“In the context of high capital costs and a potential decrease in revenues, one of our credit facilities has started amortizing in the first quarter of 2016, while our three other credit facilities will start amortizing in the fourth quarter of 2017. As a result, we are due to repay approximately $175.7 million of debt during the period between the first quarter of 2016 and the end of 2018. In the past, we successfully managed to extend the non-amortizing periods and maturities of our credit facilities, which is not practicable today in a cost effective manner. In light of these circumstances, the Board of the Partnership has decided to reserve approximately $14.6 million on a quarterly basis to fully provide for the debt repayments coming due in the next three years, up until the end of 2018.”
Catalyst Halves on Regulatory Update
Catalyst Pharmaceuticals Inc (NASDAQ:CPRX) shares have halved after the company provided an update on the content of its planned re-submission of an NDA for Firdapse. According to the update, Catalyst ‘will need to submit positive results from an additional adequate and well-controlled study in patients with LEMS’. The FDA also wants several more short-term toxicology studies, which should start soon. Catalyst had $52 million in cash and cash equivalents at the end of March. 12 elite funds that we track out of 786 in total owned almost one-quarter of Catalyst Pharmaceuticals Inc (NASDAQ:CPRX)’s float at the end of December.