CORAL GABLES, Fla., Nov. 16, 2010 (GLOBE NEWSWIRE) -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq:CPRX) today announced its financial and operational results for the third quarter and nine months ended September 30, 2010. Highlights for the third quarter of 2010 and subsequent events include:
- Reported positive results of CPP-115 non-clinical trials in the fourth quarter of 2010.
- Raised $1.5 million in the third quarter of 2010 through a registered direct offering of common stock to a major fundamental healthcare investor.
- Received a $488,958 grant under the Qualifying Therapeutic Discovery Projects Program (section 48D of the Internal Revenue Code) in the fourth quarter of 2010.
- Appointed Dr. Richard B. Silverman to the Company's Scientific Advisory Board in the fourth quarter of 2010. Dr. Silverman is the inventor of Pfizer's $3 billion pain medication, Lyrica ®. Dr. Silverman is also the inventor of CPP-115, Catalyst's newest GABA aminotransferase inhibitor.
- Expect to initiate a registration-directed CPP-109 U.S. Phase II(b) cocaine trial this quarter, with top-line results from this trial expected in the second quarter of 2012.
- Expect a CPP-109 investigator sponsored cocaine/alcohol co-morbidity study to commence at the University of Pennsylvania during the first quarter of 2011.
"We are pleased with the recently reported positive results of our CPP-115 non-clinical program," said Patrick J. McEnany, Catalyst's Chief Executive Officer. "We expect to begin the remaining non-clinical studies shortly to enable us to file an IND for CPP-115 by the middle of next year. Our CPP-109 U.S. Phase II(b) cocaine trial in partnership with the National Institute on Drug Addiction (NIDA) and the U.S. Veterans Administration is on track to commence in the fourth quarter of 2010. We are also excited by the addition of Dr. Silverman to our Scientific Advisory Board, and we expect that Dr. Silverman will help us explore new ways to maximize the potential of his discoveries that we in-licensed from Northwestern University last year."