BioTech Pre-Market Movers

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Catalyst Pharmaceutical Partners (CPRX) shares were higher over 7% in recent pre-market trade after pricing a public offer of 11.33 million shares at $2.21 per share, the closing price on Wednesday.

Prior to the pricing the stock was down 5%. The stock is trading above the mid-point of the 52-week range between $0.45 and $3.65.  Underwriters have a 30-day option to buy an additional 1.7 million shares to cover any over-allotments.

Catalyst said it plans to use net proceeds of approximately $23.3 million for continued development of Firdapse for the treatment of Lambert-Eaton Myasthenic Syndrome, for pre-commercialization activities related to Firdapse and for development of CPP-115 as well as for general corporate purposes.

Venaxis (APPY) shares tumbled in Thursday’s pre-market session, after the diagnostic company focused on developing and commercializing an appendicitis test priced an offering of about 8.3 million common shares at $2.40 per share, an 11% discount to its Wednesday closing price.

APPY was off 13% at $2.35 in recent pre-market trading, in a 52-week range of $1.15 to $3.88.

The company granted the underwriters a 30-day option to buy up to another nearly 1.3 million shares to cover any overallotments. It expects net proceeds of about $18.4 million to be used with existing cash resources for working capital and other general corporate purposes.

Kindred Biosciences (KIN) shares were lower nearly 3% in recent pre-market trade after pricing a public offering of 3 million shares at $18 each for a total $54 million, upsized from the previously announced $50 million offer size. Underwriters have a 30-day option to buy an additional 450,000 shares.

The company said it plans to use net proceeds for potential acquisitions of product candidates or other assets or businesses; to accelerate and expand the research and development of current product candidates; and for general corporate and working capital purposes.

KIN is trading in the upper half of the 52-week range between $8.75 and $26.99.

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