CORAL GABLES, Fla., Aug. 7 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical Partners, Inc. today reported financial results for the second quarter and six months ended June 30, 2009.
For the quarter ended June 30, 2009, the Company reported a net loss of $1,761,887, or $0.13 per basic and diluted share, compared to a net loss of $2,377,440, or $0.19 per basic and diluted share for the same period in 2008. Second quarter 2009 results included non-cash charges relating to stock-based compensation in the amount of $64,532, compared to $123,208 in the same period in 2008. For the six months ended June 30, 2009, the Company reported a net loss of $4,793,088, or $0.34 loss per basic and diluted share, compared to a net loss of $3,961,487, or $0.32 loss per basic and diluted share, for the same period in 2008. Results for the first six months of 2009 included non-cash charges relating to stock-based compensation in the amount of $206,806, compared to $386,612 in the same period in 2008.
General and administrative expenses for the second quarter of 2009 totaled $392,559 compared to $561,533 for the second quarter of 2008, including non-cash stock-based compensation of $16,092 and $23,676, respectively. General and administrative expenses for the first six months of 2009 totaled $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.
"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."
McEnany concluded, "Catalyst, along with leading addiction clinicians across the U.S., continues to seek governmental grants from the National Institutes of Health ("NIH"), the National Institute on Drug Abuse, and other agencies that operate under the NIH umbrella, for future vigabatrin addiction trials and to provide a portion of the required funding for our future clinical and non-clinical trials."
A paper describing the positive results obtained in an investigator-initiated Phase II trial conducted in Mexico in 2007 was published on August 3, 2009 in the online edition of The American Journal of Psychiatry, a world leading peer-reviewed medical journal. The paper, entitled "Randomized, Double-Blind, Placebo-Controlled Trial of Vigabatrin for the Treatment of Cocaine Dependence in Mexican Parolees," was authored by Jonathan D. Brodie, M.D., Ph.D., Brady G. Case, M.D., Emilia Figueroa, M.D., Stephen L. Dewey, Ph.D., James A. Robinson, M.Ed., Joseph A. Wanderling, M.A. and Eugene M. Laska, Ph.D. The paper suggests that vigabatrin may be effective in the treatment of cocaine addiction. An abstract of the paper can be accessed by clicking here.
About Catalyst Pharmaceutical Partners
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 June 30, 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.
Catalyst Pharmaceutical Partners, Inc.
