RTTNews | Jan 29, 2021 10:20AM EST

10:19 Friday, January 29, 2021 (RTTNews.com) - Shares of Catabasis Pharmaceuticals Inc. (CATB) are currently surging over 60% after the biopharmaceutical company said it acquired Quellis Biosciences Inc., a privately-held emerging biopharmaceutical company focused on discovering best-in-class new molecules to treat serious rare diseases.

CATB is currently trading at $5.44, up $3.01 or 123.87%, on the Nasdaq.

Catabasis also entered into a definitive agreement for the sale of Series X convertible preferred stock in a private placement to a group of institutional accredited investors led by Perceptive Advisors.

The private placement is expected to result in gross proceeds to Catabasis of around $110 million. Catabasis expects to use the proceeds from the private placement primarily to enable the completion of IND-enabling studies, Phase 1a, and Phase 1b/2 clinical trials for the lead program QLS-215 in hereditary angioedema (HAE), a rare, debilitating and potentially life-threatening disease.

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