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Catalyst Pharmaceutical Partners Reports Fourth Quarter And Year-End 2009 Financial Results

CORAL GABLES, Fla., April 1 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX), 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.

"In 2009, we transformed Catalyst into a multi-product company with compounds that have potential to address a variety of diseases of the central nervous system," said Patrick J. McEnany, Chief Executive Officer of Catalyst Pharmaceutical Partners.  "We in-licensed from Northwestern University the rights to develop a novel class of GABA aminotransferase inhibitors.  Initially, we intend to develop CPP-115, the lead compound from the license, for the treatment of epilepsy and drug addiction.  In September, we executed a successful equity financing for $3.9 million, which provides Catalyst with sufficient cash to advance the development of both CPP-109 and CPP-115 and provide working capital through at least the first quarter of 2011.  We are also excited by our expected collaboration with The National Institute on Drug Abuse and the U.S. Veterans Administration to conduct a new 200 subject, U.S. Phase II(b) trial evaluating CPP-109 to treat cocaine addiction targeted to begin this summer."

Financial Results

For the year ended December 31, 2009, the Company's net loss was $7,241,928, or $0.48 per basic and diluted share, compared to a net loss of $10,564,597, or $0.81 per basic and diluted share, in the prior year. Results for 2009 and 2008 include non-cash charges relating to stock-based compensation of $601,438 and $717,568, respectively.

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.

General and administrative expenses for 2009 were $2,177,954, compared to $2,183,504 in 2008.  These expenses include non-cash stock-based compensation for 2009 and 2008 of $329,254 and $259,279, 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.

As a development stage biopharmaceutical company, Catalyst had no revenues during 2009 and 2008.

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