Coral Gables, FL-based Catalyst Pharmaceuticals , Inc. (NASDAQ:CPRX), a $2.69 billion market cap biopharmaceutical company that has delivered an impressive 54% return to shareholders over the past year, announced today that Charles B. O'Keeffe, a long-serving independent member of its Board of Directors, has decided not to stand for reelection at the upcoming 2025 annual meeting of stockholders.
O'Keeffe, who has been part of the board since December 2004 and currently holds the position of Lead Independent (LON:IOG) Director, will continue his duties until the annual meeting, at which point his term will conclude.
The company clarified that O'Keeffe's retirement is not due to any disagreements with Catalyst Pharmaceuticals regarding its operations, policies, or practices. O'Keeffe, 85, has been credited with contributing significantly to the company's transformation into a profitable commercial-stage biopharmaceutical entity, focusing on rare disease treatments. According to InvestingPro data, the company maintains an excellent financial health score and impressive 84% gross profit margin, with virtually no debt on its balance sheet.
Patrick J. McEnany, non-executive Chairman, and Richard J. Daly, President and CEO of Catalyst Pharmaceuticals, expressed their gratitude for O'Keeffe's dedicated service over the years and wished him well for the future.
In response to O'Keeffe's upcoming departure, the Corporate Governance and Nominating Committee has initiated a search for a new director. The committee plans to engage a nationally recognized recruitment firm to find a suitable replacement for O'Keeffe on the board.
In other recent news, Catalyst Pharmaceutical (TADAWUL:2070) Partners has been making significant strides in its financial performance. The company reported that its net revenues for 2024 surpassed the higher end of its guidance, which ranged between $475 million and $485 million. This impressive growth was driven by strong sales of its drugs, FIRDAPSE and AGAMREE. Additionally, Catalyst has maintained a strong financial position with over $500 million in cash.
The company's recent developments also include a patent settlement with Teva, which ensures extended market protection for FIRDAPSE until 2035. This agreement has been positively received by analysts from Oppenheimer, BofA Securities, and Citi, who maintain their positive ratings on Catalyst with price targets ranging from $29 to $31.
Furthermore, FIRDAPSE, a treatment for Lambert-Eaton Myasthenic Syndrome (LEMS), has been launched in Japan through Catalyst's partnership with DyDo Pharma. This launch is expected to generate modest royalty revenues due to the presence of approximately 400 LEMS patients in Japan and FIRDAPSE's 10 years of orphan drug exclusivity in the market.
Lastly, Catalyst has expressed its commitment to expanding the reach of FIRDAPSE to additional markets and growing its portfolio with a focus on orphan drug opportunities.
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