Catalyst Bio slumps on discontinuing development of drug with 'fast track' tag

Gyre Therapeutics

12/11/2021 13:38

** Shares of Catalyst Biosciences  CBIO.O  plunge 32% to
$2.01 - a record low - after co announces Q3 results, and that
it is halting development of its MarzAA drug
    ** Co reports bigger Q3 net loss of $25.2 mln, or 80 cents
per share, compared with a loss of $16 mln, or 73 cents per
share, from the year ago period
    ** "Enrollment in our MarzAA clinical trials has been
adversely impacted by several factors including pandemic-related
logistical challenges, competition for subjects, and increasing
availability of prophylaxis therapy globally," CBIO says is the
reason for discontinuing development of MarzAA
    ** CBIO adds that it is no longer feasible for firm to
deliver topline data in 2022
    ** In June, co's shares rose after it said U.S. FDA had
granted MarzAA Fast Track designation  urn:newsml:reuters.com:*:nL3N2OA38J
    ** Stock is among the worst performers on the Nasdaq
pre-market; shares slump 53% YTD

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))