Sept. 13 Financial Quick Takes: Satsuma prices IPO; plus Catalyst scuttles fund-raising and Imara plans a listing

Satsuma raises $82.5M in NASDAQ listing
Migraine company Satsuma Pharmaceuticals Inc. (NASDAQ:STSA) gained $1.90 (13%) to $16.90 after raising $82.5 million in a bumped-up IPO. The company sold 5.5 million shares, upsized from the proposed 5 million, at the middle of its $14-$16 range. The deal valued Satsuma at $249.1 million. The company’s STS101, a dry powder formulation of dihydroergotamine delivered intranasally, is in a Phase III trial to treat acute migraine; data are due in 2H20 (see “Room for Another Migraine Therapy”).

Catalyst cancels proposed follow-on
Catalyst Pharmaceuticals Inc. (NASDAQ:CPRX) said it would not move forward with a follow-on proposed after market close Wednesday. Catalyst was seeking to sell 8 million shares in an offering underwritten by Piper Jaffray. The company, which said last month it had enough cash to fund operations for a year, said it believes an offering at the current market price is not in its best interest. Its shares slipped 17% Thursday before climbing $0.08 to $6.21 on Friday. Catalyst, which markets Firdapse amifampridine phosphate to treat Lambert-Eaton myasthenic syndrome (LEMS) in adults, is suing FDA after the agency approved a competing drug in a pediatric indication (see “Lawsuit Challenges FDA’s Ability to Bend the Law”)...