Frank Greenway, M.D. Joins Catalyst's Scientific Advisory Board
Andrew Forman Retained As Business Development & Investor Relations Consultant
First Quarter 2008 Results
For the quarter ended
Research and development expenses for the first quarter of 2008 were
General and administrative expenses for the first quarter of 2008 totaled
As a development stage pharmaceutical company, Catalyst has no revenues to-date.
At
Operational Update
In
The Company also recently retained
Commenting on today's news,
Mr. McEnany continued, 'We are extremely pleased that Dr. Greenway and Mr. Forman have become part of the Catalyst team. We anticipate that Dr. Greenway will be a key advisor to Catalyst as we plan for the initiation this summer of a Phase II clinical trial to study CPP-109 as a potential treatment for Binge Eating Disorder (BED). BED, which affects a subset of the obese population, is a newly recognized condition that affects approximately 4 million people in the U.S. People with BED frequently eat large amounts of food while feeling a loss of control over their eating.'
'Additionally, we intend to launch other Phase II trials this year in
indications which could include alcohol and nicotine dependence. It is likely
that Catalyst will seek partners for some of these indications and, in that
regard, we are delighted be able to call on the expertise of
The Company's Phase II trial evaluating CPP-109 as a treatment for cocaine addiction is designed as a randomized, double-blind, placebo-controlled, intent-to-treat, multi-center trial to evaluate the safety and efficacy of CPP-109 for this indication. Under the trial protocol, patients will be treated for a period of 12 weeks, with an additional 12 weeks of follow-up. The primary objective of the trial is to demonstrate that a larger proportion of CPP-109-treated subjects than placebo-treated subjects are cocaine-free during their last two weeks of treatment (weeks 11 and 12). Additionally, Catalyst will be measuring a number of secondary endpoints based on reductions of cocaine use and craving.
About Catalyst Pharmaceutical Partners
Catalyst Pharmaceutical Partners, Inc. is a biopharmaceutical company
focused on the development and commercialization of prescription drugs for the
treatment of addiction and obsessive compulsive disorders. The Company has
obtained from Brookhaven National Laboratory an exclusive worldwide license
for nine patents and four patents pending in
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 our ability to successfully
complete the clinical trials required for us to file a new drug application
for CPP-109, our ability to complete such trials on a timely basis within the
budgets we establish for such trials, our ability to protect our intellectual
property and those other factors described in the Company's Annual Report on
Form 10-K for 2007 and the Company's Quarterly Report on Form 10-Q for the
quarter ended
CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
CONDENSED STATEMENTS OF OPERATIONS (unaudited)
For the Three Months Ended
March 31,
2008 2007
Revenues $ - $ -
Operating costs and expenses:
Research and development 1,084,359 812,520
General and administrative 639,673 684,626
Total operating costs and expenses 1,724,032 1,497,146
Loss from operations (1,724,032) (1,497,146)
Interest income 139,985 245,068
Loss before income taxes (1,584,047) (1,252,078)
Provision for income taxes - -
Net loss $(1,584,047) $(1,252,078)
Loss per share - basic and diluted $(0.13) $(0.10)
Weighted average shares outstanding
- basic and diluted 12,552,944 12,518,809
CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)
CONDENSED BALANCE SHEETS
March 31, December 31,
2008 2007
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $14,716,512 $15,943,896
Interest receivable 41,167 63,709
Prepaid expenses 585,185 524,081
Total current assets 15,342,864 16,531,686
Property and equipment, net 120,926 127,788
Deposits 25,448 20,448
Total assets $15,489,238 $16,679,922
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $316,578 $219,866
Accrued expenses and other liabilities 121,503 83,419
Total current liabilities 438,081 303,285
Accrued expenses and other liabilities,
non-current 51,053 53,880
Total liabilities 489,134 357,165
Total stockholders' equity 15,000,104 16,322,757
Total liabilities and stockholders' equity $15,489,238 $16,679,922
SOURCE Catalyst Pharmaceutical Partners, Inc.