Catalyst Bio more than doubles on $60 mln asset sale to Vertex

Gyre Therapeutics

23/05/2022 14:57

** Shares of penny stock biotech  CBIO.O  more than double
to 90 cents, highest in over 5 months
    ** One of the top three pct. gainers and most active stocks
across U.S. exchanges
    ** Co says it has sold its portfolio of protease medicines,
which help in regulating immunity, to Vertex Pharmaceuticals Inc
 VRTX.O  for $60 mln in cash  urn:newsml:reuters.com:*:nGNX2kBmZ4
    ** CBIO says the sale is part of an ongoing strategic review
announced in February to reduce cash burn  urn:newsml:reuters.com:*:nFWN2US16R
    ** About 22.5 mln shares change hands, more than 104x 25-DMA
    ** Stock has fallen 59% YTD through last close

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))