Catalyst Pharmaceutical Partners (NASDAQ: CPRX) plans to sell 2.26 million shares to help fund non-clinical studies of a potential product to help with pain management and treat addictions and epilepsy. The Coral Gables-based company said the price per share will be $1.12, which was the Monday closing price. Catalyst expects to receive net proceeds of $2.2 million after the offering closes on or about March 11. Roth Capital Partners acted as manager for the offering. Catalyst expects to use the net proceeds to complete the studies necessary to file an investigational new drug application with the FDA for CPP-115, to fund a Phase I human clinical trial of CPP-115 and for general corporate purposes. Catalyst's website contains technical descriptions of CPP-115, which was discovered by Northwestern University and is being developed under a licensing agreement. Northwestern's Dr. Richard P. Silverman led the team of scientists that developed CPP-115, the website says. Silverman holds 41 patents and is the inventor of pregabalin, which is sold under the brand name Lyrica and had $3 billion in sales in 2009. Lyrica, a product of Pfizer Inc. (NYSE: PFE), is used to treat diabetic nerve pain, pain after shingles, fibromyalgia and partial onset seizures in adults with epilepsy who take one or more drugs for seizures, according to its website. In 2010, Catalyst reported completing a series of non-clinical studies for CPP-115 that were designed to demonstrate safety characteristics and efficacy in animals models for epilepsy and cocaine addiction. Catalyst's largest institutional shareholders are mutual fund companies Federated Investors, which has a 12.85 percent stake, and FMR LLC (Fidelity), which has a 6.44 percent stake, according to Yahoo Finance.
Read more: Catalyst Pharmaceutical to sell 2.26M shares | South Florida Business Journal
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