Catalyst Pharmaceuticals Inc. (Nasdaq :), a biopharmaceutical company based in Coral Gables, Florida, with a market capitalization of $ 2.69 billion and which offered an impressive 54 % yield to its shareholders during the past year , announced today that Charles B. O’Keeffe, a long -standing independent member of his board of directors, decided not to represent himself at the next annual shareholders’ meeting of 2025.
O’Keeffe, who has signed on the board since December 2004 and currently held the position of principal independent administrator, will continue to exercise his functions until the annual meeting, when his mandate will end.
The company said that O’Keeffe’s retirement is not due to disagreements with Pharmaceutical Catalysts concerning its operations, politicians or practices. O’Keeffe, 85, was credited with having contributed significantly to the transformation of the company into a profitable commercial biopharmaceutical entity, focused on rare disease treatments. According to InvestingPro data, the company maintains an excellent financial health score and an impressive 84 %gross beneficiary margin, with practically no debt to its balance sheet.
Patrick J. Mcenany, non -executive president, and Richard J. Daly, president and CEO of Catalyst Pharmaceuticals, expressed their gratitude for the dedicated years of service of O’Keeffe and wished him the best for the future.
In response to the next departure from O’Keeffe, the Business Governance and Nomination Committee has launched research for a new director. The committee plans to start a national renown recruitment firm to find an appropriate replacement for O’Keeffe on the Council.
In other recent news, Catalyst Pharmaceutical Partners has made significant progress in its financial performance. The company has announced that its net income for 2024 exceeded the upper limit of its forecasts, which were between 475 million and $ 485 million. This impressive growth was stimulated by the high sales of his medicines, Firdapse and Agamree. In addition, Catalyst has maintained a solid financial position with more than $ 500 million in liquidity.
-The company’s recent developments also include a patent agreement with Teva, which provides prolonged protection of the market for Firdapse until 2035. This agreement was positively welcomed by Oppenheimer, Bofa Securities and Citi analysts, which maintain their Positive notations on Catalyst with price objectives ranging from 29 to 31 dollars.
In addition, Firdapse, treatment for Lambert-Eaton Myasthenic syndrome (LEMS), was launched in Japan thanks to the Catalyst partnership with Dydo Pharma. This launch is expected to generate modest royalty income due to the presence of approximately 400 lems patients in Japan and the exclusivity of 10 years of FIDAPSE as an orphan medication on this market.
Finally, Catalyst expressed its commitment to extend the scope of Firdapse to other markets and develop its portfolio by focusing on orphaned drug opportunities.
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