Catalyst Pharmaceutical Partners Announces Second Quarter 2012 Financial Results

CORAL GABLES, Fla., Aug. 15, 2012 (GLOBE NEWSWIRE) -- Catalyst Pharmaceutical Partners, Inc. (Nasdaq:CPRX) today announced its financial results for the second quarter and six months ended June 30, 2012. For the three months ended June 30, 2012, the Company reported a net loss of $289,080, or $0.01 per basic and diluted share, compared to a net loss of $1,394,151, or $0.06 per basic and diluted share, for the same period in 2011. For the six months ended June 30, 2012, the Company reported a net loss of $1,378,266, or $0.05 per basic and diluted share, compared to a net loss of $2,911,287, or $0.14 per basic and diluted share, for the same period in 2011.

Research and development expenses for the second quarter of 2012 were $532,741, compared to $905,635 in the second quarter of 2011. Research and development expenses for the six months ended June 30, 2012 were $1,260,068 compared to $1,809,588 for the first six months of 2011. Research and development expenses decreased when compared to the same period in 2011, as expenses incurred during the six month period ended June 30, 2011 included pre-clinical studies and drug development activities for CPP-115 in connection with the submission of an IND for CPP-115 (which occurred during the fourth quarter of 2011). General and administrative expenses for the second quarter of 2012 totaled $534,623, compared to $491,828 in the second quarter of 2011. General and administrative expenses for the first six months of 2012 totaled $1,172,006 compared to $1,107,125 in the first six months of 2011. Other income for the second quarter and six months ended June 30, 2012 was $778,284 and $1,053,808, respectively, compared to $3,312 and $5,426 for the same periods in 2011. These fluctuations were primarily due to non-cash changes in the fair value of the Company's outstanding warrants liability.

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