Catalyst Biosciences, Inc. (CBIO), a clinical-stage biopharmaceutical company, has declined 5.74% in aftermarket trading session and consequently is trading at $0.55 at the time of the writing. The stock has continued to follow the momentum from Tuesday’s regular trading session when it slumped 7.05% during the day and closed at $0.59. The stock went on the decline despite an encouraging news announcement from the company.
CBIO Product Granted RPDD
On Tuesday, CBIO announced that its product, CB 4332, which is intended for the treatment of Complement Factor I (CFI) deficiency (CFID), has been granted Rare Pediatric Disease Designation (RPDD) from U.S. Food and Drug Administration (FDA). According to FDA’s rare pediatric disease designation program, it could grant priority review vouchers to a sponsor who has obtained the approval of the product for a rare pediatric disease.
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Discontinuation of Clinical Development
In mid-November, CBIO announced the decision to bring to halt the clinical development of MarzAA, report data to date and look out for a buyer for its haemophilia assets. The company said that it intends to focus its resources on its complement therapeutics and protease medicines platform. It highlighted that certain factors, like logistical challenges which arose due to pandemic, competition for subjects, and increasing availability of prophylaxis therapy globally had severely impacted the clinical trials of MarzAA.
In October, CBIO announced that Clinton Musil, the Chief Financial Officer of the company, had resigned from the position. The resignation was to become effective from the 29th of October 2021. In his place, the company promoted its controller, Seline Miller, to the rank of interim Chief Financial Officer and Principal Accounting Officer. Alongside that, he was to serve as senior vice president of finance as well. The company said that it was looking for a permanent successor for Musil.
Future Outlook for CBIO
Stats reveal that during the last three months, CBIO stock has declined by more than 80%, potentially owing to the uncertainty associated with certain clinical Trials. Looking ahead, analysts believe that there are no positive signals for the stock at the moment; hence, they are holding a negative evaluation of the stock for the moment as it is expected to perform weakly in the next couple of weeks.