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Catalyst Pharmaceutical Partners Announces Second Quarter 2012 Financial Results

Stocks in this article: CPRX

As a development-stage specialty pharmaceutical company, Catalyst had no revenues in either the second quarter of 2012 or first six months of 2012.

At June 30, 2012, the Company had cash and cash equivalents of $7.5 million and no debt. Catalyst believes that its existing cash and cash equivalents will be sufficient to fund its currently ongoing CPP-109 and CPP-115 research and development activities, and to continue its operations through the first quarter of 2014.

Recent Accomplishments and Upcoming Events

  • Completed enrollment in the CPP-109 Phase II(b) clinical trial for the treatment of cocaine addiction in May 2012
  • Reported positive results from Phase I(a) clinical study of CPP-115 in May 2012
  • Closed an underwritten offering with net proceeds of approximately $3.9 million in May 2012
  • Presented CPP-115 progress at the 2012 College on Problems of Drug Dependence Symposium in June 2012
  • Published scientific paper describing the ocular safety of short-term vigabatrin treatment for cocaine addiction in online edition of American Journal of Ophthalmology in June 2012
  • Expect to report top-line results of CPP-109 Phase II(b) clinical trial around September 30, 2012
  • Expect to initiate investigator-sponsored CPP-109 Tourette Syndrome proof-of-concept study in the third quarter of 2012

About Catalyst Pharmaceutical Partners, Inc.

Catalyst Pharmaceutical Partners, Inc. is a development-stage specialty pharmaceutical company focused on the development and commercialization of prescription drugs targeting diseases and disorders of the central nervous system, including addiction and epilepsy. Catalyst has two products in development, CPP-109 and CPP-115. It is currently evaluating its lead product and first-in-class GABA aminotransferase inhibitor candidate, CPP-109, for the treatment of cocaine addiction. Both CPP-109 and CPP-115 have been granted "Fast Track" status by the U.S. Food & Drug Administration (FDA) for the treatment of cocaine addiction. Catalyst is also planning to evaluate CPP-109 for the treatment of other addictions. Catalyst believes that it controls all current intellectual property for drugs that have a mechanism of action related to the inhibition of GABA aminotransferase. For more information about Catalyst, 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 whether CPP-109 will be safe and effective for the treatment of addiction, whether the CPP-109 Phase II(b) clinical trial will be successful, whether any of the above-described benefits from having received Fast Track status from the FDA for CPP-109 will be realized by the Company, whether CPP-109 will ever be approved for commercialization, and those 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 Catalyst's web site or may be obtained upon request from Catalyst. Catalyst 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 Six Months
   Ended June 30, Ended June 30,
  2012 2011 2012 2011
         
Revenues   $ --   $ --   $ --  $ -- 
         
Operating costs and expenses:        
Research and development  532,741  905,635  1,260,068  1,809,588 
General and administrative  534,623  491,828  1,172,006  1,107,125 
Total operating costs and expenses  1,067,364  1,397,463  2,432,074  2,916,713 
Loss from operations  (1,067,364) (1,397,463) (2,432,074) (2,916,713)
Interest income   1,365   3,312   2,682   5,426 
Change in fair value of warrants liability   776,919   --   1,051,126   -- 
Loss before income taxes  (289,080) (1,394,151) (1,378,266) (2,911,287)
Provision for income taxes   --   --   --   -- 
Net loss  $(289,080) $(1,394,151) $(1,378,266) $(2,911,287)
Loss per share – basic and diluted  $(0.01) $(0.06) $(0.05) $(0.14)
Weighted average shares outstanding – basic and diluted  26,851,410 21,654,680 25,781,106  20,793,155 
     
 
CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
     
CONDENSED BALANCE SHEETS
     
  June 30, December 31,
  2012  2011
  (unaudited)  
ASSETS    
Current Assets:    
Cash and cash equivalents  $7,514,843 $6,029,067
Prepaid expenses  166,788  199,116
Total current assets  7,681,631  6,228,183
Property and equipment, net  13,556  12,186
Deposits  8,888  8,888
Total assets  $ 7,704,075  $6,249,257
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current Liabilities:    
Accounts payable  $ 222,983  $263,934
Accrued expenses and other liabilities  454,059  569,867
Total current liabilities  677,042  833,801
     
 Accrued expenses and other liabilities, non-current 22,004  9,518
 Warrants liability, at fair value 594,114  1,645,240
 Total liabilities  1,293,160  2,488,559
     
Total stockholders' equity  6,410,915 3,760,698
Total liabilities and stockholders' equity  $7,704,075 $6,249,257
CONTACT:  Patrick J. McEnany
          Catalyst Pharmaceutical Partners
          Chief Executive Officer
          (305) 529-2522
          pmcenany@catalystpharma.com
         
          Melody Carey
          Rx Communications Group
          Co-President
          (917) 322-2571
          mcarey@rxir.com

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