Key Developments For Catalyst Pharmaceutical Partners, Inc.
Catalyst Pharmaceutical Partners, Inc. (CPRX.O) (Consolidated Issue listed on NASDAQ Capital Market)
Catalyst Pharmaceutical Partners, Inc. Announces Closing of $3.97 Million Registered Direct Offering
Catalyst Pharmaceutical Partners, Inc. announced that it has closed its registered direct offering of 3.97 million shares of its common stock to institutional investors at a price per share of $1.00, representing gross proceeds of $3.97 million. Rodman & Renshaw, LLC acted as the exclusive placement agent and Merriman Curhan Ford served as a financial advisor to Catalyst with respect to the transaction. Among the investors in the offering is Federated Kaufmann Funds.
Catalyst Pharmaceutical Partners, Inc. To Raise $3.97 Million In Registered Direct Offering
Catalyst Pharmaceutical Partners, Inc. 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. 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., acted as the exclusive placement agent for the transaction. Among the investors in the transaction is Federated Kaufmann Funds.
Catalyst Pharmaceutical Partners, Inc. Continues Clinical Development of CPP-109 For The Treatment of Cocaine and Methamphetamine Addiction
Catalyst Pharmaceutical Partners, Inc. announced that the Company will continue to develop CPP-109 (Catalyst's version of vigabatrin) for the treatment of cocaine and methamphetamine addiction. The Company's decision was made after, and based upon, an in-depth review of the results obtained from its 186-patient Phase II clinical trial evaluating the use of CPP-109 for the treatment of cocaine addiction (CPP-01004) and the top-line results obtained from its 57-patient proof-of-concept study evaluating the use of CPP-109 for the treatment of methamphetamine addiction (CPP-02001). Catalyst's decision to continue the development of the drug for both indications was supported by a panel of experts who recently met and agreed with the Company's conclusion that there was sufficient evidence of safety and efficacy to justify further development of CPP-109, based upon these trial data and previously published studies of vigabatrin to treat addiction. After post-hoc analyses of vigabatrin levels in urine samples collected during the study, Catalyst concluded that less than 40% of the trial subjects were medication compliant. On the basis of a comprehensive review of all study data, however, it was concluded that: (i) CPP-109 was safe and well tolerated; and (ii) while there were no statistically significant differences between active and placebo groups for the protocol-specified primary and secondary efficacy endpoints.
Catalyst Pharmaceutical Partners, Inc. To Transfer To NASDAQ Capital Market
Catalyst Pharmaceutical Partners, Inc. announced that it has received approval from the NASDAQ Stock Market to transfer the listing of its common stock from The NASDAQ Global Market to The NASDAQ Capital Market. The transfer will be effective at the opening of the market on September 3, 2009. The Company will continue to trade under the symbol "CPRX" with no impact on the ability of investors to trade the stock.
Catalyst Pharmaceutical Partners, Inc. Licenses Exclusive Rights To New Class Of GABA Aminotransferase Inhibitors From Northwestern University
Catalyst Pharmaceutical Partners, Inc. announced that the Company executed a license agreement under which it acquired exclusive worldwide rights to commercialize novel GABA aminotransferase inhibitors and derivatives of vigabatrin discovered by Northwestern University. These compounds may have applications to a broad range of neurological diseases, including addiction and epilepsy. Catalyst intends to pursue development work on an undisclosed, lead oral compound that has already been identified. Under the terms of the agreement, Northwestern University granted Catalyst an exclusive worldwide license to certain composition of matter patents related to the new class of inhibitors and a patent application relating to derivatives of vigabatrin. Catalyst will be responsible for the continued research and development of any resulting product candidates. Northwestern University will receive from Catalyst an upfront payment, certain milestone payments relating to clinical development activities, and royalties on products resulting from the agreement. Additional terms of the agreement were not disclosed.
