Catabasis Pharmaceuticals Announces Acquisition of Quellis Biosciences Inc.
Acquisition Includes QLS-215, a Potential Best-in-Class Monoclonal Antibody Inhibitor of Plasma Kallikrein in Preclinical Development for the Treatment of Hereditary Angioedema
Company Plans to Use Private Placement Financing Proceeds of
Conference Call and Webcast Today at
“Catabasis has worked diligently with external advisors to explore and evaluate a range of strategic options, and the Board and management team believe that this transaction represents an opportunity to create substantial value for Catabasis’ stockholders,” said
“We are thrilled that the Catabasis Board and management team selected Quellis as the best acquisition opportunity based on our lead asset, QLS-215, and the vision to produce a leading HAE and rare disease company,” said
Quellis was formed at Xontogeny, a life sciences accelerator, with the founders of Quellis and a seed investment in 2017. The subsequent Series A financing was led by the
The vision for the lead program, QLS-215, is to develop the best-in-class monoclonal antibody inhibitor of plasma kallikrein for HAE with infrequent dosing and sustained blood levels. QLS-215 is a humanized monoclonal antibody targeting plasma kallikrein that has demonstrated potent inhibition of plasma kallikrein as well as extended plasma half-life in non-human primates. Catabasis expects to file an Investigational New Drug application for QLS-215 in the first half of 2022 and plans to initiate a Phase 1 clinical trial with initial results anticipated by the end of 2022. Subsequently, Catabasis expects to initiate a Phase 1b/2 trial in patients affected by
Management and Organization
Catabasis will continue to be led by its current management team consisting of
Following the transaction, the Catabasis Board will comprise
About the Transactions
The acquisition of Quellis was structured as a stock-for-stock transaction whereby all outstanding equity interests of Quellis were exchanged in a merger for a combination of shares of Catabasis common stock and shares of Series X Preferred Stock. Concurrently with the acquisition of Quellis, Catabasis entered into definitive agreements for a PIPE investment with existing and new investors to raise approximately
After completion of the acquisition and private placement financing, Catabasis expects to have cash, cash equivalents and short-term investments of approximately
Additional details are available in an updated corporate presentation that can be found online at www.catabasis.com.
Conference Call and Webcast Details
Catabasis will host a conference call and webcast on
Conference Call Dial-In Information:
Participant Toll-Free Dial-In Number:
Participant International Dial-In Number:
Please specify to the operator that you would like to join the “Catabasis Pharmaceuticals Corporate Update Call.”
Interested parties may access a live audio webcast of the conference via the investor section of the Catabasis website, www.catabasis.com. Please connect to the Catabasis website several minutes prior to the start of the broadcast to ensure adequate time for any software download that may be necessary. The webcast will be archived for 90 days.
For more information on the acquisition, please visit the investor section of Catabasis’ website at www.catabasis.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: the closing of the private placement; the use of proceeds from the private placement; the projected cash runway; expectations regarding the timing for the filing of an IND and commencement and completion of clinical trials for QLS-215; the potential attributes of QLS-215; future product development plans; and stockholder approval of the conversion rights of the Series X preferred stock. The use of words such as, but not limited to, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar words expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results and other future conditions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. We may not actually achieve the forecasts or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption “Risk Factors” in Catabasis’ most recent Quarterly Report on Form 10-K filed with the