Catalyst Pharmaceutical Partners Reports Fourth Quarter and Year-End 2012 Financial Results

Tue Apr 2, 2013 8:03am EDT

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CORAL GABLES, Fla., April 2, 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 and
disorders, today reported financial results for the fourth quarter and year ended December 31,
2012.

Patrick J. McEnany, CEO of Catalyst, commented, "2012 was a very challenging and yet
transformational year for our company. Clearly the Catalyst team was very disappointed with the
results of our Phase IIb clinical trial for CPP-109 as a potential treatment for cocaine
addiction. We had high expectations to be able to deliver the first effective drug therapy for
this horrific, intractable disease. We want to thank all the patients, patients' families,
physicians, investigators and our partner, the National Institute on Drug Abuse, for their support
and involvement in this project."

Mr. McEnany continued, "On the bright side, during the fourth quarter of 2012 we completed a
strategic alliance with BioMarin Pharmaceutical Inc., where we acquired the North American rights
to Firdapse, a late stage Phase III program to treat Lambert-Eaton Myasthenic Syndrome, (LEMS), a
rare autoimmune, neuromuscular disease with the primary symptoms of progressive muscle weakness
and fatigue. Also, as part of the transaction, BioMarin made a $5 million equity investment in
Catalyst, resulting in a 16.6% stake in the Company. CPP-115 has successfully completed a Phase
Ia, first-in-man study. The near-term advancement of CPP-115 for the Infantile Spasm indication
will require a strategic partner or grant funding. We have recently augmented our management team
in the areas of regulatory and clinical operations and expect to add a senior commercial
operations person in the second quarter of this year. Finally, we ended 2012 with a healthy
balance sheet and have sufficient cash and cash equivalents, certificates of deposits and
short-term investments to fund our research and development activities for Firdapse and other
operations through the first quarter of 2014."

Financial Results

For the year ended December 31, 2012, Catalyst's net loss was $4,076,386, or $0.14 per basic and
diluted share, compared to a net loss of $6,391,062, or $0.29 per basic and diluted share, in the
prior year. Research and development expenses for 2012 were $2,659,597, compared to $3,383,965 in
2011. General and administrative expenses for 2012 were $2,561,543, compared to $2,698,174 in
2011. Change in fair value of warrants liability, a non-cash item, resulted in a gain of
$1,129,778 for 2012, as compared to a loss of $319,908 for 2011.

For the fourth quarter of 2012, Catalyst's net loss was $76,585, or $0.00 per basic and diluted
share, compared to a net loss of $2,351,934, or $0.10 per basic and diluted share, for the same
period in 2011.

At December 31, 2012, Catalyst had cash and cash equivalents, certificates of deposit and
short-term investments of $15.4 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 and disorders, including Lambert-Eaton Myasthenic Syndrome
(LEMS), infantile spasms, and Tourette's 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's 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 the Company's actual results in future
periods to differ materially from forecasted results. A number of factors including whether the
Phase III trial will be successful, whether the Phase III trial will be completed on the expected
timeline, whether any of the Company's product candidates will ever be approved for
commercialization, as well as those factors 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.

                                                                                                                                 
                                                                                                                                 
 CATALYST PHARMACEUTICAL PARTNERS, INC.                                                                                          
 (a development stage company)                                                                                                   
 
STATEMENTS OF OPERATIONS                                                                                                       
                                                                                                                              
                                                          Year Ended December 31,                                               
                                                          2012                    2011                    2010                
                                                                                                                              
 Revenues - government grant                              $                   --  $                   --  $      488,958      
 Operating costs and expenses:                                                                                                
 Research and development                                 2,659,597               3,383,965               2,306,781           
 General and administrative                               2,561,543               2,698,174               2,206,358           
 Total operating costs and expenses                       5,221,140               6,082,139               4,513,139           
                                                                                                                              
 Loss from operations                                     (5,221,140)             (6,082,139)             (4,024,181)         
 Interest income                                          14,976                  10,985                  17,858              
 Change in fair value of warrants liability               1,129,778               (319,908)               --                  
                                                                                                                              
 Loss before income taxes                                 (4,076,386)             (6,391,062)             (4,006,323)         
 Provision for income taxes                               --                      --                      --                  
 Net loss                                                 $ (4,076,386)           $ (6,391,062)           $ (4,006,323)       
 Net loss per share - basic and diluted                   $           (0.14)      $           (0.29)      $           (0.22)  
                                                                                                                              
 Weighted average shares outstanding - basic and diluted  30,033,108              21,728,292              18,580,223          


18,580,223

                                                                                   
                                                                                   
                                                                                   
 CATALYST PHARMACEUTICAL PARTNERS, INC.                                            
 (a development stage company)                                                     
                                                                                   
 CONDENSED BALANCE SHEETS                                                          
                                                                                 
                                                      December 31,                
                                                      2012          2011         
 ASSETS                                                                            
 Current assets:                                                                 
 Cash and cash equivalents                            $ 1,409,939   $ 6,029,067  
 Certificates of deposit                              6,502,825     --           
 Short-term investments                               7,504,444     --           
 Prepaid expenses                                     1,309,470     199,116      
 Total current assets                                 16,726,678    6,228,183    
 Property and equipment, net                          53,679        12,186       
 Deposits                                             8,888         8,888        
 Total assets                                         $ 16,789,245  $ 6,249,257  
                                                                                 
 LIABILITIES AND STOCKHOLDERS' EQUITY                                              
 Current liabilities:                                                            
 Accounts payable                                     $  1,365,663  $ 263,934    
 Accrued expenses and other liabilities               281,002       569,867      
 Total current liabilities                            1,646,665     833,801      
 Accrued expenses and other liabilities, non-current  21,878        9,518        
 Warrants liability, at fair value                    498,587       1,645,240    
 Total liabilities                                    2,167,130     2,488,559    
                                                                                 
 Total stockholders' equity                           14,622,115    3,760,698    
 Total liabilities and stockholders' equity           $ 16,789,245  $ 6,249,257  


$ 6,249,257

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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