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Catalyst Pharmaceutical Partners Reports Second Quarter 2009 Financial Results
Date:8/7/2009

$1,114,470 compared to $1,201,206 in the first six months of 2008, including non-cash stock-based compensation of $86,666 and $112,524, respectively.

As a development stage biopharmaceutical company, Catalyst has no revenues to-date. At June 30, 2009, the Company had cash and cash equivalents totaling $6.3 million and no long-term debt.

"We have sufficient cash to complete the analysis of the results from our cocaine trial and methamphetamine study and to continue our operations through the end of 2010 without additional funding," said Patrick J. McEnany, Catalyst's Chief Executive Officer. "We believe that our financial and human resources are sufficient to pursue a variety of strategies, which we will discuss in detail as they are developed. We are encouraged in that regard by renewed investors' appetite for investing in our industry. While there can be no assurance, we hope, if we obtain positive results from the analysis of our trial data, that we will be able to attract new capital from investors and/or through potential strategic alliances that will allow us to pursue future clinical and non-clinical trials of CPP-109."

"We are currently evaluating the data from our Phase II clinical trial evaluating the use of CPP-109 for the treatment of cocaine addiction and our proof-of-concept study evaluating the use of CPP-109 for the treatment of methamphetamine addiction," continued Mr. McEnany. "We expect to report the results of the cocaine trial and methamphetamine proof-of-concept study by the end of the third quarter of 2009. Based on the results of this analysis, we will evaluate what measures, if any, could be applied to improve the outcome of future studies and will also determine the next steps to be taken regarding the development of CPP-109, including the clinical and non-clinical trials that will be required for us to file an NDA for CPP-109. We will report our future product development plans on
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SOURCE Catalyst Pharmaceutical Partners, Inc.
Copyright©2009 PR Newswire.
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