Navigation Links
Catalyst Pharmaceutical Partners Reports First Quarter 2009 Financial Results

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 use of CPP-109 for the treatment of cocaine addiction by the end of the second quarter of 2009. Assuming positive data, we will likely seek to meet with the FDA and begin designing the Phase III 'pivotal' cocaine trial during the second half of 2009 that we believe will be required in order to meet our ultimate goal of filing an NDA for CPP-109. In addition, we also expect to have the top-line results of our 57-patient proof-of-concept study evaluating the use of CPP-109 in the treatment of methamphetamine addiction during the third quarter of 2009. Furthermore, we believe that our strengthened balance sheet will enable us to engage prospective corporate partners and explore a variety of potential transactions on terms that may prove to be favorable to our stockholders."

"Additionally, we are actively exploring opportunities to obtain government funding from agencies that operate under the National Institutes of Health umbrella to further our development plans, which include developing large-scale clinical trials using CPP-109 to treat cocaine and methamphetamine addiction, as well as pilot studies for other addictions including alcohol and nicotine dependence."

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 in the United States relating to the right to use vigabatrin to treat a wide variety of substance addictions and obsessive-compulsive disorders . 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 based on vigabatrin is CPP-109. 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, go to

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 our ability to successfully complete the clinical trials required for us to file a new drug application for CPP-109, our ability to complete such trials on a timely basis within the budgets we establish for such trials, our ability to protect our intellectual property and those other factors described in the Company's Annual Report on Form 10-K for 2008 and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 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.

                        (a development stage company)

                 CONDENSED STATEMENTS OF OPERATIONS (unaudited)

                                             For the Three Months Ended
                                                      March 31,
                                                 2009          2008
    Revenues                                 $        -    $       -

    Operating costs and expenses:
      Research and development                2,322,632     1,084,359
      General and administrative                721,911       639,673
        Total operating costs and expenses    3,044,543     1,724,032
      Loss from operations                   (3,044,543)   (1,724,032)
    Interest income                              13,342       139,985
      Loss before income taxes               (3,031,201)   (1,584,047)
    Provision for income taxes                        -             -
      Net loss                              $(3,031,201)  $(1,584,047)
    Loss per share - basic and diluted           $(0.22)       $(0.13)
    Weighted average shares outstanding      14,065,329    12,552,944
     - basic and diluted

                         (a development stage company)

                           CONDENSED BALANCE SHEETS

                                                  March 31,     December 31,
                                                    2009            2008
    Current Assets:
      Cash and cash equivalents                   $8,930,017     $11,766,629
      Interest receivable                              2,691          12,153
      Prepaid expenses                               213,580         136,374
        Total current assets                       9,146,288      11,915,156
      Property and equipment, net                     88,336          96,376
      Deposits                                        13,011          21,436
        Total assets                              $9,247,635     $12,032,968

    Current Liabilities:
      Accounts payable                              $737,626        $332,707
      Accrued expenses and other liabilities         799,193       1,097,410
        Total current liabilities                  1,536,819       1,430,117
      Accrued expenses and other liabilities,
       non-current                                    39,528          42,636
        Total liabilities                          1,576,347       1,472,753

    Total stockholders' equity                     7,671,288      10,560,215
    Total liabilities and stockholders' equity    $9,247,635     $12,032,968

SOURCE Catalyst Pharmaceutical Partners, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Cardiva Medical, Inc. to Present at the UBS 2007 Global Life Science Conference With the Announcement of FDA 510(K) Clearance of its Newest Device: The Boomerang Catalyst II System(TM)
2. Cardiva Medical, Inc. to Present at the UBS 2007 Global Life Science Conference With the Announcement of FDA 510(K) Clearance of its Newest Device: The Boomerang Catalyst II System(TM)
3. Catalyst Pharmaceutical Partners Reports Third Quarter 2007 Financial Results
4. Catalyst Pharmaceutical Partners Announces Positive Phase II Trial Results for Vigabatrin in the Treatment of Cocaine Addiction
5. CATalyst Summit Declared a Success: Its All About the Cat!
6. Cardiva Medical, Inc. to Present Highlights of the Boomerang Catalyst(TM) II System at the Investment in Innovation (In3) West Conference on February 29, 2008 in Las Vegas, NV
7. Catalyst Pharmaceutical Partners, Inc. Names Director - Corporate Clinical Compliance
8. Case in Point: Patient Control of Data Critical Catalyst for Online Health Care Revolution
9. Catalyst Pharmaceutical Partners, Inc. Set to Join Russell Microcap(R) Index
10. Congress Approves ePrescribing Initiative in Medicare Reform Bill: Critical Catalyst in Driving a New Generation of Prescribing
11. CATalyst Council Forms to Address Feline Health Care
Post Your Comments:
(Date:11/30/2015)... ... November 30, 2015 , ... ... last 15 years, announced today that Michigan-based Family Health Center (FHC) has selected ... over 45 years, FHC was awarded the largest Affordable Care Act grant for ...
(Date:11/30/2015)... Ill. (PRWEB) , ... November 30, 2015 , ... ... Decision Support Solutions, announced at the Radiology Society of North America (RSNA) annual ... have seen over 60% growth from 2014. Throughout 2015, the company has ...
(Date:11/30/2015)... , ... November 30, 2015 , ... ... publishing magazines and websites specializing in independent living, assisted living and all other ... and Alzheimer’s awareness and research remains a top priority. , ...
(Date:11/30/2015)... , ... November 30, 2015 ... ... is pleased to announce the speakers for “Value-Based Payer-Provider Partnerships: Three Case ... from three innovative value-based care arrangements: Essentia Health and UCare, MissionPoint Health ...
(Date:11/30/2015)... PA (PRWEB) , ... November 30, 2015 , ... ... software provider, has verified that their Vasont Universal Integrator (VUI) extension unites with ... creating, editing, and managing content as a continuous process with the latest release ...
Breaking Medicine News(10 mins):
(Date:11/30/2015)... CHICAGO , Nov. 30, 2015   Nuance ... The National Decision Support Company (NDSC) today ... support and collaboration capabilities that utilize the American College ... and healthcare provider organizations to comply with current ... --> --> By combining clinical ...
(Date:11/30/2015)... Nov. 30, 2015 Booth #4303 – The Imaging ... will exhibit a broader array of products in a new ... of North America in ... meeting will feature X-ray components "At the Heart of Imaging." ... of products from Varian,s Claymount brand, and computer-aided diagnostic software ...
(Date:11/30/2015)... -- Hanger, Inc. (NYSE: HGR ) (the "Company") today ... its previously announced consent solicitation (as amended and restated, ... amount 7⅛% Senior Notes due 2018 (the "Notes") to ... pursuant to the Consent Solicitation, (ii) the proposed increased ... date of the Consent Solicitation.    ...
Breaking Medicine Technology: