CORAL GABLES, Fla., June 3 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX), a biopharmaceutical company that acquires, in-licenses, develops and commercializes prescription drugs for the treatment of drug addiction and obsessive compulsive disorders, today announced the filing of a shelf registration statement with the Securities and Exchange Commission (SEC). After the shelf registration statement has been declared effective by the SEC, Catalyst may, from time-to-time, offer its common stock up to an aggregate public offering price of up to $30 million. The common stock may be offered in separate series, in amounts and at prices to be set forth in a filing with the SEC at the time of such offering.
The shelf registration statement is intended to provide Catalyst with flexibility to raise funds from the offering of its common stock in one or more offerings, subject to market conditions. There are no immediate plans to raise any funds.
Patrick J. McEnany, Catalyst's Chief Executive Officer commented, "Our existing cash as of March 31, 2008 of $14.7 million is expected to meet our needs for the next twelve months. We have filed the shelf registration to give Catalyst the flexibility to fund a Phase III clinical trial evaluating the use of CPP-109 to treat cocaine addiction, fund future studies which may be required to file an NDA for cocaine addiction, to undertake additional studies evaluating CPP-109 for the treatment of a variety of addictions and for additional working capital."
Any offer to sell, or solicitation of an offer to buy securities, if and when such offer is made, will be pursuant to a prospectus supplement that will be issued in respect of any such offering. A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
In addition, the Company also announced that it has filed two registration statements on Form S-8 to register: (i) shares of restricted common stock and shares of common stock underlying stock options issued under its 2006 Stock Incentive Plan, and (ii) shares of common stock underlying certain stock options granted by the Company prior to its initial public offering. The Company has been advised by the holders of the shares being registered in the Form S-8 registration statements that they have no present intent to sell any of such shares.
About Catalyst Pharmaceutical Partners
Catalyst Pharmaceutical Partners, Inc. is a biopharmaceutical company focused on the development and commercialization of prescription drugs for the treatment of addiction and obsessive compulsive disorders. The Company has obtained from Brookhaven National Laboratory an exclusive worldwide license for Brookhaven's patent portfolio in the United States relating to the right to use vigabatrin to treat a wide variety of substance addictions and obsessive compulsive disorders. Catalyst has also been granted rights to Brookhaven's vigabatrin-related foreign patents or patents pending in more than 30 countries. The Company's initial product candidate based on vigabatrin is CPP-109. CPP-109 has been granted "Fast Track" status by the U.S. Food & Drug Administration (FDA) for the treatment of cocaine addiction. This indicates that the FDA has recognized that CPP-109 is intended for the treatment of a serious or life-threatening condition for which there is no effective treatment and which demonstrates the potential to address unmet medical needs. For more information about the Company, go to www.catalystpharma.com .
SOURCE Catalyst Pharmaceutical Partners, Inc.