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Catalyst Pharmaceutical Partners Announces Third Quarter 2010 Financial And Operational Results

As a development stage pharmaceutical company, Catalyst has no revenues to-date.

At September 30, 2010, the Company had cash and cash equivalents of $6.2 million and no debt.

About Catalyst Pharmaceutical Partners

Catalyst Pharmaceutical Partners, Inc. is a development-stage biopharmaceutical company focused on the development and commercialization of prescription drugs targeting addiction and diseases of the central nervous system, such as epilepsy and neuropathic pain. Catalyst has two products in development, and is currently evaluating the lead product candidate, CPP-109 (vigabatrin, a GABA aminotransferase inhibitor), for the treatment of cocaine addiction. CPP-109 has been granted "Fast Track" status by the U.S. Food & Drug Administration (FDA) for the treatment of cocaine addiction. Catalyst also expects to evaluate CPP-109 for the treatment of other addictions and obsessive-compulsive disorders. Catalyst is also developing CPP-115, another GABA aminotransferase inhibitor that is more potent than vigabatrin and has reduced side effects (e.g., visual field defects, or VFDs) from those associated with vigabatrin. Catalyst is planning to develop CPP-115 for several indications, including drug addiction, epilepsy and neuropathic pain. CPP-115 has been granted orphan-drug designation for the treatment of infantile spasms by the FDA. Catalyst believes that it controls all current intellectual property for drugs that have a mechanism of action related to GABA aminotransferase. For more information about the Company, go to www.catalystpharma.com .

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. A number of factors, including the anticipated timing of the completion of the studies described in this press release, the Company's ability to fund current and anticipated clinical and non-clinical trials from its available working capital, the Company's ability to obtain the financing required to complete the necessary studies to file an Investigational New Drug Application (IND) for CPP-115 and to fund a Phase I human clinical trial of CPP-115 and the other factors described in the Company's filings with the U.S. Securities and Exchange Commission (SEC), could adversely affect the Company. Copies of the Company's filings with the SEC are available from the SEC, may be found on the Company's website or may be obtained upon request from the Company. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.
CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
         
CONDENSED STATEMENTS OF OPERATIONS (unaudited)
         
  For the Three Months For the Nine Months
   Ended September 30, Ended September 30,
  2010 2009 2010 2009
         
Revenues   $ --  $ --   $ -- $ --
         
Operating costs and expenses:        
Research and development  500,091 850,998 1,737,613 4,549,883
General and administrative  408,374 441,316 1,554,396 1,555,786
Total operating costs and expenses  908,465 1,292,314 3,292,009 6,105,669
Loss from operations  (908,465) (1,292,314) (3,292,009) (6,105,669)
Interest income  4,480 5,594 14,440 25,861
Loss before income taxes  (903,985) (1,286,720) (3,277,569) (6,079,808)
Provision for income taxes  -- -- -- --
Net loss  $(903,985) $(1,286,720) $(3,277,569) $(6,079,808)
Loss per share – basic and diluted  $(0.05) $(0.09) $(0.18) $(0.43)
Weighted average shares outstanding – basic and diluted  18,821,881 14,065,385 18,305,735 14,065,385
 
CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
     
CONDENSED BALANCE SHEETS
     
  September 30, December 31,
  2010   2009
  (unaudited)  
ASSETS    
Current Assets:    
Cash and cash equivalents  $ 6,247,177  $ 7,779,277 
Prepaid expenses  108,567  108,147 
Total current assets  6,355,744  7,887,424 
Property and equipment, net  49,133  68,447 
Deposits  10,511  10,511 
Total assets  $ 6,415,388  $ 7,966,382 
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current Liabilities:    
Accounts payable  $ 241,271  $ 249,635 
Accrued expenses and other liabilities  154,795  44,517 
Total current liabilities  396,066  294,152 
 Accrued expenses and other liabilities, non-current 18,771  54,370 
 Total liabilities 414,837  348,522 
     
Total stockholders' equity  6,000,551 7,617,860 
Total liabilities and stockholders' equity  $6,415,388 $  7,966,382 
CONTACT:  Catalyst Pharmaceutical Partners, Inc.
          Jack Weinstein, Chief Financial Officer
          (201) 934-4201
          jweinstein@catalystpharma.com
         
          Rx Communications Group
          Melody Carey, Co-President
          (917) 322-2571
          mcarey@rxir.com

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