Catalyst Pharma falls on pricing $150 mln stock deal
05/01/2024 13:18
** Shares of Catalyst Pharmaceuticals CPRX.O down 13.5% at
$14.80 before the bell as co raises equity
** Rare neurological and epileptic disease drug developer
sells 10 mln shares at $15 for $150 mln gross raise
** Offering price represents 12.3% discount to stock's Thurs
close
** Co plans to use net offering proceeds to fund potential
acquisition of new product candidates, and general purposes
** Coral Gables, Fla-based firm had about 107.6 mln shares
outstanding as of Jan 3, 2024, per the SEC prospectus filing,
giving it a market cap of around $1.8 bln
** Shares lost ~10% in 2023, but rallied ~44% in Q4
** BofA, Citigroup, Piper Sandler, Cantor, and Truist acting
as bookrunners for the offering
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))