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.