Catalyst Pharmaceutical Partners, Inc. Announces Organizational Changes and Extension of Chief Executive's Employment Agreement
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Catalyst Pharmaceutical Partners, Inc. Announces Organizational Changes and
Extension of Chief Executive's Employment Agreement
CORAL GABLES, Fla., Oct. 13 /PRNewswire-FirstCall/ -- Catalyst Pharmaceutical
Partners, Inc. (Nasdaq: CPRX) today announced two organizational changes and
the extension of the term of Patrick J. McEnany's employment agreement with
the Company for an additional two years.
Organizational Changes
The Company announced that Steven R. Miller, Ph.D. and Jack Weinstein will
assume expanded responsibilities:
-- Dr. Miller, currently Catalyst's Vice President, Pharmaceutical
Development and Project Management, will assume additional duties as
Catalyst's Chief Scientific Officer; and
-- Mr. Weinstein, currently Catalyst's Vice President, Treasurer and
Chief
Financial Officer, will assume formal responsibility for Catalyst's
business development activities.
Commenting on these organizational changes, Patrick J. McEnany, the Company's
Chairman and Chief Executive Officer, said, "As we enter into a new phase of
development at Catalyst, I am pleased to announce Steve and Jack's expanded
roles. As a result of our license agreement with Northwestern University, we
are now seeking to develop additional products. These products may be
developed in several dosage forms and address expanded CNS indications, beyond
addiction and obsessive-compulsive disorders, including epilepsy. As our
Chief Scientific Officer, Steve will take an expanded role in all of our
product development activities, and particularly on new product development
and expanding our intellectual property portfolio. In addition, Jack's role in
the management of the Company has now been expanded to include responsibility
and oversight for our business development activities, as we seek to attract
partnering opportunities for our product candidates."
Extension of Employment Agreement of Company's Chief Executive Officer
The Company also announced that the Board of Directors has extended the
expiration date of Mr. McEnany's employment agreement with the Company from
November 8, 2009 to November 8, 2011.
About Catalyst Pharmaceutical Partners
Catalyst Pharmaceutical Partners, Inc. is a biopharmaceutical company focused
on the development and commercialization of prescription drugs targeting
diseases of the central nervous system with a focus on the treatment of
addiction and obsessive-compulsive disorders. The Company has obtained from
Brookhaven National Laboratory an exclusive worldwide license for nine patents
in the United States relating to the right to use vigabatrin to treat a wide
variety of substance addictions and obsessive-compulsive disorders. Catalyst
has also been granted rights to Brookhaven's vigabatrin-related foreign
patents or patents pending in more than 30 countries. The Company's initial
product candidate based on vigabatrin is CPP-109. CPP-109 has been granted
"Fast Track" status by the U.S. Food & Drug Administration (FDA) for the
treatment of cocaine addiction. This indicates that the FDA has recognized
that CPP-109 is intended for the treatment of a serious or life-threatening
condition for which there is no effective treatment and which demonstrates the
potential to address unmet medical needs. Catalyst has also recently been
granted worldwide rights to another patented drug, CPP-115, by Northwestern
University. The Company intends to pursue development of CPP-115 for several
indications, including stimulant addiction and epilepsy. For more information
about the Company, go to www.catalystpharma.com.
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 those 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.
SOURCE Catalyst Pharmaceutical Partners, Inc.
Patrick McEnany, Catalyst Pharmaceutical, Chief Executive Officer,
+1-305-529-2522, pmcenany@catalystpharma.com; or Melody Carey, Rx
Communications Group, Co-President, +1-917-322-2571, mcarey@rxir.com
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