Third Quarter and Nine Months 2010 Results

For the three months ended September 30, 2010, the Company reported a net loss of $903,985, or $0.05 per basic and diluted share compared to a net loss of $1,286,720, or $0.09 per basic and diluted share, for the same period in 2009. For the nine months ended September 30, 2010, the Company reported a net loss of $3,277,569, or $0.18 loss per basic and diluted share, compared to a net loss of $6,079,808, or $0.43 loss per basic and diluted share, for the same period in 2009. 

Research and development expenses for the third quarter of 2010 were $500,091, compared to $850,998 in the third quarter of 2009. Research and development expenses for the nine months ended September 30, 2010 were $1,737,613 compared to $4,549,883 for the first nine months of 2009. Expenses for research and development for the three and nine month periods ended September 30, 2010 decreased compared to amounts expended in the same periods in 2009 resulting from the completion in the third quarter of 2009 of the Company's Phase II(a) clinical trial evaluating CPP-109 as a treatment of cocaine addiction and its proof-of-concept study evaluating CPP-109 as a treatment of methamphetamine addiction.  The Company expects that costs related to research and development activities will increase for the remainder of 2010 and into 2011 as the Company expects to conduct additional non-clinical trials and a Phase I human clinical trial of CPP-115, and initiates the NIDA/VA U.S. Phase II(b) clinical trial evaluating CPP-109 as a treatment for cocaine addiction.

General and administrative expenses for the third quarter of 2010 totaled $408,374, compared to $441,316 in the third quarter of 2009. General and administrative expenses for the first nine months of 2010 totaled $1,554,396 compared to $1,555,786 in the first nine months of 2009.