Research and development expenses for 2008 were $8,710,441 compared to $3,040,659 in 2007. These expenses include non-cash stock-based compensation for 2008 and 2007 of $458,289 and $365,107, respectively.
General and administrative expenses for 2008 were $2,183,504, compared to $1,986,470 in 2007. These expenses include non-cash stock-based compensation for 2008 and 2007 of $259,279 and $191,236, respectively.
For the fourth quarter of 2008, the Company's net loss was $3,747,750, or $0.27 per basic and diluted share, compared to a net loss of $944,938, or $0.08 per basic and diluted share, for the same period in 2007. Results for the fourth quarters of 2008 and 2007 include non-cash charges relating to stock-based compensation of $226,391 and $79,260, respectively.
As a development stage pharmaceutical company, Catalyst had no revenues during 2008 and 2007.
At December 31, 2008, the Company had cash and cash equivalents of $11.8 million and no long-term debt. The Company believes that its existing cash and cash equivalents will be sufficient to meet its projected operating requirements through 2010.
Clinical Development Update
In January 2008, Catalyst initiated enrollment of subjects for its U.S. Phase II clinical trial evaluating the use of CPP-109 for the treatment of cocaine addiction. The Phase II trial is designed as a randomized, double-blind, placebo-controlled, intent-to-treat, multi-center trial to evaluate the safety and efficacy of CPP-109 as a treatment for cocaine addiction. Under the trial protocol, subjects will be treated for a period of 12 weeks, with an additional 12 weeks of follow-up. The primary objective of the trial is to demonstrate t
|SOURCE Catalyst Pharmaceutical Partners, Inc.|
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