Catalyst Pharmaceuticals, Inc. (NASDAQ: CPRX) has announced its commencement of an underwritten public offering of $150,000,000 of its common stock, with the intention to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares. The company revealed that the offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering. The company plans to utilize the net proceeds from the offering for the potential acquisition of new product candidates and for general corporate purposes.
Patrick J. McEnany, Chairman and Chief Executive Officer of Catalyst, stated, "This proposed public offering is an important step for Catalyst as we continue to pursue our mission of developing and commercializing innovative first-in-class medicines that address rare neurological and epileptic diseases."
The company's stock experienced a -14.8% movement on Friday, and is currently trading at a price of $14.57 per share.
Catalyst Pharmaceuticals, Inc., with its exceptional patient focus, is committed to developing and commercializing innovative first-in-class medicines that address rare neurological and epileptic diseases. The company's flagship U.S. commercial product is Firdapse® (amifampridine) tablets 10 mg, approved for the treatment of Lambert Eaton Myasthenic Syndrome (LEMS) for adults and for children ages six to seventeen. Additionally, Catalyst has acquired the U.S. commercial rights to Fycompa® (perampanel) CIII and an exclusive license for North America for Agamree® (vamorolone) oral suspension 40 mg/ml, a novel corticosteroid treatment for Duchenne Muscular Dystrophy.
The company's full 8-K submission is available here.