Catalyst Pharmaceutical Partners Announces Results Of Operations For 2006 Third Quarter
CORAL GABLES, Fla., Dec. 15 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical Partners, Inc. today announced its results of operations for the three and nine months ended September 30, 2006. The Company reported a net loss of $1,988,213, or $0.29 per basic and diluted share, for the first nine months of fiscal 2006, compared to a net loss of $1,549,443, or $0.26 loss per basic and diluted share, for the comparative fiscal 2005 period. The Company further reported a net loss of $1,321,388, or $0.19 per basic and diluted share, for the three months ended September 30, 2006, compared to a net loss of $227,771, or $0.03 per basic and diluted share, for the comparable 2005 period. Results for the three and nine month 2006 periods include non-cash charges relating to stock-based compensation of $1,069,943 and $828,818, respectively, compared to stock-based compensation charges of $1,093,063 and $79,688, respectively, for the comparable 2005 nine and three month periods.
Catalyst Pharmaceutical Partners, Inc. is a specialty pharmaceutical company focused on the development and commercialization of prescription drugs for the treatment of addiction. The Company's initial product candidate is CPP-109, which is based on the chemical compound gamma-vinyl-GABA, commonly referred to as vigabatrin. The Company intends in the first quarter of 2007 to commence a U.S. Phase II clinical trial evaluating CPP-109 as a treatment for cocaine addiction.
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 those described in the Form 10-Q that the Company has filed with the U.S. Securities and Exchange Commission ("SEC") reporting its financial position and results of operations for the quarter ended September 30, 2006 and the Company's Prospectus, dated November 7, 2006 which is a part of the Company's Registration Statement on Form S-1 (file no. 333-136039), could adversely affect the Company's ability to obtain these results. Copies of the Company's filings with the SEC are available from the SEC 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.
CONTACT: Patrick J. McEnany, CEO, or Jack Weinstein, CFO, both of CatalystPharmaceutical Partners, Inc., +1-305-529-2522