Catabasis has been dragging for several years, weighed down mainly by the failure of the edasalonexent program in Duchenne muscular dystrophy.
After it failed in a late-stage study, Catabasis decided to discontinue the development of the drug altogether. Then, in February, Catabasis acquired another local company, a rare disease startup called Quellis Biosciences.
Now, Catabasis aims to use Quellis' lead program as the groundwork for what is essentially a new company, focusing on the allergy and immunology space.
It's also ditching the name Catabasis, rebranding itself as Astria Pharmaceuticals, with a new ticker to ATXS, which is expected to go live on Thursday.
Astria's lead program is a monoclonal antibody called STAR-0215, or what was QLS-215. The drug is a long-acting monoclonal antibody inhibitor of plasma kallikrein for hereditary angioedema.
"We like to think of it as our launching pad for the rocketship we hope to become," Milne said. "It's been gratifying, starting to talk with patients and the community in the space."
STAR-0215 has only been tested in non-human primates. Astria expects to file an experimental drug application with the FDA in mid-2022.
Start a Phase 1 trial shortly after, hoping to yield early results by the end of 2022.
As of June 30, Astria had $139.5 million in cash and cash equivalents and expects to fund the operating plan through 2023.
Price Action: CATB shares are down 5.66% at $8.66 during the market session on the last check Wednesday.
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