ARTICLE | Financial News

Catalyst raises $50M in follow-on

November 28, 2017 9:49 PM UTC

Catalyst Pharmaceuticals Inc. (NASDAQ:CPRX) gained $0.37 (10%) to $3.98 Tuesday after raising $50 million through the sale of 14.3 million shares at $3.50 in a follow-on underwritten by Piper Jaffray, SunTrust Robinson, H.C. Wainwright and Roth Capital Partners. The price is a 3% discount to the company’s close of $3.61 on Monday, when Catalyst announced the offering after market hours.

Catalyst plans to use the funds to support an ongoing Phase II trial of Firdapse amifampridine phosphate to treat spinal muscular atrophy (SMA), as well as a Phase III trial of the candidate to treat myasthenia gravis in patients with anti-muscle associated receptor tyrosine kinase (MUSK) antibodies (MUSK-MG) slated to begin in 1Q18. In March, Firdapse met the co-primary endpoints in a Phase II/III trial to treat MUSK-MG, a rare form of MG found predominantly in females (see BioCentury Extra, March 15)...

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