Catalyst Pharmaceutical files for $40.25 million IPO

By Jennifer Chiou

New York, July 25 - Catalyst Pharmaceutical Partners, Inc. filed for an estimated $40.25 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

First Albany Capital and Stifel Nicolaus are the joint bookrunners.

The Coral Gables, Fla.-based specialty pharmaceutical company is focused on prescription drugs for the treatment of addiction.

Its initial product candidate is CPP-109, which is based on the chemical compound gamma-vinyl-GABA, commonly referred to as vigabatrin, for the treatment of cocaine addiction.

Catalyst said it intends to begin phase 2 clinical trials for CPP-109 during the fourth quarter.

The company said it also plans to develop CPP-109 to treat methamphetamine addiction.

IPO proceeds will be used to continue the development of CPP-109 and to file the New Drug Application for the drug as well as general corporate purposes.

Catalyst Pharmaceutical said it had a $539,820 operating loss on no revenues for 2005, compared with an operating loss of $1.805 million on no revenues for the same period in 2004.

Currently chief executive officer Patrick J. McEnany is the largest shareholder with 39.9% of the equity followed by co-founder and director Hubert Huckel at 19% and pricinpical investigator in the company's drug trial Jonathan Brodie at 5%.

The company has applied to list its stock on the Nasdaq National Market under the symbol "CPRX."

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