Hapoalim Securities Upgrades Catalyst Pharmaceutical (CPRX) to Hold
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Hapoalim Securities upgrades Catalyst Pharmaceutical (Nasdaq: CPRX) from Sell to Hold.
Hapoalim analyst says, "Yesterday, Catalyst announced the closing of a stock offering, which yielded $3.97MM in gross proceeds. We believe that the firm now has ~$9MM in cash (pro forma). With a 2010 estimated burn rate of about $5MM, we believe Catalyst now has sufficient cash to continue operations for at least the next 18 months and potentially continue the clinical development of vigabatrin."
"We remain encouraged by Catalyst's renewed commitment to developing vigabatrin and the prospects for the follow-on compound. While we continue to feel that it will take a significant period of time and additional investment before vigabatrin can be considered a commercializable product, we believe that Catalyst can execute on near-term milestones following the recent financing. Therefore, we are instituting a Hold rating on Catalyst shares pending the start of fresh vigabatrin trials."
To see more analyst ratings on CPRX Click Here.
Catalyst Pharmaceutical Partners, Inc., a development-stage biopharmaceutical company, focuses on the acquisition, development, and commercialization of prescription drugs for the treatment of drug addiction and obsessive-compulsive disorders.
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