Third-quarter 2009 results announced by Catalyst Pharmaceutical

Nov 12 2009

Catalyst Pharmaceutical Partners, Inc. (NasdaqCM: CPRX) today reported financial results for the third quarter and nine months ended September 30, 2009.

Third Quarter 2009 Results

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.

Research and development expenses for the third quarter of 2009 were $850,998 compared to $2,451,579 in the third quarter of 2008, including non-cash stock-based compensation of $42,642 and $54,476, respectively. Research and development expenses for the nine months ended September 30, 2009 were $4,549,883 compared to $5,438,082 for the first nine months of 2008, including non-cash stock-based compensation of $162,782 and $328,564, respectively.

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 a development stage biopharmaceutical company, Catalyst has no revenues to-date. At September 30, 2009, the Company had cash and cash equivalents totaling $4.9 million and no long-term debt. At September 30, 2009, on a pro forma basis after giving effect to an offering of common stock which closed on October 6, 2009, Catalyst had cash and cash equivalents of $8.6 million.

"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.