Summary

• Catalyst Pharmaceuticals' most significant growth asset is Firdapse, which is the only drug approved in the U.S. to treat LEMS and has runway to potentially double its treated patient population.
• Third Avenue believes Catalyst Pharmaceuticals' modest valuation reflects a lingering lawsuit with Hetero USA, Inc., and a favorable settlement would represent a clearing event for a meaningful overhang.
• Catalyst Pharmaceuticals has the opportunity to expand its patient population and grow revenues at a mid-teens rate following the inclusion of Firdapse into standard of care Clinical Practice Guidelines.

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