Catalyst Pharmaceutical Partners, Inc. To Raise $3.97 Million In Registered Direct Offering
01 Oktober 2009 - 11:58PM
PR Newswire (US)
CORAL GABLES, Fla., Oct. 1 /PRNewswire-FirstCall/ -- Catalyst
Pharmaceutical Partners, Inc. (NASDAQ:CPRX) today announced that it
has entered into definitive agreements to sell 3.97 million shares
of its common stock at a price per share of $1.00 pursuant to a
registered direct offering to several select institutional
investors, representing gross proceeds of $3.97 million. The
closing of the offering is expected to take place on or about
October 6, 2009, subject to the satisfaction of customary closing
conditions. Catalyst intends to use the proceeds from the offering
to fund certain clinical studies of CPP-109 for the treatment of
cocaine addiction, complete one or more non-clinical studies
related to compounds recently licensed as part of the Company's
agreement with Northwestern University, and for general corporate
purposes. The shares are being offered by Catalyst Pharmaceutical
Partners, Inc. pursuant to a shelf registration statement filed
with the Securities and Exchange Commission that was declared
effective by the Securities and Exchange Commission on June 26,
2008. Rodman & Renshaw, LLC, a wholly owned subsidiary of
Rodman & Renshaw Capital Group, Inc. (NASDAQ:RODM), acted as
the exclusive placement agent for the transaction. Among the
investors in the transaction is Federated Kaufmann Funds.
Commenting on the offering, Patrick J. McEnany, Chairman and CEO of
Catalyst Pharmaceutical Partners said, "We are pleased to further
broaden our institutional investor base, increase market float and
potential trading volume and shareholder liquidity, and develop
important new relationships with additional high quality
institutional investors. The offering will allow us to continue the
development of CPP-109 for the treatment of cocaine addiction and
to start our development program as it relates to our license
agreement with Northwestern University." 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 the securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The shares of
common stock may only be offered by means of a prospectus. Copies
of the final prospectus supplement and accompanying base prospectus
can be obtained from the SEC's website at http://www.sec.gov/. This
press release does not and 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 or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. About
Catalyst Pharmaceutical Partners Catalyst Pharmaceutical Partners,
Inc. is a biopharmaceutical company focused on the development and
commercialization of prescription drugs targeting diseases of the
central nervous system with a focus on the treatment of addiction
and obsessive-compulsive disorders. The Company has obtained from
Brookhaven National Laboratory an exclusive worldwide license for
nine patents in the United States relating to the right to use
vigabatrin to treat a wide variety of substance addictions and
obsessive-compulsive disorders. Catalyst has also been granted
rights to Brookhaven's vigabatrin-related foreign patents or
patents pending in more than 30 countries. The Company's initial
product candidate based on vigabatrin is CPP-109. CPP-109 has been
granted "Fast Track" status by the U.S. Food & Drug
Administration (FDA) for the treatment of cocaine addiction. This
indicates that the FDA has recognized that CPP-109 is intended for
the treatment of a serious or life-threatening condition for which
there is no effective treatment and which demonstrates the
potential to address unmet medical needs. Catalyst has also
recently been granted worldwide rights to another patented drug by
Northwestern University. The Company intends to pursue development
of this drug for several indications, including stimulant addiction
and epilepsy. For more information about the Company, go to
http://www.catalystpharma.com/. 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
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. DATASOURCE: Catalyst Pharmaceutical Partners,
Inc. CONTACT: Patrick McEnany, Catalyst Pharmaceutical, Chief
Executive Officer, +1-305-529-2522, ; or Melody Carey, Rx
Communications Group, Co-President, +1-917-322-2571, Web Site:
http://www.catalystpharma.com/
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