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Catalyst Pharmaceutical Partners Announces Third Quarter 2012 Financial Results



Catalyst Pharmaceutical Partners Announces Third Quarter 2012 Financial
Results

CORAL GABLES, Fla., Nov. 15, 2012 (GLOBE NEWSWIRE) -- Catalyst Pharmaceutical
Partners, Inc. (Nasdaq:CPRX) today announced its financial results for the
third quarter and nine months ended September 30, 2012. For the three months
ended September 30, 2012, the Company reported a net loss of $2,621,535, or
$0.08 per basic and diluted share, compared to a net loss of $1,127,841, or
$0.05 per basic and diluted share, for the same period in 2011. For the nine
months ended September 30, 2012, the Company reported a net loss of
$3,999,801, or $0.14 per basic and diluted share, compared to a net loss of
$4,039,128, or $0.19 per basic and diluted share, for the same period in 2011.
These fluctuations were primarily due to non-cash changes in the fair value of
the Company's outstanding warrants liability, which resulted in losses from
the change in fair value of warrants liability of $1,340,566 and $289,440,
respectively, for the three and nine months ended September 30, 2012.

Research and development expenses for the third quarter of 2012 were $654,837,
compared to $614,137 in the third quarter of 2011. Research and development
expenses for the nine months ended September 30, 2012 were $1,914,905 compared
to $2,423,725 for the first nine months of 2011. During the nine month period
ended September 30, 2012, research and development expenses decreased when
compared to the same period in 2011, as expenses incurred during the nine
month period ended September 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 third quarter of 2012 totaled $628,876,
compared to $516,873 in the third quarter of 2011. General and administrative
expenses for the first nine months of 2012 totaled $1,800,882 compared to
$1,623,998 in the first nine months of 2011.

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

At September 30, 2012, the Company had cash and cash equivalents of $12.0
million and no debt. On October 26, 2012, the Company received a $5 million
cash infusion from BioMarin. Catalyst believes that its existing cash and cash
equivalents will be sufficient to support its operations through the first
quarter of 2014.

Recent Events

  * Closed a registered direct public offering with net proceeds of
    approximately $5.6 million in August 2012
  * Announced on September 24, 2012 that an investigator-sponsored CPP-109
    Tourette's Disorder proof-of-concept study was initiated
  * Announced on October 31, 2012 that Catalyst entered into a strategic
    collaboration with BioMarin for Firdapse™ in North America. In connection
    with such collaboration, BioMarin invested $5 million in Catalyst, which
    will be used for the development of Firdapse™
  * Reported unsuccessful top-line results for the CPP-109 Phase II(b)
    clinical trial on November 8, 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. Catalyst has three products in development, CPP-109 (vigabatrin, a
GABA aminotransferase inhibitor), which Catalyst plans to develop for the
treatment of cocaine addiction and Tourette's Disorder, 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, which Catalyst plans to develop for the treatment of drug
addiction and epilepsy (primarily infantile spasms) and Firdapse™, which
Catalyst plans to develop for commercialization in North America as a
treatment for Lambert-Eaton Myasthenic Syndrome (LEMS). For additional
information about Catalyst, please visit 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
Catalyst's actual results in future periods to differ materially from
forecasted results. A number of factors, including whether CPP-109 will be
determined to be an effective treatment for cocaine addiction and Tourette's
Disorder, whether CPP-115 will be determined to be an effective treatment for
its targeted indications, whether Firdapse™ will be determined to be an
effective treatment for LEMS or other diseases, whether Catalyst will ever
receive an approval of an NDA for any of its product candidates, whether
Catalyst will ever be in a position to commercialize any of its product
candidates, and those other factors described in Catalyst's filings with the
U.S. Securities and Exchange Commission (SEC), could adversely affect the
forward-looking statements contained in this press release. 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 Nine Months
                        Ended September 30,        Ended September 30,
                       2012          2011          2012          2011
                                                                  
Revenues                $ --          $  --         $ --         $ -- 
                                                                  
Operating costs and                                               
expenses:
Research and           654,837       614,137       1,914,905     2,423,725 
development
General and            628,876       516,873       1,800,882     1,623,998 
administrative
Total operating costs  1,283,713     1,131,010     3,715,787     4,047,723 
and expenses
Loss from operations    (1,283,713)   (1,131,010)   (3,715,787)   (4,047,723)
Interest income         2,744         3,169         5,426         8,595 
Change in fair value    (1,340,566)   --            (289,440)     -- 
of warrants liability
Loss before income      (2,621,535)   (1,127,841)   (3,999,801)   (4,039,128)
taxes
Provision for income    --            --            --            -- 
taxes
Net loss               $ (2,621,535) $ (1,127,841) $ (3,999,801) $ (4,039,128)
Loss per share – basic $ (0.08)      $ (0.05)      $ (0.14)      $ (0.19)
and diluted
Weighted average
shares outstanding –   32,132,824    21,654,680    27,913,800    21,083,485 
basic and diluted

 
 
CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
 
CONDENSED BALANCE SHEETS
 
                                                    September 30, December 31,
                                                    2012          2011
                                                    (unaudited)    
ASSETS                                                             
Current Assets:                                                    
Cash and cash equivalents                           $ 11,973,860  $ 6,029,067
Prepaid expenses                                    111,632       199,116
Total current assets                                12,085,492    6,228,183
Property and equipment, net                         10,832        12,186
Deposits                                            8,888         8,888
Total assets                                        $ 12,105,212  $ 6,249,257
                                                                   
LIABILITIES AND STOCKHOLDERS' EQUITY                               
Current Liabilities:                                               
Accounts payable                                    $ 355,909     $ 263,934
Accrued expenses and other liabilities              397,421       569,867
Total current liabilities                           753,330       833,801
                                                                   
 Accrued expenses and other liabilities,            22,285        9,518
non-current
 Warrants liability, at fair value                  1,934,680     1,645,240
 Total liabilities                                  2,710,295     2,488,559
                                                                   
Total stockholders' equity                          9,394,917     3,760,698
Total liabilities and stockholders' equity          $ 12,105,212  $ 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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