CORAL GABLES, FL, May 30, 2012 -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX) announced the successful closing of the previously announced underwritten offering of 6,000,000 units, with each unit consisting of one share of its common stock and a warrant to purchase up to one share of its common stock, at a public offering price of $0.80 per unit. Catalyst expects to receive net proceeds of approximately $4.0 million (not including any cash proceeds from a future exercise of the warrants), after deducting the underwriting discount and estimated offering expenses. The warrants will have a 5-year term and an exercise price of $1.04 per share.
Cowen and Company, LLC acted as sole book-running manager for the offering. ROTH Capital Partners served as a co-manager.
The Company expects to use the net proceeds of this offering: (i) to fund the activities necessary to support the submission of an NDA for CPP-109 for FDA approval and to begin to prepare for the commercial launch of CPP-109, assuming that the data from the currently ongoing Phase II(b) trial are compelling and the U.S. Food and Drug Administration (FDA) accepts an NDA submitted by Catalyst for CPP-109 based on the data from the Phase II(b) trial; (ii) to manufacture sufficient quantities of CPP-115 for use in one or more future safety and/or proof-of-concept studies of CPP-115; and (iii) for general corporate purposes.
These securities were offered and sold pursuant to a registration statement (File No. 333- 180617) that was declared effective by the Securities and Exchange Commission (SEC) on May 23, 2012. You may obtain copies of the final prospectus relating to the offering for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus may be obtained from the offices of Cowen and Company, LLC (c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department (631) 254-7106).
About Catalyst Pharmaceutical Partners
Catalyst Pharmaceutical Partners, Inc. is a development-stage specialty pharmaceutical company focused on the development and commercialization of prescription drugs targeting diseases and disorders of the central nervous system, including the treatment of addiction and epilepsy. Catalyst has two products in development, CPP-109 and CPP-115, and is currently evaluating its lead product and first-in-class GABA aminotransferase inhibitor candidate, CPP- 109, in a Phase II(b) study for the treatment of cocaine addiction. Catalyst also expects to evaluate CPP-109 for the treatment of other addictions. Catalyst expects to develop CPP-115 for addiction, epilepsy (initially infantile spasms) and other CNS indications. CPP-109 and CPP- 115 have been granted “Fast Track” status by the FDA for the treatment of cocaine addiction. CPP-115 has been granted U.S. orphan drug designation for the treatment of infantile spasms by the FDA and has been granted EU medicinal product designation for the treatment of West Syndrome by the European Commission. For more information about Catalyst, go to www.catalystpharma.com.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company’s actual results in future periods to differ materially from forecasted results. A number of factors, including those factors described in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), could adversely affect the Company. Copies of the Company’s filings with the SEC are available from the SEC, may be found on the Company’s website or may be obtained upon request from the Company. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.