CORAL GABLES, Fla., April 2, 2013 (GLOBE NEWSWIRE) -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq:CPRX), a specialty pharmaceutical company focused on the development and commercialization of novel prescription drugs targeting rare (orphan) neuromuscular and neurological diseases and disorders, today reported financial results for the fourth quarter and year ended December 31, 2012.
Patrick J. McEnany, CEO of Catalyst, commented, "2012 was a very challenging and yet transformational year for our company. Clearly the Catalyst team was very disappointed with the results of our Phase IIb clinical trial for CPP-109 as a potential treatment for cocaine addiction. We had high expectations to be able to deliver the first effective drug therapy for this horrific, intractable disease. We want to thank all the patients, patients' families, physicians, investigators and our partner, the National Institute on Drug Abuse, for their support and involvement in this project."
Mr. McEnany continued, "On the bright side, during the fourth quarter of 2012 we completed a strategic alliance with BioMarin Pharmaceutical Inc., where we acquired the North American rights to Firdapse™, a late stage Phase III program to treat Lambert-Eaton Myasthenic Syndrome, (LEMS), a rare autoimmune, neuromuscular disease with the primary symptoms of progressive muscle weakness and fatigue. Also, as part of the transaction, BioMarin made a $5 million equity investment in Catalyst, resulting in a 16.6% stake in the Company. CPP-115 has successfully completed a Phase Ia, first-in-man study. The near-term advancement of CPP-115 for the Infantile Spasm indication will require a strategic partner or grant funding. We have recently augmented our management team in the areas of regulatory and clinical operations and expect to add a senior commercial operations person in the second quarter of this year. Finally, we ended 2012 with a healthy balance sheet and have sufficient cash and cash equivalents, certificates of deposits and short-term investments to fund our research and development activities for Firdapse™ and other operations through the first quarter of 2014."