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Catalyst Pharmaceutical Partners Reports Fourth Quarter and Year-End 2012 Financial Results



Catalyst Pharmaceutical Partners Reports Fourth Quarter and Year-End 2012
Financial Results

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."

Financial Results

For the year ended December 31, 2012, Catalyst's net loss was $4,076,386, or
$0.14 per basic and diluted share, compared to a net loss of $6,391,062, or
$0.29 per basic and diluted share, in the prior year. Research and development
expenses for 2012 were $2,659,597, compared to $3,383,965 in 2011. General and
administrative expenses for 2012 were $2,561,543, compared to $2,698,174 in
2011. Change in fair value of warrants liability, a non-cash item, resulted in
a gain of $1,129,778 for 2012, as compared to a loss of $319,908 for 2011.

For the fourth quarter of 2012, Catalyst's net loss was $76,585, or $0.00 per
basic and diluted share, compared to a net loss of $2,351,934, or $0.10 per
basic and diluted share, for the same period in 2011.

At December 31, 2012, Catalyst had cash and cash equivalents, certificates of
deposit and short-term investments of $15.4 million and no debt. Catalyst
believes that its existing cash and investments will be sufficient to meet its
projected operating requirements through the first quarter of 2014.

About Catalyst Pharmaceutical Partners

Catalyst Pharmaceutical Partners, Inc., is a specialty pharmaceutical company
focused on the development and commercialization of novel prescription drugs
targeting rare (orphan) neuromuscular and neurological diseases and disorders,
including Lambert-Eaton Myasthenic Syndrome (LEMS), infantile spasms, and
Tourette's Syndrome. Catalyst's lead candidate, Firdapse™ for the treatment of
LEMS, is currently undergoing testing in a global, multi-center, pivotal phase
III trial. Catalyst is also developing a potentially safer and more potent
vigabatrin analog (designated CPP-115) to treat infantile spasms, and
epilepsy, as well as other neurological conditions associated with reduced
GABAergic signaling, like post-traumatic stress disorder, Tourette's Syndrome,
and movement disorders associated with the treatment of Parkinson's Disease.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking
statements involve known and unknown risks and uncertainties, which may cause
the Company's actual results in future periods to differ materially from
forecasted results. A number of factors including whether the Phase III trial
will be successful, whether the Phase III trial will be completed on the
expected timeline, whether any of the Company's product candidates will ever
be approved for commercialization, as well as those factors described in the
Company's filings with the U.S. Securities and Exchange Commission (SEC),
could adversely affect the Company. Copies of the Company's filings with the
SEC are available from the SEC, may be found on the Company's website or may
be obtained upon request from the Company. The Company 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)

STATEMENTS OF OPERATIONS
                                                                  
                   Year Ended December 31,
                   2012                   2011                   2010
                                                                  
Revenues –         $                   -- $                   -- $     
government grant                                                 488,958
Operating costs                                                   
and expenses:
Research and       2,659,597              3,383,965              2,306,781
development
General and        2,561,543              2,698,174              2,206,358
administrative
Total operating    5,221,140              6,082,139              4,513,139
costs and expenses
                                                                  
Loss from          (5,221,140)            (6,082,139)            (4,024,181)
operations
Interest income    14,976                 10,985                 17,858
Change in fair
value of warrants  1,129,778               (319,908)              --
liability
                                                                  
Loss before income (4,076,386)            (6,391,062)            (4,006,323)
taxes
Provision for        --                    --                    --
income taxes
Net loss           $ (4,076,386)          $ (6,391,062)          $ (4,006,323)
Net loss per share                                               $       
- basic and        $           (0.14)     $           (0.29)        (0.22)
diluted
                                                                  
Weighted average
shares outstanding  30,033,108            21,728,292             18,580,223
– basic and
diluted

 
 
 
CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
 
CONDENSED BALANCE SHEETS
                                                                  
                                                    December 31,
                                                    2012         2011
ASSETS
Current assets:                                                   
Cash and cash equivalents                           $ 1,409,939  $ 6,029,067
Certificates of deposit                             6,502,825    --
Short-term investments                               7,504,444   --
Prepaid expenses                                    1,309,470     199,116
Total current assets                                 16,726,678  6,228,183
Property and equipment, net                         53,679       12,186
Deposits                                            8,888        8,888
Total assets                                        $ 16,789,245 $ 6,249,257
                                                                  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:                                              
Accounts payable                                    $  1,365,663 $ 263,934
Accrued expenses and other liabilities               281,002     569,867
Total current liabilities                            1,646,665   833,801
Accrued expenses and other liabilities, non-current  21,878      9,518
Warrants liability, at fair value                   498,587      1,645,240
Total liabilities                                   2,167,130    2,488,559
                                                                  
Total stockholders' equity                          14,622,115   3,760,698
Total liabilities and stockholders' equity          $ 16,789,245 $ 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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