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Wednesday, June 29, 2022

Catalyst Biosciences Announces Plan to Distribute Cash to Stockholders

 Catalyst Biosciences, Inc. (NASDAQ: CBIO) (the “Company” or “we”) today announced its intention to distribute cash to the Company’s stockholders through one or more distributions. The intention of the Company’s Board of Directors (the “Board”) is to maximize the size of the total distribution after satisfying or reserving for Company obligations, and to complete the distribution as soon as practicable. The Board currently expects the total amount of cash to be distributed to stockholders to be as much as $65 million, depending upon several factors, including pending stockholder litigation.

“After careful deliberation by the Board and constructive engagement with several of the Company’s largest investors, I am pleased to announce that we are planning to distribute cash to stockholders,” said Nassim Usman, Ph.D., Chief Executive Officer of Catalyst Biosciences. “This follows our recently completed sale of a portion of our product portfolio for up to $60 million in cash, $55 million upfront and $5 million in a 12-month hold-back, after a thorough and competitive process with the assistance of independent financial and legal advisors.”

Dr. Usman continued, “In addition, we have aggressively reduced costs through headcount reductions, ceased all R&D activities, terminated our lab lease and monetized lab and other equipment. We now have six employees – enough to manage the orderly transfer of the technology we sold, continue efforts to monetize the Company’s remaining assets, and satisfy our public company reporting obligations.”

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