September 8, 2016
By Mark Terry, BioSpace.com Breaking News Staff
South San Francisco, Calif. – The Bay Area’s Catalyst Biosciences announced that as part of a restructuring plan, it was laying off 10 people, about 50 percent of staff.
The restructuring program also involves a shift in priorities. Catalyst will cut back on its anti-complement research programs and focus its resources on its hemostasis programs, in particular CB 813d, a next-generation Factor VIIa to treat Hemophilia Inhibitor patients. Also, resources will focus on CB 2679d, a next-generation Factor IX to treat hemophilia B. Both compounds are expected to begin clinical trials next year.
“This decision enables us to direct our resources toward our most promising development opportunities, including our next-generation Factor IX, CB 2679d, which we are developing for patients with hemophilia B and CB 813d for hemophilia patients with inhibitors,” said Nassim Usman, Catalyst’s president and chief executive officer, in a statement. “We are deeply grateful for the extensive contributions of our colleagues who are impacted by this realignment.”
Although Catalyst indicates that its anti-complement research programs will be cut back, all related research activities are going to be discontinued. It plans to seek licensing opportunities for those programs in Delayed Graft Function and Dry Age-Related Macular Degeneration.
On August 4, the company released its second quarter financial results. It indicated that contract revenue for the quarter was $0.1 million, compared to $0.9 million for the same period in 2015, primarily the result of the termination of a collaboration agreement with Pfizer . Research and development expenses for the quarter were $2.8 million, up from $1.3 million in the same period last year. This was primarily related to a jump in manufacturing expenses for CB 813d, and personnel costs related to more development activities. A rise in lab supply costs and third-party research-and-development services also added into the mix.
The company reported a net loss for the quarter of $4.8 million compared to $1.7 million in the second quarter 2015. Cash, cash equivalents and short-term investments were $24 million as of June 30.
At the same time, Catalyst announced the launch of a clinical trial. “During the second quarter, we made progress on our manufacturing preparations for CB 813d, our high potency next-generation Factor VIIa product candidate, signing an agreement with CMC Biologics for cGMP manufacturing,” Usman said in a statement. “Early next year, our partner ISU Abxis in South Korea plans to initiate a Phase I/II proof of concept subcutaneous trial for CB 2679d (ISU 304) our high potency recombinant Factor IX product candidate for Hemophilia B. Following completion of the Phase I/II trial, Catalyst Biosciences will control the global development of and commercialization rights to CB 2679d outside of South Korea.”
In addition to today’s announcement, Catalyst notes that in the last year Andrew Hetherington joined the company as vice president of Manufacturing Operations, Howard Levy joined as chief medical officer, and Jeff Landau joined as vice president of Business Development.
“Catalyst is now positioned as a development-focused organization with expertise in protein and peptide manufacturing, hematology and cardiovascular medicine and commercial and in-licensing business development,” said Usman in a statement.
