Catalyst Biosciences Announces Agreement to Sell NNR Asset
October 18 2016 - 8:00AM
-- Divestment of Additional Neuronal Nicotinic
Receptor Asset to Provide Catalyst with $750,000 Up Front Payment
--
Catalyst Biosciences, Inc. (NASDAQ:CBIO), a clinical-stage
biopharmaceutical company focused on developing novel medicines to
address hematology indications, today announced that it has entered
into a definitive agreement to sell one of its neuronal nicotinic
receptor (NNR) assets that were under development by Targacept
prior to its 2015 merger with Catalyst.
Catalyst is focused on developing medicines in the area of
hemostasis, and prior to its merger with Targacept, decided not to
develop the NNR assets. The divestiture provides an upfront payment
to Catalyst of $750,000 and may also allow Catalyst to receive up
to a total of $37 million in development, regulatory and commercial
milestone payments as well as royalties on net sales.
"The sale of another NNR asset, following our divestiture of
three NNR assets earlier this summer, has allowed Catalyst to
realize additional value for a subset of these non-core assets as
we remain focused on our therapeutic programs in hemophilia," said
Nassim Usman, Ph.D., President and Chief Executive Officer of
Catalyst.
NNR agonists are a class of drugs targeting neuronal nicotinic
receptors, also known as neuronal acetylcholine nicotinic
receptors (nAChRs). Under the terms of the agreement, one NNR
asset, TC-6499, including related intellectual property rights and
materials will be divested. TC-6499 is a molecule that was
originally evaluated by Targacept in trials of neuropathic pain and
diabetic gastroparesis.
About Catalyst Biosciences 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 an improved
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 and 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 statements of
historical facts, included in this press release regarding the
Company’s potential receipt of milestone payments and royalties
with respect to TC-6499 and the Company’s product development plans
for marzeptacog alfa (activated), CB 2679d/ISU304 and other
products, including plans for and timing of clinical trials, the
potential uses of the Company’s product candidates to treat
hemophilia and surgical bleeding are forward-looking statements.
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 the Company makes, including, but
not limited to, the risk that trials and studies related to the
Company’s products and TC-6499 may be delayed and may not have
satisfactory outcomes, potential adverse effects arising from the
testing or use of the Company’s products or TC-6499, the risk that
costs required to develop or manufacture the Company’s products or
TC-6499 will be higher than anticipated, risks related to the
Company’s ability to protect or enforce intellectual property
rights related to its product candidates, competition and other
factors that affect the Company’s ability to establish
collaborations on commercially reasonable terms and the Company’s
ability to successfully develop and commercialize its product
candidates. Other risks and uncertainties related to the Company’s
business are described in the “Risk Factors” section of the
Company’s Annual Report on Form 10-K and Quarterly Report on Form
10-Q filed with the SEC. The Company does not assume any
obligation to update any forward-looking statements, except as
required by law.
Catalyst Biosciences Contacts:
Investors:
Fletcher Payne, CFO
Catalyst Biosciences, Inc.
650.871.0761
investors@catbio.com
Source: Catalyst Biosciences, Inc.
Media:
Denise Powell
Red House Consulting, LLC
510.703.9491
denise@redhousecomms.com
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