September 30, 2009 / 9:30 PM / 10 years ago

UPDATE 1-Catalyst to continue development of addiction drug

* Says will continue development following trial reviews

* Shares up 31 percent in after-market trade

Sept 30 (Reuters) - Catalyst Pharmaceutical Partners Inc (CPRX.O) said it will continue to develop its lead drug candidate for the treatment of cocaine and methamphetamine addiction after it reviewed data from a mid-stage trial and a proof-of-concept study.

Catalyst shares rose 31 percent in trading after the bell.

In May, the drug CPP-109 had failed in a mid-stage trial for the treatment of cocaine addiction. At the time, the company had said it was converting a mid-stage trail for methamphetamine addiction to a smaller proof-of-concept study, in order to conserve cash. [ID:nBNG487427]

On Wednesday, Catalyst said it decision to continue development was based on review of earlier data, which found that less than 40 percent of the subjects were medication compliant in the cocaine trial.

The methamphetamine study results were found to be encouraging, but where not statistically significant due to the small number of subjects in the study, Catalyst said.

Regarding the safety of CPP-109, no clinically significant abnormalities in visual fields and visual acuity, nor any significant difference in adverse events, were found in either study, the company said.

Shares of the company rose to $1.10 in after market trade. They closed at 84 cents Wednesday on Nasdaq.

For the alerts, please double-click [ID:nWNAB4855] (Reporting by Shailesh Kuber in Bangalore; Editing by Anthony Kurian)

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