Catalyst announces $1.5 million registered direct offering

Catalyst Pharmaceutical Partners, Inc. (Nasdaq:CPRX) today announced that it has entered into definitive agreements to sell 1,351,352 shares of its common stock at a price per share of $1.11 pursuant to a registered direct offering to two large mutual funds, representing gross proceeds of $1.5 million.

The closing of the offering is expected to take place on August 9, 2010, subject to the satisfaction of customary closing conditions. Catalyst intends to use the proceeds from the offering for general corporate purposes.

The shares are being offered by Catalyst Pharmaceutical Partners, Inc. pursuant to a shelf registration statement filed with the Securities and Exchange Commission that was declared effective on June 26, 2008.

Patrick J. McEnany, Catalyst's Chief Executive Officer, said, "We expect that this financing will provide sufficient capital for Catalyst to operate into early 2012 and through the announcement of top-line results of our CPP-109 U.S. Phase II(b) cocaine trial."