CORAL GABLES, Fla., Nov. 12 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical Partners, Inc. (NasdaqCM: CPRX) today reported financial results for the third quarter and nine months ended September 30, 2009.
For the quarter ended September 30, 2009, the Company reported a net loss of $1,286,720, or $0.09 per basic and diluted share, compared to a net loss of $2,855,360, or $0.22 per basic and diluted share for the same period in 2008. Third quarter 2009 results included non-cash charges relating to stock-based compensation in the amount of $75,355, compared to $104,565 in the same period in 2008. For the nine months ended September 30, 2009, the Company reported a net loss of $6,079,808, or $0.43 loss per basic and diluted share, compared to a net loss of $6,816,847, or $0.54 loss per basic and diluted share, for the same period in 2008. Results for the first nine months of 2009 included non-cash charges relating to stock-based compensation in the amount of $282,161, compared to $491,177 in the same period in 2008.
General and administrative expenses for the third quarter of 2009 totaled $441,316 compared to $463,199 for the third quarter of 2008, including non-cash stock-based compensation of $32,713 and $50,089, respectively. General and administrative expenses for the first nine months of 2009 totaled $1,555,786 compared to $1,664,405 in the first nine months of 2008, including non-cash stock-based compensation of $119,379 and $162,613, respectively.
“As we reported in our September 30, 2009 press release, we are continuing our efforts to advance CPP-109 in the clinic as a treatment for cocaine addiction. We are pleased to have raised almost $4.0 million in new equity last month to apply toward our goal. We are also continuing to explore additional sources of funds that may be available to us from government agencies operating under the umbrella of the National Institutes of Health, as well as from other governmental agencies with an interest in drug addiction and epilepsy. Further, we continue to seek out and engage potential strategic partners in discussions about collaborating with us in the development of both CPP-109 and our new compound, CPP-115. Finally, we now have sufficient cash to conduct additional clinical and non-clinical trials on our product candidates and to continue our operations through the first quarter of 2011,” said Patrick J. McEnany, Catalyst’s Chief Executive Officer.
Catalyst Pharmaceutical Partners, Inc. is a biopharmaceutical company focused on the development and commercialization of prescription drugs targeting diseases of the central nervous system with a focus on the treatment of drug addiction and epilepsy. 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. Catalyst has also recently been granted worldwide rights to another patented drug, CPP-115, by Northwestern University. The Company intends to pursue development of CPP-115 for several indications, including drug addiction and epilepsy. For more information about the Company, go to www.catalystpharma.com.
CONTACT: Jack Weinstein, Catalyst Pharmaceutical Chief Financial Officer,
+1-201-934-4201, jweinstein@catalystpharma.com; Melody Carey, Rx
Communications Group Co-President, +1-917-322-2571, mcarey@rxir.com
Web site: http://www.catalystpharma.com/
