Catalyst Pharmaceutical Partners Announces Automatic Conversion of $5 Million Promissory Note Into Shares of Common Stock

Catalyst Pharmaceutical Partners Announces Automatic Conversion of $5 Million
Promissory Note Into Shares of Common Stock

CORAL GABLES, Fla., Dec. 11, 2012 (GLOBE NEWSWIRE) -- Catalyst Pharmaceutical
Partners, Inc. (Nasdaq:CPRX) today announced that it has issued 6,666,667
shares (the "Shares") of its authorized but unissued common stock to BioMarin
Pharmaceutical, Inc. ("BioMarin") upon the automatic conversion of the $5
million loan that Catalyst received from BioMarin on October 26, 2012 in
connection with Catalyst's licensing from BioMarin of the North American
rights to Firdapse™. The Shares were issued at a conversion price of $0.75 per
share in accordance with the terms of that certain Convertible Promissory Note
and Note Purchase Agreement, dated October 26, 2012 (the "Agreement"), between
Catalyst and BioMarin. Following the issuance of the Shares, Catalyst has
41,420,687 shares of outstanding common stock and BioMarin owns approximately
16.1% of Catalyst's outstanding common stock.

The issuance of the Shares was not registered under the Securities Act of
1933, as amended (the "Securities Act"), pursuant to an exemption therefrom,
and the certificate representing the Shares includes a restrictive transfer
legend which provides that the Shares cannot be transferred unless they are
registered for resale under the Securities Act or unless an exemption from
such registration is then available (such as Rule 144). Further, pursuant to
the Agreement, BioMarin has also agreed that so long as they own ten percent
(10%) or more of Catalyst's common stock, they will comply with Rule 144 under
the Securities Act as if they are an affiliate of Catalyst in connection with
all sales of Catalyst's common stock.

About Catalyst Pharmaceutical Partners

Catalyst Pharmaceutical Partners, Inc. is a development-stage specialty
pharmaceutical company focused on the development and commercialization of
prescription drugs targeting orphan drug diseases and disorders of the central
nervous system. Catalyst has three products in development, Firdapse™, which
Catalyst plans to develop for commercialization in North America as a
treatment for Lambert-Eaton Myasthenic Syndrome (LEMS), 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 epilepsy
(primarily infantile spasms) and CPP-109 (vigabatrin, a GABA aminotransferase
inhibitor), which Catalyst hopes to develop for the treatment of Tourette's
Disorder. 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 Firdapse™ will be
determined to be an effective treatment for LEMS or other diseases, whether
CPP-115 will be determined to be an effective treatment for its targeted
indications, whether CPP-109 will be determined to be an effective treatment
for Tourette's Disorder, 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 Catalyst'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.

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
 
Press spacebar to pause and continue. Press esc to stop.