Thinly traded nano cap Catalyst Biosciences (NASDAQ:CBIO) is up 37% premarket on increased volume in reaction to its global license and collaboration agreement with Biogen (NASDAQ:BIIB) to develop and commercialize C3 protease inhibitor CB 2782 (CB 2782-PEG) for the potential treatment of patients with geographic atrophy associated with dry age-related macular degeneration (dry AMD).
Catalyst will be responsible for preclinical studies and manufacturing. Biogen will fund both and will be responsible for IND-enabling activities, worldwide clinical development and commercialization.
Under the terms of the agreement, Catalyst will receive $15M upfront, up to $340M in milestones and tiered royalties on net sales.
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