Business
Catalyst Pharmaceuticals Announces Second Quarter 2020 Financial Results and Provides Business Update
- Firdapse® Second Quarter Net Revenues of $29.6 Million - Health Canada Approves Marketing Authorization for Firdapse® for Treating LEMS Patients - MuSK-MG
About this update from Catalyst Pharmaceuticals, Inc.
[{"type":"text","content":"- Firdapse® Second Quarter Net Revenues of $29.6 Million\n - Health Canada Approves Marketing Authorization for Firdapse® for Treating LEMS Patients - MuSK-MG Phase 3 Trial did not Achieve Statistical Significance for Primary or Secondary Endpoints - Company to Host Quarterly Conference Call at 8:30 am ET Tomorrow CORAL GABLES, Fla., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Catalyst Pharmaceuticals, Inc. (Catalyst) (Nasdaq:CPRX), a commercial-stage biopharmaceutical company focused on developing and commercializing innovative therapies for people with rare debilitating, chronic neuromuscular and neurological diseases, today reported financial results for the second quarter ended June 30, 2020 and provided a business update. “Despite operating under COVID-19 conditions, I am quite pleased with the resiliency of our team and the operating results that were achieved during the second quarter. Additionally, as physicians’ practices begin to open again to in-person meetings with patients and sales representatives, we are beginning to see an improvement in new LEMS patient enrollments in Catalyst Pathways and are hopeful that this is a start of a trend,” said Patrick J. McEnany, Chairman and Chief Executive Officer of Catalyst Pharmaceuticals. “On a separate note, we are disappointed that the top-line results of our Phase 3 study for Firdapse® in anti-MuSK antibody positive myasthenia gravis patients did not replicate the robust positive results that were observed in the 2017 proof-of-concept study. We intend to continue to analyze the data and meet with our neuromuscular key opinion leaders to decide on our path forward for this program.” Q2-20 Financial Results Product revenue, net in the second quarter 2020 was $29.6 million compared to $28.8 for the second quarter 2019.Reported net income of $9.8 million, or $0.09 per basic and diluted share, in the second quarter of 2020, compared with net income of $11.0 million, or $0.11 per basic and $0.10 per diluted share, for the second quarter of 2019.Research and development expenses for the second quarter of 2020 were $4.3 million as compared to $4.6 million for the second quarter of 2019.Selling, general and administrative expenses for the second quarter of 2020 totaled $10.8 million as compared to $9.0 million in the second quarter of 2019.The Company’s total operating expenses for the second...