Catalyst BioSciences Inc (NASDAQ: CBIO) was one of the top gainers in yesterday’s trading session, and closed the day with gains of 65.83%. This came after it announced that, it had entered into a global license and collaboration with Biogen Inc. The agreement between the two companies is for the development and sale of pegylated CB 2782 for the treatment of geographic atrophy associated with macular degeneration that comes with age.
Through this agreement, Biogen will have an exclusive worldwide license to make and sell CB-2783-PEG, as well as anti-C3 proteases for the possible treatment of dry AMD. Biogen will also be fully responsible for the funding and manufacture of New Drug enabling activities, global clinical development, and sales. On its part, Catalyst will do a pre-clinical and also handle manufacturing activities.
Under the deal, Catalyst will also get $15 million in an upfront payment. The company will also be up for an additional $340 million in milestone payments for clinical, regulatory, and commercial purposes. The payments will be linked to the company’s net sales.
Commenting on the deal, Catalyst CEO, Nassim Usman, stated that, Biogen was an excellent partner for the company’s anti-C3 ophthalmology program. He further stated that, geographic atrophy is devastating on vision, and affects more than a million people in the U. S and that it has no approved therapies yet. As such, CB 2782-PEG could be the answer, by giving patients a prolonged and full suppression of C3.
From pre-clinical data that Catalyst has presented on this treatment, the company noted that there was an increase in CB-2782 ocular half-life and without adverse effects.
Looking at the charts, the stock gapped up and opened the day at $6.11, then traded between $5.75 and $7.95 before closing the day at $7.91. Volumes in the day stood at 20.03 million.
About Catalyst Biosciences Inc
Catalyst Biosciences Inc is a biopharma company that develops and treats hemophilia and other disorders. It is headquartered in San Francisco, California.