Business
Catalyst Pharmaceuticals Announces Strategic Plan for Product Portfolio Expansion for Long-Term Success and Provides Corporate Update
Company to Expand R&D Focus for Pipeline Growth to include Earlier Stage Programs and Validated Technology Platforms Firdapse® 2020 Net Revenues Estimate of
About this update from Catalyst Pharmaceuticals, Inc.
[{"type":"text","content":"Company to Expand R&D Focus for Pipeline Growth to include Earlier Stage Programs and Validated Technology Platforms Firdapse® 2020 Net Revenues Estimate of approximately $118 Million; about 16% Increase From 2019Ended 2020 with Estimated $140 Million in Cash and InvestmentsCompany Highlights Current Product Development Programs CORAL GABLES, Fla., Jan. 06, 2021 (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 announced an expansion in its strategic priorities related to portfolio planning and research and development. Catalyst also provided preliminary net revenues and cash on hand for fiscal-year 2020, as well as an update on product development activities and current litigation. “Our board and management team are aligned in the opportunity to recalibrate our strategic priorities for 2021 and for the long-term. We believe that we have the ability to leverage our solid balance sheet and strong cash flow, along with our expertise, in developing and commercializing additional medicines to treat rare and ultra-rare diseases. With this in mind, we intend to move to expand our product portfolio beyond amifampridine, with a focus on validated technology platforms as well as earlier stage programs in other rare disease therapeutic categories,” said Patrick J. McEnany, Catalyst Pharmaceuticals’ Chairman and CEO. Mr. McEnany continued: “Additionally, I am pleased to report our preliminary estimate indicates that 2020 Firdapse® net revenues were approximately $118 million, an increase of $16 million from 2019. This reflects strong sales performance in an extremely difficult operating environment because of the COVID-19 pandemic. Lastly, we ended the year with approximately $140 million in cash and investments, which represents an increase of approximately $46 million compared to cash and investments at December 31, 2019, and we continue to have no funded debt.” Strategic Plan for 2021 and Beyond Catalyst’s Board of Directors recently approved an expansion in the company's strategic focus to include acquiring or in-licensing innovative, validated technology platforms and earlier stage programs in other therapeutic c...