Catalyst Pharmaceutical Partners Announces Second Quarter 2013 Financial Results

Catalyst Pharmaceutical Partners Announces Second Quarter 2013 Financial
Results

CORAL GABLES, Fla., Aug. 15, 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 second quarter and six months period ended June 30,
2013.

"We are pleased with the progress that we have made toward initiating new
clinical trial sites and enrollment of patients in our Phase III clinical
trial for Firdapse™ to treat patients with Lambert-Eaton Myasthenic Syndrome
(LEMS). Since assuming the management of this trial from BioMarin, we have
added 8 new trial sites, and we expect to add an additional 8 trial sites by
the end of September. We continue to expect that we will report top-line data
from this trial in the second quarter of 2014," said Patrick J. McEnany,
Catalyst's Chairman and Chief Executive Officer. "The Catalyst team is focused
on all activities necessary for a successful registration trial, and we have
also begun pre-commercialization activities for Firdapse™."

Financial Results

For the quarter ended June 30, 2013, Catalyst reported a GAAP net loss of
$3,143,590, or $0.08 per basic and diluted share, compared to a GAAP net loss
of $289,080, or $0.01 per basic and diluted share, for the same period in
2012. Excluding non-cash expense of $498,587 attributable to the change in
fair value of liability-classified warrants, Non-GAAP^1 net loss was
$2,645,003 or $0.06 per share for the second quarter of 2013. In comparison,
Non-GAAP^1 net loss for the second quarter of 2012 was $1,065,999, or $0.04
per share, which excludes non-cash income of $776,919 attributable to the
change in fair value of liability-classified warrants.

For the six months ended June 30, 2013, Catalyst reported a GAAP net loss of
$4,887,879, or $0.12 per basic and diluted share, compared to a GAAP net loss
of $1,378,266, or $0.05 per basic and diluted share, for the same period in
2012. Excluding non-cash expense of $543,913 attributable to the change in
fair value of liability-classified warrants, Non-GAAP^1 net loss was
$4,343,966 or $0.10 per share for the six months ended June 30, 2013. In
comparison, Non-GAAP^1 net loss for the six months ended June 30, 2012 was
$2,429,392, or $0.09 per share, which excludes non-cash income of $1,051,126
attributable to the change in fair value of liability-classified warrants.

Research and development expenses for the second quarter of 2013 were
$2,132,038, compared to $532,741 in the second quarter of 2012. For the six
months ended June 30, 2013, research and development expenses were $3,224,339,
compared to $1,260,068 in the comparable period 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 second quarter of 2013 totaled
$521,491, compared to $534,623 in the second quarter of 2012. For the six
months ended June 30, 2013, general and administrative expenses totaled
$1,134,620, compared to $1,172,006 in the same period in 2012.

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

At June 30, 2013, Catalyst had cash and cash equivalents, certificates of
deposit and short-term investments of $11.4 million and no debt. Catalyst
believes that its existing cash and investments will be sufficient to meet its
currently anticipated working capital requirements through the first quarter
of 2014.

Upcoming Investor Conferences

Catalyst's CEO, Patrick J. McEnany and COO/CSO, Dr. Steven Miller will present
at the following investor conferences:

  *Rodman and Renshaw 15^th Annual Global Investment Conference, September
    8-10, 2013, at the Millennium Broadway Hotel in New York City.
    
  *12^th Annual BIO Investor Forum, October 8-9, 2013, at the Palace Hotel in
    San Francisco.

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.

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 currently anticipated working capital
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 its 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.


^1Statements 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                      For the Six Months
               Ended June 30,                            Ended June 30,
              2013               2012                   2013                   2012
                                                                            
Revenues –     $
government     --               $-- $-- $--
grant
                                                                            
Operating
costs and                                                                    
expenses:
Research and   2,132,038          532,741                3,224,339              1,260,068
development
General and    521,491            534,623                1,134,620              1,172,006
administrative
Total
operating      2,653,529          1,067,364              4,358,959              2,432,074
costs and
expenses
Loss from      (2,653,529)       (1,067,364)           (4,358,959)           (2,432,074)
operations
Interest       8,526            1,365                 14,993               2,682
income
Change in fair
value of       (498,587)         776,919               (543,913)             1,051,126
warrants
liability
Loss before    (3,143,590)       (289,080)             (4,887,879)           (1,378,266)
income taxes
Provision for  --                --                    --                    --
income taxes
Net loss       $(3,143,590)      $(289,080)            $ (4,887,879)          $(1,378,266)
Net loss per
share – basic  $(0.08)           $(0.01)               $ (0.12)             $(0.05)
and diluted
Weighted
average shares
outstanding –  41,445,413         26,851,410             41,433,118             25,781,106
basic and
diluted




CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)

CONDENSED BALANCE SHEETS
                                                           
                                                           
                                             June 30, 2013 December 31, 2012
                                            (unaudited)     
ASSETS                                                      
Current Assets:                                             
Cash and cash equivalents                    $879,076 $1,409,939
Certificates of deposit                      4,008,305       6,502,825
Short-term investments                       6,482,467       7,504,444
Prepaid expenses                             1,114,425       1,309,470
Total current assets                         12,484,273      16,726,678
Property and equipment, net                  52,041          53,679
Deposits                                     8,888           8,888
Total assets                                 $12,545,202    $16,789,245
                                                           
LIABILITIES AND STOCKHOLDERS' EQUITY                        
Current Liabilities:                                        
Accounts payable                             $448,282 $1,365,663
Accrued expenses and other liabilities       1,189,391       281,002
Total current liabilities                    1,637,673       1,646,665
Accrued expenses and other liabilities,      20,653          21,878
non-current
Warrants liability, at fair value            1,042,500       498,587
Total liabilities                            2,700,826       2,167,130
                                                           
Total stockholders' equity                   9,844,376       14,622,115
Total liabilities and stockholders' equity   $12,545,202    $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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