“First Responders Children’s Foundation would like to thank Catalyst for supporting the Foundation and for the company’s contribution to theCOVID-19 Emergency Response Fund,” said Jillian Crane, President of First Responders Children’s Foundation. “The support of Catalyst has allowed the Foundation to provide much needed financial assistance to first responders on the front lines during these challenging times.”
Firdapse Manufacturing and Supply
Our Firdapse supply chain remains robust and ready for any contingencies that arise due to theCOVID-19 outbreak, and thus far we have observed no disruptions in the production of Firdapse. We reiterate that we are committed to providing patients with the ability to obtain an uninterrupted supply of Firdapse. As we reported on our fourth quarter and year end conference call a few weeks ago, we have an adequate supply of Firdapse to address patients’ needs through December and are pleased to report that we have just completed a manufacturing campaign that will provide an additional six months of inventory beyond December. Like Catalyst, our U.S. manufacturing partners have implemented contingency plans to remain in operation, and we are confident in their ability to continue to produce domestically our active ingredient and finished Firdapse product. We are committed to meeting our patients needs for Firdapse and believe that our supply chain will remain solid and uninterrupted through the currentCOVID-19 outbreak and beyond.
Financial Outlook
On our March 16th fourth quarter and year end conference call, we reported full-year 2019 net revenues of $102 million and reiterated our net revenue guidance in the range of $135 to $155 million for full-year 2020. We continue to assess the potential impact thatCOVID-19 could have on our revenue and expect to provide an update during our first quarter 2020 results call next month. Thus far the impact that we have seen has been minimal, but we will continue to evaluate our yearly guidance based on this dynamic environment.
Catalyst ended 2019 in a strong financial position. The Company reported that it had $94.5 million of cash and investments as of December 31, 2019 and that it had increased its cash and investments by approximately $36 million during full year 2019. Also, as of today, Catalyst continues to have no funded debt.
Clinical Development Timelines
At this time, we continue to believe that we will reporttop-line results from our Phase 3 trial forMuSK-MG in the current quarter, but the worldwide travel restrictions and social distancing requirements of theCOVID-19 pandemic have put a strain on clinical trial staff and their availability for studyclose-out activities. Catalyst is continuing to monitor sites through remote means in accordance with guidance recently provided by the FDA and is working with sites remotely on data entry and data checking, to the extent that sites will allow and study coordinators are able. Catalyst is fortunate that enrollment had been completed, and the trial was nearly finished, before the advent of theCOVID-19 health emergency. However, many activities at trial sites need to occur before our study can be unblinded. Assuming this trial is successful, we hope to submit an sNDA for Firdapse forMuSK-MG by the end of this year. We expect that we will be able to provide more current information on our clinical programs during our first quarter earnings call that is scheduled for next month.
In addition, we had planned to reporttop-line results from our SMA Type 3proof-of-concept trial in the current quarter. However, the Serbian government has recently imposed temporary new regulations for clinical trials requiring all clinical activities not needed for patient safety to be halted. Although fully recruited,
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