CAMBRIDGE, Mass.--(BUSINESS WIRE)--Catabasis Pharmaceuticals, Inc. (NASDAQ: CATB), a clinical-stage pharmaceutical company, today announced the closing of an underwritten offering of 2,875,000 shares of its common stock, including 375,000 shares purchased by the underwriter pursuant to the exercise in full of its option to purchase additional shares, at a price of $4.00 per share. Catabasis received gross proceeds of $11.5 million, before deducting underwriting discounts and commissions and other offering expenses. Catabasis intends to use the net proceeds from the sale of the offered securities to fund its ongoing and planned clinical trials of edasalonexent (CAT-1004), to fund market development activities for edasalonexent, to fund research and development to advance its pipeline of preclinical product candidates and expand its product platform, and for working capital and general corporate purposes.

Cowen and Company, LLC acted as sole book-running manager for the offering.

About Catabasis

At Catabasis Pharmaceuticals, our mission is to bring hope and life-changing therapies to patients and their families. Our SMART (Safely Metabolized And Rationally Targeted) linker drug discovery platform enables us to engineer molecules that simultaneously modulate multiple targets in a disease. We are applying our SMART linker platform to build an internal pipeline of product candidates for rare diseases and plan to pursue partnerships to develop additional product candidates.