Catalyst Pharmaceutical
Partners CPRX announced today that it has closed its previously
announced offering of (i) 4.0 million shares of the Company's common stock,
and (ii) warrants to purchase an aggregate of 1.2 million shares of the
Company's common stock, in a registered direct public offering. The aggregate
offering price for each share and corresponding warrant was $1.50, resulting
in gross proceeds of $6 million. The common stock purchase warrants have a
five-year term and an exercise price of $2.08 per share. Roth Capital Partners
acted as the exclusive placement agent for the transaction.
"We are pleased to have completed this financing, which gives us additional
resources to further our product development efforts," said Patrick J.
McEnany, the Company's Chairman and Chief Executive Officer. "Earlier this
year, we sought to raise approximately $10 million in financing to support our
business activities. However, at the time, due primarily to adverse market
conditions, we were only able to raise about $4.8 million. This new offering
makes up for that shortfall and is on better terms than we were able to obtain
in our earlier financing."
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