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Catalyst Pharmaceutical Partners Reports First Quarter 2013 Financial Results



Catalyst Pharmaceutical Partners Reports First Quarter 2013 Financial Results

CORAL GABLES, Fla., May 16, 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, today announced
financial results for the three month period ended March 31, 2013.

Patrick J. McEnany, Catalyst's Chief Executive Officer, "Since the beginning
of 2013, we have made solid progress towards completion of our 2013 corporate
goals. We have completed the transfer of the Firdapse™ program from BioMarin
and have started to add additional patients into the LMS-002 clinical trial
for Firdapse™ to treat Lambert-Eaton Myasthenic Syndrome (LEMS). We have also
made progress towards the opening of additional clinical trial sites in the
U.S. and Europe. In that regard, we intend to regularly update the market
regarding the status of our development efforts for Firdapse™ as these matters
progress."

Financial Results

Catalyst reported a GAAP net loss of $1,744,289, or $0.04 per basic and
diluted share, compared to a GAAP net loss of $1,089,186, or $0.04 per basic
and diluted share, for the same period in 2012. Excluding non-cash expense of
$45,326 attributable to the change in fair value of liability-classified
warrants, Non-GAAP^1 net loss was $1,698,963, or $0.04 per share for the first
quarter of 2013. In comparison, Non-GAAP^1 net loss for the first quarter of
2012 was $1,363,393, or $0.06 per share, which excludes non-cash income of
$274,207 attributable to the change in fair value of liability-classified
warrants.

Research and development expenses for the first quarter of 2013 were
$1,092,301, compared to $727,327 in the first quarter of 2012. Research and
development expenses increased when compared to the same period in 2012 as
Catalyst expanded its activities associated with the currently ongoing phase
III trial evaluating Firdapse™ for the treatment of LEMS. Catalyst expects
that research and development expenses will increase during 2013 as a result
of the ongoing development projects for Firdapse™.

General and administrative expenses for the first quarter of 2013 totaled
$613,129, compared to $637,383 in the first quarter of 2012.

As a development-stage specialty pharmaceutical company, Catalyst had no
revenues in either the first quarter of 2013 or the first quarter of 2012.

At March 31, 2013, Catalyst had cash and cash equivalents, certificates of
deposit and short-term investments of $13.2 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, including
Lambert-Eaton Myasthenic Syndrome (LEMS), infantile spasms, and Tourette
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 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
Catalyst's actual results in future periods to differ materially from
forecasted results. A number of factors, including whether the Phase III trial
evaluating Firdapse™ for the treatment of LEMS will be successful, whether the
Phase III trial will be completed on the expected timeline, whether Catalyst
has sufficient resources to meet its projected operating requirements through
the first quarter of 2014, as well as those factors described in Catalyst's
Annual Report on Form 10-K for the fiscal year 2012 and other filings with the
U.S. Securities and Exchange Commission (SEC), could adversely affect
Catalyst. Copies of Catalyst's filings with the SEC are available from the
SEC, may be found on Catalyst's website 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.

^1 Statements made in this press release include a non-GAAP financial measure.
Such information is provided as additional information and not as an
alternative to Catalyst's financial statements presented in accordance with
generally accepted accounting principles (GAAP). This non-GAAP financial
measure is intended to enhance an overall understanding of Catalyst's current
financial performance. Catalyst believes that the non-GAAP financial measure
presented in this press release provides investors and prospective investors
with an alternative method for assessing Catalyst's operating results in a
manner that Catalyst believes is focused on the performance of ongoing
operations and provides a more consistent basis for comparison between
periods. The non-GAAP financial measure in this press release excludes from
the calculation of net loss the expense (or the income) associated with the
change in fair value of the liability-classified warrants. Non-GAAP net loss
per share is calculated by dividing non-GAAP net loss by the weighted average
common shares outstanding.

CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
CONDENSED STATEMENTS OF OPERATIONS (unaudited)
 
                               For the Three Months Ended
                               March 31,
                               2013                     2012
Revenues – government grant      $                  --  $                  -- 
                                                         
Operating costs and expenses:                            
Research and development       1,092,301                727,327 
General and administrative     613,129                  637,383 
Total operating costs and      1,705,430                1,364,710 
expenses
Loss from operations           (1,705,430)              (1,364,710)
Interest income                6,467                    1,317 
Change in fair value of        (45,326)                 274,207 
warrants liability
Loss before income taxes       (1,744,289)              (1,089,186)
Provision for income taxes     --                       --
Net loss                       $ (1,744,289)            $ (1,089,186)
Net loss per share – basic and   $ (0.04)                $ (0.04)
diluted
Weighted average shares
outstanding – basic and        41,420,687               24,710,362
diluted

 
 
CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
CONDENSED BALANCE SHEETS
                                               March 31,       December 31,
                                              2013            2012
                                              (unaudited)      
ASSETS                                                         
Current Assets:                                                
Cash and cash equivalents                     $      646,045  $    1,409,939 
Certificates of deposit                       5,005,380       6,502,825
Short-term investments                        7,507,146       7,504,444
Prepaid expenses                              1,242,785       1,309,470 
Total current assets                          14,401,356      16,726,678
Property and equipment, net                   57,747          53,679
Deposits                                      8,888           8,888 
Total assets                                  $ 14,467,991    $   16,789,245 
                                                               
LIABILITIES AND STOCKHOLDERS' EQUITY                           
Current Liabilities:                                           
Accounts payable                              $      567,185  $     1,365,663 
Accrued expenses and other liabilities        416,050         281,002
Total current liabilities                     983,235         1,646,665
Accrued expenses and other liabilities,       21,265          21,878
non-current
Warrants liability, at fair value             543,913         498,587
Total liabilities                             1,548,413       2,167,130 
                                                               
Total stockholders' equity                    12,919,578      14,622,115 
Total liabilities and stockholders' equity    $ 14,467,991    $  16,789,245 

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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