Catalyst Pharmaceutical (CPRX) Selling 2.26 Million shares

Catalyst Pharmaceutical Partners (NASDAQ:CPRX) announced it's going to be selling 2.26 million shares in order to aid in the funding of non-clinical studies for a product which would help with pain management and treat addictions and epilepsy, if it is successful.

The price the shares will be offered at will be $1.12, the close at the end of trading on Monday.

Net proceeds from the sale should come in at about $2.2 million after the close, which is being managed by Roth Capital Partners.

Catalyst said they're going to use the net proceeds to finish the studies necessary to file an investigational new drug application with the FDA for CPP-115, to fund a Phase I human clinical trial of CPP-115 and for general corporate purposes.

Catalyst was trading at $1.10, down $0.02, or 2.13 percent, as of 12:00 PM EST.