On January 25, 2022, Catalyst Biosciences Inc. (CBIO) notified the reception of Rare Pediatric Disease Designation (RPDD) for CB 4332 for CFID treatment. Unaffected by the announcement, the stock continued on its ongoing downtrend.
During the regular trading session, the stock plummeted by 7.05% at its close of $0.5856. CBIO continued its descent even after the announcement. Hence, reaching $0.5520 in the after-hours with a further loss of 5.74%.
The clinical-stage biopharmaceutical company, Catalyst Biosciences Inc. is based in San Francisco, CA. Currently, the company has a market capitalization of $19.79 million with its 31.41 million shares outstanding.
What is happening with CBIO?
CBIO stock has been in a downtrend for almost two weeks now. It is unclear as to why the stock has been falling down continuously as no official news or SEC filing indicates anything. The previous SEC filing was an update to the company’s presentation and the recent is the new designation of its drug. Despite receiving the designation for its CB 4332 drug, the stock has continued its fall.
Overall investors seem unimpressed with the stock in general as its overview shows nothing but red. The stock has lost 17.54% in the past five days alone while losing 37.77% last month. Currently, CBIO stands at a year-to-date loss of 35.93% and it lost 90.75% last year.
Rare Pediatric Disease Designation
As per Tuesday’s announcement, the company’s CB 4332 has been granted RPDD for Complement Factor I (CFI) deficiency (CFID) treatment. CFID affects the immune system of its patients, making them prone to recurrent infections. In children, RPID increases the susceptibility to autoimmune and autoinflammatory diseases.
Moreover, the rare pediatric disease is a term given to a serious disease from which less than 200,000 under 18 individuals suffer each year in the U.S. The FDA’s RPDD program also offers a possibility of a priority review voucher. Therefore, now that the company has received the RPDD, it might be granted the voucher on product approval.
In addition, CBIO’s Chief Executive Officer, Nassim Usman, Ph.D. shared gratefulness for the FDA’s evaluation of CB 4332. According to him, the company is working on advancing its portfolio along with the development of CB 4332.
CBIO’s Recent Participation
Recently, the company participated in the Piper Sandler 33rd Annual Virtual Healthcare Conference. The conference took place from November 29 to December 2, 2021. Furthermore, the company’s executive management team participated in a fireside chat during the conference.
