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Catabasis Pharmaceuticals Acquires Quellis Biosciences in Stock Transaction.

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MANews-(C)2009-2021

Boston, US-based biopharmaceutical company Catabasis Pharmaceuticals, Inc. (NASDAQ: CATB) has acquired Pennsylvania-based emerging biopharmaceutical company Quellis Biosciences Inc. in a stock-for-stock transaction, the company said.

The acquisition of Quellis was structured as a stock-for-stock transaction whereby all outstanding equity interests of Quellis were exchanged in a merger for a combination of shares of Catabasis common stock and shares of Series X preferred stock.

Each share of Series X preferred stock initially will be convertible into 1,000 shares of Catabasis common stock. Additional terms were not disclosed.

Concurrent with the acquisition of Quellis, Catabasis 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, with participation from Fairmount Funds Management LLC, RA Capital Management, Cormorant Asset Management, Venrock Healthcare Capital Partners, Logos Capital, Boxer Capital, Acorn Bioventures, Commodore Capital, Surveyor Capital (a Citadel company), Acuta Capital...

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