Catalyst Pharma (CPRX) Enters $6M Direct Offering
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Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX) announced today that it has entered into definitive agreements to sell (i) 4.0 million shares of the Company's common stock, and (ii) common stock purchase 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 is $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.
The closing of the offering is expected to take place on or about August 31, 2012, subject to satisfaction of customary closing conditions. Catalyst expects to use the net proceeds from this offering to fund costs associated with the Company's product development efforts and for general corporate purposes. Roth Capital Partners has acted as the exclusive placement agent for the transaction.
The closing of the offering is expected to take place on or about August 31, 2012, subject to satisfaction of customary closing conditions. Catalyst expects to use the net proceeds from this offering to fund costs associated with the Company's product development efforts and for general corporate purposes. Roth Capital Partners has acted as the exclusive placement agent for the transaction.
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