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CORAL GABLES, Fla., Aug. 30, 2012 (GLOBE NEWSWIRE) -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq:CPRX) announced today that it has closed its previously announced offering of (i) 4.0 million shares of the Company's common stock, and (ii) warrants to purchase an aggregate of 1.2 million shares of the Company's common stock, in a registered direct public offering. The aggregate offering price for each share and corresponding warrant was $1.50, resulting in gross proceeds of $6 million. The common stock purchase warrants have a five-year term and an exercise price of $2.08 per share. Roth Capital Partners acted as the exclusive placement agent for the transaction.
"We are pleased to have completed this financing, which gives us additional resources to further our product development efforts," said Patrick J. McEnany, the Company's Chairman and Chief Executive Officer. "Earlier this year, we sought to raise approximately $10 million in financing to support our business activities. However, at the time, due primarily to adverse market conditions, we were only able to raise about $4.8 million. This new offering makes up for that shortfall and is on better terms than we were able to obtain in our earlier financing."
The shares were offered pursuant to a shelf 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 relating to the offering was be filed with the SEC and is available on the SEC's website at
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. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA 92660, (800) 678-9147 or email:
email@example.com or by accessing the SEC's website,
About Catalyst Pharmaceutical Partners
Catalyst Pharmaceutical Partners, Inc. is a development-stage specialty pharmaceutical company focused on the development and commercialization of prescription drugs targeting diseases and disorders of the central nervous system, including addiction and epilepsy. Catalyst has two products in development, CPP-109 and CPP-115. It is currently evaluating its lead product and first-in-class GABA aminotransferase inhibitor candidate, CPP-109, for the treatment of cocaine addiction. Both CPP-109 and CPP-115 have been granted "Fast Track" status by the U.S. Food & Drug Administration (FDA) for the treatment of cocaine addiction. Catalyst is also planning to evaluate CPP-109 for the treatment of other addictions. Catalyst believes that it controls all current intellectual property for drugs that have a mechanism of action related to the inhibition of GABA aminotransferase. For more information about Catalyst, go to
Forward-Looking StatementsThis 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 whether CPP-109 will be safe and effective for the treatment of addiction, whether the CPP-109 Phase II(b) clinical trial will be successful, whether any of the benefits from having received Fast Track status from the FDA for CPP-109 will be realized by the Company, whether CPP-109 will ever be approved for commercialization, and those other factors 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 Catalyst's web site or may be obtained upon request from Catalyst. Catalyst does not undertake any obligation to update the information contained herein, which speaks only as of this date.