Catalyst Biosciences Inc (NASDAQ:CBIO)
Catalyst Biosciences Inc (NASDAQ:CBIO) stock jumped 11.50% after announcing positive clinical data from an ongoing Phase ½ proof-of-concept in people suffering from severe hemophilia B. According to the biopharmaceutical company, top line potency results support the use of CB 2679d as a subcutaneous therapy for the prevention of bleeding in patients with Hemophilia B.
The positive factor IX clinical data helped push the stock to a key resistance level at the $4.00 a share level before it retreated to the $3.78. The stock continues to trade in a year-long downward trend, but investors are waiting to see if the news will help CBIO reverse direction.
Positive CB 2679d Trial Results
Clinical trial results indicate that an intravenous dose of CB 2679d is about 22 times more potent than a case of BeneFIX. The factor IX protease was also found to have the ability to stay in circulation much longer – for up to 34 hours compared to BeneFIX which remains for up to 25 hours.
“We believe that CB 2679d will have advantages over the currently approved intravenous prophylactic treatments that are known to have a prolonged period of low activity levels with increased risk of spontaneous bleeding,” said Nassim Usman, Ph.D., Catalyst Biosciences Inc (NASDAQ:CBIO)’s President and Chief Executive Officer.
Catalyst Biosciences Inc (NASDAQ:CBIO) has already received $0.7 million from ISU Abxis to be used on development of the intravenous prophylactic treatment. It has also received Orphan Medicine Designation from the European Commission for the use of SQ CB 2679d on hemophilia B patients.
Positive CB 2679D trial results come on the heels of Catalyst Biosciences making significant progress in the second quarter in both its clinical programs and balance sheet. The company raised $26 million for the first six months of the year with $2.7 million coming from the underwritten public offering and $5.3 million from its Capital in demand program.
Catalyst Biosciences Inc. (NASDAQ:CBIO) had a total of $32.4 million in cash and a cash equivalent as of the end of the quarter which it believes is sufficient to finance all projects going forward. The company exited the second quarter with a net loss of (-$9.8) million double a net loss of (-$4.8) million reported last year.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.