Catalyst Pharmaceuticals, Inc. Announces Closing of Previously Announced Public Offering
November 30 2017 - 2:07PM
Catalyst Pharmaceuticals, Inc. (Nasdaq:CPRX)
today reported that it has closed its previously announced public
offering of shares of its common stock. The Company sold 16,428,572
shares of its common stock in the offering, which included
2,142,857 shares that were issued upon the full exercise by the
underwriters of their over-allotment option, at an offering price
of $3.50 per share.
Piper Jaffray & Co. acted as the lead
bookrunner. SunTrust Robinson Humphrey, Inc. also acted as a
bookrunner. H.C. Wainwright & Co. acted as lead manager and
Roth Capital Partners acted as co-manager for the offering.
The net proceeds from the sale of the shares was
approximately $53.6 million. The Company plans to use the
net proceeds from the offering (i) to fund clinical studies of
Firdapse® for the treatment of MuSK-antibody positive Myasthenia
Gravis (MuSK-MG) and Spinal Muscular Atrophy (SMA), (ii) to fund
pre-commercialization activities for Firdapse®, and (iii) for
general corporate purposes.
The shares were offered pursuant to a shelf
registration statement on Form S-3 (File No. 333-219259) filed
pursuant to the Securities Act of 1933, as amended, which was
previously filed with, and declared effective by,
the Securities and Exchange Commission. A prospectus
supplement relating to the offering was filed with
the SEC on November 28, 2017 and is available on
the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities nor
will there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
Copies of the prospectus supplement and the
accompanying prospectus relating to these securities are available
on the Investor Relations section of the Company's website and on
the SEC's website located at http://www.sec.gov.
Copies may also be obtained by contacting Piper Jaffray &
Co., Attention: Prospectus Department, 800 Nicollet Mall,
J12S03, Minneapolis, MN 55402, or by telephone at
800-747-3924, or by e-mail at prospectus@pjc.com, or by
contacting SunTrust Robinson Humphrey, Inc. by mail
at 3333 Peachtree Road NE, Atlanta, GA 30326,
Attention: Prospectus Department, by telephone at (404) 926-5744,
or by e-mail at STRH.Prospectus@suntrust.com.
About Catalyst
PharmaceuticalsCatalyst Pharmaceuticals is a
biopharmaceutical company focused on developing and commercializing
innovative therapies for people with rare debilitating, chronic
neuromuscular and neurological diseases, including Lambert-Eaton
myasthenic syndrome (LEMS), congenital myasthenic syndromes (CMS),
MuSK antibody positive myasthenia gravis, and infantile spasms.
Firdapse® has received Breakthrough Therapy Designation from the
U.S. Food and Drug Administration (FDA) for the treatment of LEMS
and Orphan Drug Designation for LEMS, CMS and myasthenia gravis.
Firdapse® is the first and only approved drug in Europe for
symptomatic treatment in adults with LEMS.
Catalyst is also developing CPP-115 to treat
refractory infantile spasms, and possibly refractory Tourette's
Disorder. CPP-115 has been granted U.S. Orphan Drug Designation for
the treatment of infantile spasms by the FDA and has been granted
E.U. Orphan Medicinal Product Designation for the treatment of West
syndrome by the European Commission. In addition, Catalyst is
developing a generic version of Sabril® (vigabatrin).
Forward-Looking StatementsThis press release
contains forward-looking statements. Forward-looking statements
involve known and unknown risks and uncertainties, which may cause
Catalyst's actual results in future periods to differ materially
from forecasted results. A number of factors, including those
factors described in Catalyst's Annual Report on Form 10-K for the
fiscal year 2016, the prospectus supplement that Catalyst filed
relating to the offering, and Catalyst's other filings with the
U.S. Securities and Exchange Commission (SEC), could adversely
affect Catalyst. Copies of Catalyst's filings with the SEC are
available from the SEC's website at http://www.sec.gov, may be
found on Catalyst's website, or may be obtained upon request from
Catalyst. Catalyst does not undertake any obligation to update the
information contained herein, which speaks only as of this
date.
Investor Contact
Brian Korb
The Trout Group LLC
(646) 378-2923
bkorb@troutgroup.com
Company Contact
Patrick J. McEnany
Catalyst Pharmaceuticals
Chief Executive Officer
(305) 420-3200
pmcenany@catalystpharma.com
Media Contacts
David Schull
Russo Partners
(212) 845-4271
(212) 845-4272
david.schull@russopartnersllc.com
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