CORAL GABLES, Fla., March 27 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX), a biopharmaceutical company that acquires, in-licenses, develops and commercializes prescription drugs for the treatment of drug addiction, today reported financial results for the fourth quarter and year ended December 31, 2008.
"Catalyst made significant progress in 2008," said Patrick J. McEnany, Chief Executive Officer of Catalyst Pharmaceutical Partners. "During the year, we initiated two U.S. multi-center, Phase II, double-blind, placebo-controlled trials evaluating CPP-109 as a potential treatment for cocaine and methamphetamine addiction. In September we executed a successful equity financing for $4.5 million just prior to the deterioration of the capital markets and the economy. This equity raise, combined with the recently announced change in our clinical development program, provides Catalyst with sufficient working capital through 2010. Furthermore, once we report initial top-line results for our U.S. Phase II cocaine trial, our strengthened balance sheet should allow us to engage potential corporate partners and explore a variety of transactions on terms that may prove to be more favorable to our shareholders. Concurrently, we are actively pursuing government funding from agencies that operate under the National Institutes of Health umbrella to further our development plans for large-scale clinical trials using CPP-109 to treat cocaine and methamphetamine addiction, as well as pilot studies for other addictions, such as alcohol and nicotine abuse, and obsessive-compulsive disorders, including binge eating."
For the year ended December 31, 2008, the Company's net loss was $10,564,597, or $0.81 per basic and diluted share, compared to a net loss of $4,139,493, or $0.
|SOURCE Catalyst Pharmaceutical Partners, Inc.|
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