Catalyst Biosciences Announces 1-for-15 Reverse Stock Split
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
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,
Mail:
Operations Center, Attn:
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 VIIa
Marzeptacog 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
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 Statements
This 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
Contacts: Investors:Fletcher Payne , CFOCatalyst Biosciences 650.871.0761 investors@catbio.com Media:Denise Powell 510.703.9491 denise@redhousecomms.com