bank,
broker or nominee with any questions regarding the procedure of
implementing the reverse stock split.
As soon as practicable after the effective time of the reverse
stock split, Catalyst or its transfer agent, American Stock
Transfer & Trust Company, LLC will mail a letter of transmittal
to each stockholder of record. Stockholders holding physical
certificates may (but are not required to) send their certificates,
along with the properly completed and executed letter of
transmittal to American Stock Transfer & Trust Company, LLC at
the address given below. The transfer agent will send each
stockholder’s new stock certificate and payment in lieu of any
fractional share promptly after receipt of that stockholder’s
properly completed letter of transmittal and old stock
certificates.
Mail: American Stock Transfer & Trust Company, LLC
Operations Center, Attn: Reorganization Department 6201 15th Avenue
Brooklyn, NY 11219
Phone: (800) 937-5449 or (718) 921-8124
Additional information regarding the reverse stock split can be
found in Catalyst’s Definitive Proxy Statement on Schedule 14A
(Form DEF 14A), filed with the SEC on January 12,
2017, and posted in the "Investors" section of Catalyst’s website
at www.catalystbiosciences.com.
About Factor VIIaMarzeptacog alfa (activated)
is a next-generation Factor VIIa that successfully completed an
intravenous Phase 1 clinical trial in severe hemophilia A and B
with and without inhibitors. Marzeptacog alfa (activated) is being
developed for the prophylactic treatment of severe hemophilia
patients with inhibitors. Marzeptacog alfa (activated) was designed
to combine higher clot-generating activity at the site of bleeding
and improved duration of action.
About Factor IX CB 2679d/ISU304 is a
next-generation coagulation Factor IX variant that is in advanced
preclinical development. CB 2679d/ISU304 has exhibited enhanced
procoagulant activity, improved efficacy in inhibiting blood loss,
and prolonged duration of action in bleeding and non-bleeding
preclinical models compared to other Factor IX products on the
market and in development. Catalyst believes that CB 2679d/ISU304
may allow for subcutaneous prophylactic treatment of individuals
with hemophilia B. 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 hemophilia B. After
Phase 1, ISU Abxis retains exclusive commercial rights in South
Korea while Catalyst retains full development and commercial rights
for CB 2679d/ISU304 outside of South Korea.
About Catalyst Catalyst is a clinical-stage
biopharmaceutical company focused on developing novel medicines to
address hematology indications. Catalyst is focused on the field of
hemostasis, including the subcutaneous prophylaxis of hemophilia
and facilitating surgery in individuals with hemophilia. Catalyst’s
most advanced program is a potent next-generation coagulation
Factor VIIa variant, marzeptacog alfa (activated), that has
successfully completed an intravenous Phase 1 clinical trial in
individuals with severe hemophilia A or B. Catalyst is also
developing a next-generation Factor IX variant, CB 2679d/ISU304,
that is in advanced preclinical development. For more information,
please visit www.catalystbiosciences.com.
Forward-Looking StatementsThis press release
contains forward-looking statements that involve substantial risks
and uncertainties. All statements, other than statement of
historical facts, included in this press release regarding our
strategy, future operations, and plans are forward-looking
statements. Examples of such statements include, but are not
limited to, statements relating to Catalyst’s clinical trial
timelines, including the anticipated initiation two trials in 2017,
the potential uses and benefits of subcutaneously dosed CB
2679d/ISU304 and marzeptacog alfa (activated) and the continued
trading of Catalyst’s common stock on The Nasdaq Capital Market.
Actual results or events could differ materially from the plans,
intentions, expectations and projections disclosed in the
forward-looking statements. Various important factors could cause
actual results or events to differ materially from the
forward-looking statements that Catalyst makes, including, but not
limited to, the risk that trials and studies may be delayed and may
not have satisfactory outcomes, that human trials will not
replicate the results from animal studies, that potential adverse
effects may arise from the testing or use of Catalyst’s products,
including the generation of antibodies, the risk that costs
required to develop or manufacture Catalyst’s products will be
higher than anticipated, competition, changes in the market price
of our common stock due to market volatility or fluctuations in our
operating results and other factors described in the “Risk
Factors” section of the Company’s most recent Annual Report on Form
10-K and subsequent Quarterly Reports on Form 10-Q filed with the
SEC. Catalyst does not assume any obligation to update any
forward-looking statements, except as required by law.
Contacts:
Investors:
Fletcher Payne, CFO
Catalyst Biosciences
650.871.0761
investors@catbio.com
Media:
Denise Powell
510.703.9491
denise@redhousecomms.com
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