Catalyst Pharmaceutical Partners Announces Fourth Quarter and Year-End 2013 Financial Results and Provides Corporate Update

Catalyst Pharmaceutical Partners Announces Fourth Quarter and Year-End 2013
Financial Results and Provides Corporate Update

CORAL GABLES, Fla., March 19, 2014 (GLOBE NEWSWIRE) -- Catalyst Pharmaceutical
Partners, Inc. (Catalyst) (Nasdaq:CPRX), a specialty pharmaceutical company
focused on developing safe and effective approved medicines targeting orphan
neuromuscular and neurological diseases today reported financial results for
the fourth quarter and year-ended December 31, 2013.

Catalyst's lead clinical candidate, Firdapse™ tablets (amifampridine; also
known as 3,4-DAP) is in Phase 3 development in the U.S. for an orphan
indication Lambert-Eaton Myasthenic Syndrome (LEMS). Firdapse™ is approved in
the E.U., where it is marketed by BioMarin Pharmaceuticals (Nasdaq: BMRN).
Lambert-Eaton Myasthenic Syndrome, or LEMS, is a rare autoimmune disorder
characterized by muscle weakness of the limbs.

"Catalyst made significant progress towards our clinical and business goals in
2013," said Patrick J. McEnany, Catalyst's Chief Executive Officer. "As a
result, we are now close to completing enrollment of patients in our Phase 3
pivotal clinical trial for Firdapse™ to treat patients with Lambert-Eaton
Myasthenic Syndrome. We are confident enrollment will be completed by the end
of this quarter, with top-line data from the double-blind portion of our
pivotal trial in the third quarter of this year."

"As we look ahead in 2014, assuming the receipt of positive data from our
Phase 3 pivotal trial, we anticipate completing submission of an NDA on a
rolling basis to, and acceptable for filing with, the FDA by the middle of
2015."

Mr. McEnany continued, "We will begin to initiate many pre-commercialization
activities as we get closer to the potential of bringing an FDA approved
product to LEMS patients in the U.S. We expect to announce new hires in the
coming months, including a Chief Commercial Officer, who will be responsible
for establishing our strategic commercial plan, growing outpatient advocacy
and solutions programs, as well as interfacing with KOL's regarding disease
awareness and physician education."

Fourth Quarter and Year-end 2013 Business Activities

  *Granted "Breakthrough Therapy Designation" status by the FDA for Firdapse™
    in the treatment of LEMS
  *Opened 15 clinical trial sites for our Fidapse™ phase 3 trial at top tier
    medical institutions across the U.S., Europe, Canada and South America
  *Received positive review by the Data Monitoring Committee to continue the
    Phase 3 pivotal trial for Firdapse™
  *Reported positive cardiac safety results for Firdapse™ tablets
  *Raised approximately $14.1 million in net proceeds through a registered
    direct offering
  *Announced publication of pre-clinical data in Epilepsia, a top scientific
    journal for research on epilepsy, demonstrating proof-of-concept of our
    candidate CPP-115, for suppressing infantile spasms (IS)
  *Launched the Company's social media presence designed to keep patients,
    providers, partners and payers informed with Blog and Twitter handle,
    which can be found at CatalystPharmaBlog.com and @CatalystPharma
    respectively

Fourth Quarter and Full-Year 2013 Financial Results

For the year ended December 31, 2013, Catalyst reported a GAAP net loss of
$12,154,596, or $0.27 per basic and diluted share, compared to a GAAP net loss
of $4,076,386, or $0.14 per basic and diluted share, for the 2012 fiscal year.
Excluding non-cash expense of $1,890,359 attributable to the change in fair
value of liability-classified warrants, Non-GAAP^1 net loss was $10,264,237,
or $0.23 per basic and diluted share for the year ended December 31, 2013. In
comparison, Non-GAAP^1 net loss for the year ended December 31, 2012 was
$5,206,164, or $0.17 per basic and diluted share, which excludes non-cash gain
of $1,129,778 attributable to the change in fair value of liability-classified
warrants.

For the quarter ended December 31, 2013, Catalyst reported a GAAP net loss of
$1,354,658, or $0.03 per basic and diluted share, compared to a GAAP net loss
of $76,585, or $0.00 per basic and diluted share, for the 2012 fiscal year.
Excluding non-cash gain of $1,330,155 attributable to the change in fair value
of liability-classified warrants, Non-GAAP^1 net loss was $2,684,813 or $0.05
per basic and diluted share for the fourth quarter of 2013. In comparison,
Non-GAAP^1 net loss for the fourth quarter of 2012 was $1,495,803, or $0.04
per basic and diluted share, which excludes non-cash gain of $1,419,218
attributable to the change in fair value of liability-classified warrants.

Research and development expenses for the year ended December 31, 2013 were
$8,096,774, compared to $2,659,597 for the 2012 fiscal year. For the fourth
quarter of 2013, research and development expenses were $2,068,083, compared
to $744,692 in the fourth quarter of 2012. Research and development expenses
increased when compared to the same period in 2012 as Catalyst expanded its
product development efforts and clinical trial activities related to the
currently ongoing Phase 3 trial evaluating Firdapse™ for the treatment of
LEMS. Catalyst expects that research and development expenses will continue to
be substantial during 2014, principally as a result of the ongoing development
projects for Firdapse™.

