Catalyst Pharmaceutical Partners Announces Closing Of Initial Public Offering
CORAL GABLES, Fla., Nov. 13 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical Partners, Inc. today announced the closing of its initial public offering of 3,350,000 shares of common stock at a price to public of $6.00 per share. All shares were offered by the Company. The Company intends to use the net proceeds of the offering, aggregating approximately $17.6 million, to pay costs associated with the clinical and non-clinical trials required to seek approval to commercialize CPP-109, the Company's product candidate based on vigabatrin, to treat cocaine addiction, and for general corporate purposes.
First Albany Capital, Inc. acted as the sole book-running lead manager for the offering, and Stifel, Nicolaus & Company, Incorporated acted as the co- manager for the offering. The Company has granted the underwriters a 30-day option to purchase up to an additional 502,500 shares to cover over- allotments, if any.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on November 7, 2006. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer or sale will be made only by means of the written prospectus forming a part of the effective registration statement.
Catalyst Pharmaceutical Partners, Inc. is a specialty pharmaceutical company focused on the development and commercialization of prescription drugs for the treatment of addiction.Catalyst Pharmaceutical Partners, Inc.
CONTACT: Patrick J. McEnany, CEO, and Jack Weinstein, CFO, of CatalystPharmaceutical Partners, Inc., +1-305-529-2522