CORAL GABLES, Fla., May 14 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX) today reported financial results for the first quarter ended March 31, 2009.
First Quarter 2009 Results
For the quarter ended March 31, 2009, the Company reported a net loss of $3,031,201, or $0.22 per basic and diluted share, compared to a net loss of $1,584,047, or $0.13 per basic and diluted share, for the same period in 2008. First quarter 2009 results included non-cash charges relating to stock-based compensation in the amount of $142,274, compared to $263,404 in the same period in 2008.
Research and development expenses for the first quarter of 2009 were $2,322,632, compared to $1,084,359 in the first quarter of 2008. These expenses include non-cash stock-based compensation of $71,700 and $174,556, respectively. General and administrative expenses for the first quarter of 2009 totaled $721,911, compared to $639,673 in the first quarter of 2008. These expenses include non-cash stock-based compensation of $70,574 and $88,848, respectively. As a development stage pharmaceutical company, Catalyst has no revenues to-date.
At March 31, 2009, the Company had cash and cash equivalents of $8.9 million and no long-term debt. The Company believes that its existing cash and cash equivalents will be sufficient to complete the Company's currently ongoing cocaine clinical trial and methamphetamine proof-of-concept study and to continue its operations through the end of 2010 without the need to obtain additional funding.
Product Development Update
Patrick J. McEnany, Catalyst's Chief Executive Officer, stated: "We expect to report the top-line results from our 186-patient randomized, double-blind, placebo-controlled study evaluating the u
|SOURCE Catalyst Pharmaceutical Partners, Inc.|
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