CORAL GABLES, Fla., April 1 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical Partners, Inc. , a biopharmaceutical company that acquires, in-licenses, develops and commercializes prescription drugs for the treatment of diseases of the central nervous system, today reported financial results for the fourth quarter and year ended December 31, 2009.
Financial Results
Research and development expenses for 2009 were $5,097,440 compared to $8,710,441 in 2008. These expenses include non-cash stock-based compensation for 2009 and 2008 of $272,184 and $458,289, respectively.
For the fourth quarter of 2009, the Company’s net loss was $1,162,120, or $0.06 per basic and diluted share, compared to a net loss of $3,747,750, or $0.27 per basic and diluted share, for the same period in 2008. Results for the fourth quarters of 2009 and 2008 include non-cash charges relating to stock-based compensation of $319,277 and $226,391, respectively.
At December 31, 2009, the Company had cash and cash equivalents of $7.8 million and no long-term debt. The Company believes that its existing cash and cash equivalents will be sufficient to meet its projected operating requirements through at least the first quarter of 2011.
CPP-109
CPP-115
CPP-115 has been shown to be at least 200 times more potent than CPP-109, Catalyst’s version of vigabatrin, in both in-vitro and animal model studies. The increased potency could enable the development of superior or alternative dosage forms and routes of administration compared with the marketed version of vigabatrin, Sabril(R) (marketed in the U.S. for infantile spasms and refractory complex partial seizures). It may also have superior specificity to GABA aminotransferase and, possibly, a better side effect profile (e.g. less visual field defects) compared with Sabril(R). The Company believes that CPP-115 and other compounds that may be developed under the Northwestern University license are, in addition to vigabatrin, the only drugs currently in development or on the market having GABA aminotransferase inhibition as their primary mode of action.
About Catalyst Pharmaceutical Partners, Inc.
CONTACT: Jack Weinstein, Chief Financial Officer of Catalyst
Pharmaceutical Partners, +1-201-934-4201, jweinstein@catalystpharma.com; or
Melody Carey, Co-President of Rx Communications Group, +1-917-322-2571,
mcarey@rxir.com
Web site: http://www.catalystpharma.com/
