Catalyst Biosciences Inc (NASDAQ: CBIO)
Catalyst Biosciences is having an overwhelmingly strong day in the market today, and for good reason. The company announced that it has received approval to market a new drug in South Korea. As a result, an investor frenzy ensued, leading to massive gains and prompting our partners at Trade Ideas to alert us to the movement. At the moment (9:32), CBIO is trading at $9.35 per share after a gain of $3.98 per share (74.10%) thus far today.
CBIO Achieves Drug Approval In South Korea
As mentioned above, Catalyst Biosciences is flying in the market today, and for good reason. Early this morning, the company announced that the Korean Ministry of Food and Drug Safety has approved their Investigational New Drug Application surrounding CB 27679d/ISU304. The treatment was approved for the treatment of hemophilia, a serious bleeding disorder that can result in spontaneous bleeding episodes as well as substantially long bleeding times upon injury. In a statement, Nassim Usman, Ph.D., President and CEO at CBIO, had the following to offer:
“We are very pleased with the progress we and our collaborator ISU Abxis have made in advancing this Factor IX candidate toward the clinic and we look forward to the initiation of a Phase 1/2 clinical trial next quarter… We believe that stopping bleeding is good, but preventing bleeding is better. CB 2679d/ISU304 has the properties required, including high potency, to allow for daily subcutaneous injection with the potential to achieve stable and normal Factor IX clotting levels.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on CBIO. In particular, we’re interested in following the company through the continued advancement of CB 27679d/ISU304 with regard to bringing patients to normal Factor IX clotting levels. We’re also interested in seeing how the South Korean approval of the treatment turns into revenue down the line. We’ll continue to follow the story closely and bring the news to you as it breaks!
What Do You Think?
Where do you think CBIO is headed moving forward? Join the discussion in the comments below!
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