Catalyst Pharmaceutical Partners, Inc. (CPRX) said Thursday that it has priced an underwritten offering of 6 million 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 about $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 equal to $1.04 per share.
The offering is expected to close on May 30.
The proceeds of this offering will be used: 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 FDA accepts an NDA submitted by Catalyst for CPP-109 based on the data from the Phase II(b) trial; to manufacture sufficient CPP-115 for use in one or more future safety and/or proof-of-concept studies of CPP-115; and for general corporate purposes.
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