CATB - Catabasis Pharma shares surge after Quellis Biosciences deal

Catabasis Pharma (CATB) shares up ~60% premarket after it announces the acquisition of Quellis Biosciences, a privately-held biopharmaceutical company focused on discovering best-in-class new molecules to treat serious rare diseases.The acquisition of Quellis was structured as a stock-for-stock transaction whereby all outstanding equity interests of Quellis were exchanged for a combination of shares of Catabasis common stock and shares of Series X Preferred Stock.At the same time, Catabasis announced that it has entered into a private placement to raise up to $110M enabling the completion of IND-enabling studies for its treatments, including a Phase 1b/2 clinical trials for the lead program QLS-215 in hereditary angioedema ((HAE)).Catabasis  also said it expects to start a Phase 1b/2 trial in patients affected by HAE in 2023 with initial results anticipated by the end of 2023.

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Catabasis Pharma shares surge after Quellis Biosciences deal