General and administrative expenses for the year ended December 31, 2013
totaled $2,214,884, compared to $2,561,543 in the 2012 fiscal year. For the
fourth quarter of 2013, general and administrative expenses totaled $638,840,
compared to $760,661 in the same period in 2012.

As a development-stage specialty pharmaceutical company, Catalyst had no
revenues in the year 2013 or 2012.

At December 31, 2013, Catalyst had cash and cash equivalents, certificates of
deposit and short-term investments of $23.7 million and no debt. Catalyst
believes that its existing capital resources will be sufficient to support its
planned operations through at least the end of 2014.

More detailed financial information and analysis may be found in the Company's
Annual Report on Form 10-K, which was filed with the Securities and Exchange
Commission on March 18, 2014.

About LEMS

Lambert-Eaton Myasthenic Syndrome, or LEMS, is a rare autoimmune disorder
characterized by muscle weakness of the limbs. The disease is caused by an
autoimmune reaction where antibodies are formed against the connection between
nerves and the muscles they supply. Often, LEMS is associated with an
underlying malignancy, most commonly small-cell lung cancer, and in some
individuals, LEMS is the first symptom of such malignancy. LEMS generally
affects the extremities, especially the legs. As the disease most affects the
parts of limbs closest to the trunk, difficulties with climbing stairs or
rising from a sitting position are commonly noted. Physical exercise and high
temperatures tend to worsen the symptoms. Other symptoms occasionally seen
include weakness of the muscles of the mouth, throat, and eyes. Individuals
affected with LEMS also may have a disruption of the autonomic nervous system,
including dry mouth, constipation, blurred vision, impaired sweating, and/or
hypotension

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 3 trial
and recently received Breakthrough Therapy Designation from the U.S. Food and
Drug Administration (FDA). In 2012, Catalyst licensed Firdapse™ from BioMarin
and Catalyst assumed management of the Phase 3 pivotal trial, initiated by
BioMarin. Firdapse™ is the first and only European approved drug for
symptomatic treatment in adults with LEMS.

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 and Tourette Syndrome. CPP-115 has been
granted U.S. orphan drug designation for the treatment of infantile spasms by
the FDA and has been granted E.U. orphan medicinal product designation for the
treatment of West Syndrome by the European Commission

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 the timing of completion of
Catalyst's currently ongoing Phase 3 trial of Firdapse™, whether the Phase 3
trial will be successful, whether the receipt of breakthrough therapy
designation for Firdapse™ will expedite the development and review of
Firdapse™ by the FDA or the likelihood that the product will be found to be
safe and effective, whether and NDA for Firdapse™ will ever be accepted for
filing by the FDA, the timing of any such NDA filing or acceptance, whether
Catalyst will be the first company to receive approval for 3,4-DAP, giving it
7-year marketing exclusivity for its product, whether any of Catalyst's
product candidates will ever be approved for commercialization or successfully
commercialized, and those other factors described in Catalyst's Annual Report
on Form 10-K for the fiscal year 2013 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)

STATEMENTS OF OPERATIONS

                                   Year Ended December 31,
                                   2013           2012          2011
                                                              
Revenues – government grant         $--          $--         $--
Operating costs and expenses:                                  
Research and development            8,096,774     2,659,597    3,383,965
General and administrative          2,214,884     2,561,543    2,698,174
Total operating costs and expenses  10,311,658    5,221,140    6,082,139
                                                              
Loss from operations                (10,311,658)   (5,221,140)   (6,082,139)
Interest income                     47,421         14,976       10,985
Change in fair value of warrants    (1,890,359)    1,129,778    (319,908)
liability
                                                              
Loss before income taxes            (12,154,596)   (4,076,386)   (6,391,062)
Provision for income taxes          --            --           --
Net loss                            $ (12,154,596) $ (4,076,386) $ (6,391,062)
Net loss per share - basic and                                 $(0.29)
diluted                             $(0.27)       $(0.14)
                                                              
Weighted average shares outstanding 45,452,447    30,033,108   21,728,292
– basic and diluted



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

                                                   December 31,
                                                   2013         2012
ASSETS
Current assets:                                     
Cash and cash equivalents                           $ 2,215,958 $1,409,939
Certificates of deposit                             4,011,576   6,502,825
Short-term investments                              17,483,062  7,504,444
Prepaid expenses                                    1,609,442    1,309,470
Total current assets                                25,320,038  16,726,678
Property and equipment, net                         40,628       53,679
Deposits                                            8,888        8,888
Total assets                                        $ 25,369,554 $ 16,789,245
                                                               
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:                                            
Accounts payable                                    $850,789  $1,365,663
Accrued expenses and other liabilities              1,288,820   281,002
Total current liabilities                           2,139,609   1,646,665
Accrued expenses and other liabilities, non-current 19,131      21,878
Warrants liability, at fair value                   1,819,562    498,587
Total liabilities                                   3,978,302    2,167,130
                                                               
Total stockholders' equity                          21,391,252   14,622,115
Total liabilities and stockholders' equity          $ 25,369,554 $16,789,245

CONTACT: Media/Investor Contacts
         David Connolly or Aurora Krause
         LaVoie Health Science
         (617) 374-8800
         dconnolly@lavoiegroup.com
         akrause@lavoiegroup.com
        
         Company Contact
         Patrick J. McEnany
         Catalyst Pharmaceutical Partners, Inc.
         Chief Executive Officer
         (305) 529-2522
         pmcenany@catalystpharma.com

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