CORAL GABLES, Fla., March 8, 2011 (GLOBE NEWSWIRE) -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq:CPRX) announced today that it has agreed to sell 2,259,943 shares of its common stock at a price of $1.12 per share, the closing price on March 7, 2011, in a firm commitment underwritten public offering. Catalyst expects to receive net proceeds, after underwriting discounts and commissions and estimated offering expenses payable by the Company, of approximately $2.2 million. Catalyst expects to use the net proceeds from this offering to complete the non-clinical 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.
The offering is expected to close on or about March 11, 2011, subject to satisfaction of customary closing conditions.
Roth Capital Partners acted as sole manager for the offering.The shares are being offered pursuant to a registration statement on Form S-3 (File No.333-170945) filed pursuant to the Securities Act of 1933, as amended, which was previously filed with, and declared effective by, the Securities and Exchange Commission (SEC). A prospectus supplement and an accompanying base prospectus will be filed with the SEC in connection with the offering. These documents, as filed with the SEC, may be obtained by sending a request to Roth Capital Partners, LLC Equity Capital Markets, 24 Corporate Plaza, Newport Beach, CA 92660, at 800-678-9147 or Rothecm@roth.com. Investors may obtain these documents for free by visiting the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.