CORAL GABLES, Fla., Aug. 15 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX) today reported financial results for the second quarter and six months ended June 30, 2008.
"We continue to progress with our clinical development program for CPP-109," stated Patrick J. McEnany, Catalyst's Chief Executive Officer. "In particular, we are actively enrolling and dosing subjects in our U.S. Phase II clinical trials evaluating CPP-109 as a treatment for cocaine and methamphetamine addiction. We expect to have top-line results from our cocaine trial and our methamphetamine trial in the first quarter of 2009 and the third quarter of 2009, respectively."
"Additionally, we expect to launch other Phase II trials this year in indications which could include binge eating disorder and alcohol dependence. As we previously discussed, it is likely that Catalyst will seek partners for these indications."
Second Quarter 2008 Results
For the quarter ended June 30, 2008, the Company reported a net loss of $2,377,440, or $0.19 per basic and diluted share, compared to a net loss of $1,208,130, or $0.10 per basic and diluted share for the same period in 2007. Second quarter 2008 results included non-cash charges relating to stock-based compensation in the amount of $123,208, compared to $182,233 in the same period in 2007. For the six months ended June 30, 2008, the Company reported a net loss of $3,961,487, or $0.32 loss per basic and diluted share, compared to a net loss of $2,460,208, or $0.20 loss per basic and diluted share, for the same period in 2007. Results for the first six months of 2008 included non-cash charges relating to stock-based compensation in the amount of $386,612, compared to $382,601 in the same period in 2007.
Research and development expenses for the second quarter of 2008 were $1,902,144 compared to $1,002,780 in the second quarter of 2007, including non-cash stock-based compensation of $99,532 and $161,320, respectively. Research and development expenses for the six months ended June 30, 2008 were $2,986,503 compared to $1,815,300 for the first six months of 2007, including non-cash stock-based compensation of $274,088 and $239,713, respectively.
General and administrative expenses for the second quarter of 2008 totaled $561,533 compared to $434,208 in the second quarter of 2007, including non-cash stock-based compensation of $23,676 and $20,913, respectively. General and administrative expenses for the first six months of 2008 totaled $1,201,206 compared to $1,118,834 in the first six months of 2007, including non-cash stock-based compensation of $112,524 and $142,888, respectively.
As a development stage pharmaceutical company, Catalyst has no revenues to-date.
At June 30, 2008, the Company had cash and cash equivalents totaling $13.1 million and no long-term debt. The Company believes that its existing cash and cash equivalents will be sufficient to meet the Company's projected operating requirements through the second quarter of 2009.
About Catalyst Pharmaceutical Partners
Catalyst Pharmaceutical Partners, Inc. is a biopharmaceutical company focused on the development and commercialization of prescription drugs for the treatment of addiction and obsessive compulsive disorders. The Company has obtained from Brookhaven National Laboratory an exclusive worldwide license for nine patents and four patents pending in the United States relating to the right to use vigabatrin to treat a wide variety of substance addictions. Catalyst has also been granted rights to Brookhaven's vigabatrin-related foreign patents or patents pending in more than 30 countries. The Company's initial product candidate is CPP-109, which is Catalyst's version of vigabatrin. CPP-109 has been granted "Fast Track" status by the U.S. Food & Drug Administration (FDA) for the treatment of cocaine addiction. This indicates that the FDA has recognized that CPP-109 is intended for the treatment of a serious or life-threatening condition for which there is no effective treatment and which demonstrates the potential to address unmet medical needs. For more information about the Company, please visit http://www.catalystpharma.com.
This press release contains forward-looking statements. Forward-looking
statements involve known and unknown risks and uncertainties which may
cause the Company's actual results in future periods to differ materially
from forecasted results. A number of factors, including the Company's
ability to successfully complete those clinical trials required for it to
file a new drug application for CPP-109, the Company's ability to complete
such trials on a timely basis within the budgets established for such
trials, the Company's ability to protect its intellectual property and
those other factors described in the Company's Annual Report on Form 10-K
for 2007 and the Company's Quarterly Report on Form 10-Q for the quarter
ended June 30, 2008 that the Company has filed with the U.S. Securities and
Exchange Commission ("SEC"), could adversely affect the Company. Copies of
the Company's filings with the SEC are available from the SEC, may be found
on the Company's website or may be obtained upon request from the Company.
The Company does not undertake any obligation to update the information
contained herein, which speaks only as of this date.
CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
CONDENSED STATEMENTS OF OPERATIONS (unaudited)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2008 2007 2008 2007
Revenues $ - $ - $ - $ -
Operating costs and
development 1,902,144 1,002,780 2,986,503 1,815,300
administrative 561,533 434,208 1,201,206 1,118,834
costs and expenses 2,463,677 1,436,988 4,187,709 2,934,134
Loss from operations (2,463,677) (1,436,988) (4,187,709) (2,934,134)
Interest income 86,237 228,858 226,222 473,926
Loss before income
taxes (2,377,440) (1,208,130) (3,961,487) (2,460,208)
Provision for income
taxes - - - -
Net loss $(2,377,440) $(1,208,130)$(3,961,487) $(2,460,208)
Loss per share - basic
and diluted $(0.19) $(0.10) $(0.32) $(0.20)
Weighted average shares
outstanding - basic and
diluted 12,567,226 12,527,564 12,560,085 12,523,210
CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
CONDENSED BALANCE SHEETS
June 30, December 31,
Cash and cash equivalents $13,084,108 $15,943,896
Interest receivable 24,167 63,709
Prepaid expenses 288,318 524,081
Total current assets 13,396,593 16,531,686
Property and equipment, net 112,694 127,788
Deposits 25,448 20,448
Total assets $13,534,735 $16,679,922
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $181,276 $219,866
Accrued expenses and other liabilities 558,867 83,419
Total current liabilities 740,143 303,285
Accrued expenses and other liabilities,
non-current 48,720 53,880
Total liabilities 788,863 357,165
Total stockholders' equity 12,745,872 16,322,757
Total liabilities and stockholders' equity $13,534,735 $16,679,922
|SOURCE Catalyst Pharmaceutical Partners, Inc.|
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