CORAL GABLES, Fla., June 25, 2013 (GLOBE NEWSWIRE) -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq:CPRX), a specialty pharmaceutical company focused on the development and commercialization of novel prescription drugs targeting rare (orphan) neuromuscular and neurological diseases, announced today that it has received a letter from The Nasdaq Stock Market ("Nasdaq") on June 25, 2013, granting a 180-day extension period in which to regain compliance with Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum closing bid price of at least $1.00 per share.
As previously announced, the Company received a Nasdaq Deficiency Letter, dated December 24, 2012, indicating the Company was not in compliance with the Minimum Bid Price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market. Nasdaq provided the Company with an initial period of 180 calendar days in which to regain compliance. This initial period expired on June 24, 2013. The extension granted today provides an additional 180 calendar days, or until December 23, 2013, for the Company to meet the minimum closing bid price requirement of at least $1.00 per share for at least ten consecutive trading days.
About Catalyst Pharmaceutical PartnersCatalyst Pharmaceutical Partners, Inc. is a specialty pharmaceutical company focused on the development and commercialization of novel prescription drugs targeting rare (orphan) neuromuscular and neurological diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS), infantile spasms, and Tourette Syndrome. Catalyst's lead candidate, Firdapse™ for the treatment of LEMS, is currently undergoing testing in a global, multi-center, pivotal phase III trial. Catalyst is also developing a potentially safer and more potent vigabatrin analog (designated CPP-115) to treat infantile spasms, and epilepsy, as well as other neurological conditions associated with reduced GABAergic signaling, like post-traumatic stress disorder, Tourette Syndrome, and movement disorders associated with the treatment of Parkinson's Disease.