Catalyst Biosciences Announces Completion Of Business Combination With Beijing Continent Pharmaceuticals And Implementation Of Name Change And 1-For-15 Reverse Stock Split; Company Will Operate As Gyre Therapeutics, Inc. Under Trading Symbol "GYRE"

The combined company will operate as "Gyre Therapeutics, Inc." with its common stock traded on Nasdaq under trading symbol "GYRE" effective Tuesday, October 31, 2023

 

SAN DIEGO, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Catalyst Biosciences, Inc. (NASDAQ:CBIO) ("Catalyst") today announced completion of the business combination with GNI Group Ltd. and related entities. Catalyst received stockholder approval for all proposals necessary to complete the business combination at a special meeting of stockholders held on August 29, 2023. Catalyst effected a name change and a reverse stock split of Catalyst's common stock immediately prior to the closing of the business combination. The combined company will operate under the name "Gyre Therapeutics, Inc." ("Gyre"). As a result of the business combination, Beijing Continent Pharmaceuticals Co., Ltd. became a majority-owned subsidiary of Gyre.

Nassim Usman, Ph.D., President and Chief Executive Officer of Catalyst said, "We are pleased that we have successfully completed the business combination as approved by our stockholders."

Charles Wu, Ph.D., Chief Executive Officer of Gyre said, "Now that Gyre has launched on Nasdaq, we will be able to more efficiently conduct clinical research and development of our promising pipeline of product candidates in the United States. We are optimistic that our research and development efforts may bring new medicines to patients who suffer from organ fibrosis and inflammatory diseases that currently lack approved treatments."

To ensure Gyre's compliance with the minimum bid price requirement of $4.00 per share for initial listing on The Nasdaq Capital Market, Catalyst implemented a reverse split of its common stock at a ratio of 1-for-15 shares. In the reverse stock split, every 15 shares of Catalyst common stock outstanding was combined and reclassified into one share of Gyre common stock.

Stockholders will receive cash in lieu of any fractional shares resulting from the reverse stock split. Stockholders owning shares of common stock via a bank, broker, or other nominee will have their positions automatically adjusted to reflect the reverse stock split and will not be required to take further action in connection with the reverse stock split, subject to their brokers' particular processes. The new CUSIP number for Gyre common stock following the reverse stock split, business combination and other attendant transactions is 403783 103.

The reverse stock split and name change became effective today at 12:01 a.m. Eastern Time, with the business combination effective today at 11:00 a.m. Eastern Time.

Gyre's shares will begin trading on The Nasdaq Capital Market on a post-reverse split, post-business combination basis under the ticker symbol "GYRE" effective with the opening of trading on Tuesday, October 31, 2023.