Exhibit 99.1
FOR IMMEDIATE RELEASE
Catalyst Pharmaceuticals, Inc. Comments on Trading in its Common Stock
and on its Capital Resources
CORAL GABLES, Fla., September 23, 2019 (GLOBE NEWSWIRE) — Catalyst Pharmaceuticals, Inc. (NasdaqCM: CPRX) is commenting on today’s trading activity in its common stock and on the current state of its capital resources.
The Company is reporting that it is not aware of any information about the Company’s activities that has not been reported that would give rise to today’s decline in the market price of the Company’s common stock.
For the first six months of 2019, the Company reported net product revenue of $41.3 million and net income of $10.3 million (or $0.10 per basic and diluted share). The Company also reported that at June 30, 2019, it had $64.9 million of cash and investments and working capital of $57.9 million, and that the Company had positive cash flow in the first six months of 2019. Further, the Company reported in its SEC filings for the 2019 second quarter that it had sufficient resources for its current activities for at least the next 12 months from the date of such report, and this statement remains true today.
When the Company announced its previously withdrawn public offering, it reported that it would use the proceeds of the offering for business expansion and for future acquisitions orin-licensing of additional product candidates or businesses. While no such opportunities had been identified to date, the Company believed that having available working capital on its balance sheet would allow the Company to more quickly take advantage of future opportunities if they became available.
The Company believes that its stock remains undervalued and does not believe that raising additional capital in the public market through sales of equity in the foreseeable future would be in the best interest of the Company and its stockholders. Further, although there can be no assurance, the Company believes that if an acquisition orin-licensing opportunity were to be identified, the Company expects that it would also be able to raise the required funds for these purposes usingnon-dilutive debt financing sources.
About Catalyst Pharmaceuticals
Catalyst Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing innovative therapies for people with rare debilitating, chronic neuromuscular and neurological diseases, including Lambert-Eaton myasthenic syndrome (LEMS), anti-MuSK antibody positive myasthenia gravis (MuSK-MG), congenital myasthenic syndromes (CMS), and
