Warrant Exercises Generate $17.2M; Proceeds to Advance Next-Generation Compounds and Support Commercialization of Korlym

Corcept Therapeutics Incorporated

, a pharmaceutical company engaged in the discovery, development and commercialization of drugs that treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of cortisol, announced today the exercise of warrants to purchase the company's common stock. The company issued the warrants to accredited investors in two private placements, one that was completed in March 2008 and the other in March 2012. Together, the warrant exercises generated gross proceeds to the company of $17.2 million. "Our investors' confidence in Corcept is gratifying," said Dr. Joseph K. Belanoff, Corcept's Chief Executive Officer. "We will use a portion of these funds to bring more of our next-generation cortisol-modulating compounds to the clinic. These compounds have shown great promise in pre-clinical oncologic and metabolic models. We will also use a portion of the funds to fortify the increasingly successful commercial development of Korlym for the treatment of Cushing's syndrome." Corcept's Current Business Corcept markets Korlym® for the treatment of Cushing's syndrome, a severe orphan illness that afflicts 20,000 people in the United States, approximately half of whom are cured by surgery. Corcept believes that revenue from the sale of Korlym, combined with the company's cash reserves, will allow it to reach cash flow breakeven while fully supporting its development activities. Current Development Activities Corcept is conducting a Phase 1/2 trial of Korlym in combination with chemotherapy as a potential treatment for triple-negative breast cancer, a form of the disease with a poor prognosis and for which there is no approved treatment. Results of the study are expected in the fourth quarter of 2015. The company also has a next-generation cortisol modulator -- CORT125134 -- in Phase 1 testing. If results are positive, the company plans to advance the compound to Phase 2 in the first quarter of 2016.