Catalyst Pharmaceutical Partners, Inc. Announces Automatic Conversion of $5 Million Promissory Note Into Shares of Common Stock
Published: Dec 11, 2012
CORAL GABLES, Fla., Dec. 11, 2012 (GLOBE NEWSWIRE) -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq:CPRX) today announced that it has issued 6,666,667 shares (the "Shares") of its authorized but unissued common stock to BioMarin Pharmaceutical, Inc. ("BioMarin") upon the automatic conversion of the $5 million loan that Catalyst received from BioMarin on October 26, 2012 in connection with Catalyst's licensing from BioMarin of the North American rights to Firdapse™. The Shares were issued at a conversion price of $0.75 per share in accordance with the terms of that certain Convertible Promissory Note and Note Purchase Agreement, dated October 26, 2012 (the "Agreement"), between Catalyst and BioMarin. Following the issuance of the Shares, Catalyst has 41,420,687 shares of outstanding common stock and BioMarin owns approximately 16.1% of Catalyst's outstanding common stock.