Catalyst Pharmaceuticals Inc. (NASDAQ:CPRX) has announced its Q3 2020 financial results in which Firdapse® net revenue was $29.2 million and also provided a corporate update.
Catalyst received Firdapse® Patent in the US
Patrick McEnany, the company’s CEO said that Catalyst had a productive third quarter in which they continued executing despite the current challenging conditions. He said that the company expects to witness more success as healthcare providers and physicians adapt to the remote working environment. McEnany added that they are encouraged by the new LEMS patient starts initiated in the last two months and they are optimistic that this trend will continue.
During the third quarter, the company announced issuances of its US Firdapse® patent which fortifies Catalyst’s intellectual property status. McEnany added that the company is working diligently alongside other partners to guard Firdapse® ensuring its advancement and availing therapeutics for patients with rare neurological conditions.
Catalyst reported net product revenue of $29.2 million
In Q3 2020, the company reported net product revenue of $29.2 million compared to $30 million a year ago. Net income was $43.3 million or $0.41 per diluted and $0.42 per basic share. Interestingly the net income included $31.3 million of benefit after deferred tax asset recording after valuation allowance reversal. The company ended the quarter with $127.1 million in cash, cash equivalents, and investment without any funded debt.
Corporate highlights during the quarter include the US Firdapse® Patent for “methods of Admnistring 3,4-diaminopyridine.” The District Court ruled against the company in its lawsuit against the FDA but Catalysts has made an appeal to the 11th Circuit Court of Appeals with the court granting the expedited hearing request. Catalyst also launched a legal challenge against Health Canada’s decision of overlooking Firdapse® data exclusivity.
The company said that despite challenges presented by the pandemic, the company managed to have new enrolment, starts, and revenue in the quarter. There was no Firdapse® supply chain or production disruption and the company is optimistic that the current Firdapse® safety stock is adequate to meet current needs.