Catalyst Pharmaceuticals, Inc. (NASDAQ: CPRX) closed its underwritten public offering of 10,000,000 shares of common stock at a price of $15.00 per share, resulting in net proceeds of approximately $140.1 million. The company also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock at the public offering price.
Patrick J. McEnany, Chairman and Chief Executive Officer of Catalyst, stated, "We are pleased to have successfully closed this offering, which provides us with additional resources to pursue potential acquisitions of new product candidates and for general corporate purposes."
The stock experienced a -1.3% movement following the announcement and is currently trading at $15.09 per share.
Catalyst Pharmaceuticals is focused on developing and commercializing innovative first-in-class medicines for rare neurological and epileptic diseases. Their 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.
The company has also expanded its portfolio through acquisitions, including the U.S. commercial rights to Fycompa® (perampanel) CIII and an exclusive license for North America for Agamre® (vamorolone) oral suspension 40 mg/ml, a novel corticosteroid treatment for Duchenne Muscular Dystrophy.
The full 8-K submission from Catalyst Pharmaceuticals, Inc. is available here.