Catalyst Pharmaceutical Partners
priced an initial public offering of 3.35 million of its shares at $6 each.
The company cut its price from its previous range of $11 to $13 a share for 3 million shares.
Catalyst focuses on drugs to treat addiction. The company plans to use the proceeds from the offering to support clinical trials of a treatment for cocaine addiction, as well as for general corporate purposes.
First Albany Capital and Stifel Nicolaus are managing the offering. The company granted the underwriters a 30-day option to purchase up to an additional 502,500 shares to cover overallotments.
Shares of Catalyst rose 3% to $6.18.