Catalyst Pharmaceuticals, said Friday it will not conclude the offering of shares of its common stock announced on Wednesday, September 11, 2019.
The company said in a short press release it believes that the culmination of an offering at the current market price of the common stock is not in the best interest of its stockholders.
On Wednesday, Catalyst said it had started an underwritten public offering of 8.0 million shares of its common stock. Catalyst then also said it planned to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering on the same terms and conditions.
Catalyst’s new drug application for Firdapse (amifampridine) 10 mg tablets for the treatment of adults with LEMS was approved in November 2018 by the USFDA, and Firdapse is now commercially available in the United States. Prior to its approval, Firdapse for LEMS had received breakthrough therapy designation and orphan drug designation from the FDA.
Firdapse is currently being evaluated in clinical trials for the treatment of MuSK-MG, CMS, and SMA Type 3 and has received Orphan Drug Designation from the FDA for myasthenia gravis and CMS. Firdapse (amifampridine) 10 mg tablets is the first and only approved drug in Europe for the symptomatic treatment in adults with LEMS.