(RTTNews) - Catalyst Biosciences, Inc. (CBIO) announced Wednesday that the Delaware Court of Chancery has denied the motion for expedited proceedings in the action brought by the plaintiff, JDS1, LLC.
In making its determination, the Court ruled that it "[did] not view [JDS1's disclosure] claim as colorable" and indicated that that those claims "have effectively been mooted."
The court has rejected JDS1's request for an expedited proceeding with respect to Catalyst's disclosures relating to the recently completed sale of a portion of Catalyst's product portfolio for up to $60 million in cash.
Catalyst said it would prefer for JDS1 to drop its lawsuit and proxy contest, both of which are depleting the resources of the Company.
Catalyst added that the Board remains committed to distributing its cash, net of liabilities and obligations, expeditiously to stockholders once the potential liabilities and expenses associated with the stockholder litigation and the proxy contest are known.
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