UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

May 16, 2012

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)

Commission File No. 001-33057

 

 

CATALYST PHARMACEUTICAL PARTNERS, INC.

(Exact Name Of Registrant As Specified In Its Charter)

 

 

 

Delaware		76-0837053
(State Or Other Jurisdiction Of Incorporation Or Organization)		(IRS Employer Identification No.)

355 Alhambra Circle, Suite 1500

Coral Gables, Florida 33134

(Address Of Principal Executive Offices)

(305) 529-2522

(Registrant’s Telephone Number, Including Area Code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Item 8.01

Other Events

On May 16, 2012, Catalyst Pharmaceutical Partners, Inc. (the “Company”) issued a press release announcing its first quarter 2012 financial and operational results. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)

Exhibits

 

99.1

Press release issued by the Company on May 16, 2012

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: May 16, 2012

Exhibit 99.1

 

 

NEWS RELEASE		FOR IMMEDIATE RELEASE
For Further Information Contact:
Patrick J. McEnany		Melody Carey
Catalyst Pharmaceutical Partners		Rx Communications Group
Chief Executive Officer		Co-President
(305) 529-2522		(917) 322-2571
pmcenany@catalystpharma.com		mcarey@rxir.com

Catalyst Pharmaceutical Partners Announces First Quarter 2012 Financial Results

CORAL GABLES, FL, May 16, 2012 – Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX) today announced its financial results for the three month period ended March 31, 2012. The Company reported a net loss of $1,089,186, or $0.04 per basic and diluted share, compared to a net loss of $1,517,136, or $0.08 per basic and diluted share, for the same period in 2011.

Research and development expenses for the first quarter of 2012 were $727,327, compared to $903,953 in the first quarter of 2011. Research and development expenses decreased when compared to the same period in 2011, as expenses incurred during the first quarter of 2011 included pre-clinical studies and drug development activities for CPP-115 in connection with the submission of an IND for CPP-115 (which occurred during the fourth quarter of 2011). The Company expects that research and development expenses will continue to be significant during the balance of 2012 as Catalyst continues its studies and trials. General and administrative expenses for the first quarter of 2012 totaled $637,383, compared to $615,297 in the first quarter of 2011.

As a development-stage specialty pharmaceutical company, Catalyst had no revenues in either the first quarter of 2012 or the first quarter of 2011.

At March 31, 2012, Catalyst had cash and cash equivalents of $4.7 million and no debt. Catalyst believes that its existing cash and cash equivalents will be sufficient to fund its currently ongoing CPP-109 and CPP-115 research and development activities, and to continue its operations through the first quarter of 2013.

First Quarter Accomplishments

 

•

Continued progressing the CPP-109 Phase II(b) clinical trial for cocaine addiction

•

Continued enrollment and dosing of subjects in the CPP-115 Phase I(a) safety study

•

Granted Orphan Medicinal Product Designation in the European Union for CPP-115 for the treatment of West Syndrome

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•

Filed a U.S. provisional patent for GABA aminotransferase use in the treatment of Tourette Syndrome

•

Reported on CPP-115 development progress at the 2012 Epilepsy Pipeline Update Conference

•

Provided a corporate update, including CPP-109 and CPP-115 progress, at Cowen & Company’s 32nd Annual Health Care Conference and at the 24th Annual ROTH Conference

Significant Upcoming Events

 

•

Complete enrollment of the CPP-109 Phase II(b) clinical trial for cocaine addiction

•

Report results of the CPP-115 Phase I(a) safety study

•

Initiate investigator-sponsored CPP-109 Tourette Syndrome proof-of-concept study

Recent Filing of Form S-1 Registration Statement

On April 6, 2012, Catalyst filed a registration statement on Form S-1 (File No. 333-180617) seeking to register for sale 10,500,000 units of its securities, with each unit consisting of one share of common stock and a warrant to purchase up to one-half of one share of common stock. The registration statement became effective on May 7, 2012. However, to-date, no shares of common stock or warrants to purchase shares of common stock have been sold under this registration statement.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such state or jurisdiction. Any offer of these securities will be solely by means of a prospectus included in the registration statement and any prospectus supplement that may be issued with respect to such offering. You may obtain copies of the registration statement by visiting the Company’s website, www.catalystpharma.com, or by visiting the SEC’s website, www.sec.gov.

About Catalyst Pharmaceutical Partners, Inc.

Catalyst Pharmaceutical Partners, Inc. is a development-stage specialty pharmaceutical company focused on the development and commercialization of prescription drugs targeting diseases and disorders of the central nervous system. Catalyst has two products in development, and is currently evaluating its lead product candidate, CPP-109 (vigabatrin), for the treatment of cocaine dependency. CPP-109 has been granted “Fast Track” status by the U.S. Food & Drug Administration (FDA) for the treatment of cocaine dependency. Catalyst also hopes to evaluate CPP-109 for the treatment of other addictions. Catalyst is also developing CPP-115, a next generation GABA aminotransferase inhibitor that, based on our pre-clinical studies, we believe is more potent than vigabatrin and may have reduced side effects (e.g., visual field defects, or VFDs) from those associated with vigabatrin. Catalyst is planning to develop CPP-115 for several indications, including addiction, epilepsy (initially infantile spasms) and for other select CNS indications. CPP-115 has been granted “Fast Track” status for the treatment of cocaine dependency by the FDA, has been granted orphan drug designation for the treatment of infantile spasms by the FDA and has been granted orphan drug medicinal product designation for the treatment of West Syndrome by the European Commission (EC). Catalyst believes that it controls all current intellectual property for drugs that have a mechanism of action related to the inhibition of GABA aminotransferase. For more information about Catalyst, go to www.catalystpharma.com.

 

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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 (i) whether Catalyst’s ongoing clinical trials and studies will be successful; (ii) whether such trials and studies will be completed and results obtained on the expected time schedule; (iii) whether Catalyst will ever be able to file NDAs for and commercialize CPP-109 and CPP-115; and (iv) those other factors described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 that Catalyst has filed with the U.S. Securities and Exchange Commission (“SEC”), could adversely affect Catalyst’s ability to obtain these results. Copies of the Company’s filings with the SEC are available from the SEC, may be found on Catalyst’s web site 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.

 

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CATALYST PHARMACEUTICAL PARTNERS, INC.

(a development stage company)

CONDENSED STATEMENTS OF OPERATIONS (unaudited)

 

		For the Three Months Ended March 31,
		2012				2011
Revenues – government grant		$	—			$	—
Operating costs and expenses:
Research and development			727,327				903,953
General and administrative			637,383				615,297
Total operating costs and expenses			1,364,710				1,519,250
Loss from operations			(1,364,710	)			(1,519,250	)
Interest income			1,317				2,114
Change in fair value of warrants liability			274,207				—
Loss before income taxes			(1,089,186	)			(1,517,136	)
Provision for income taxes			—				—
Net loss		$	(1,089,186	)		$	(1,517,136	)
Net loss per share – basic and diluted		$	(0.04	)		$	(0.08	)
Weighted average shares outstanding – basic and diluted			24,710,362				19,922,057

 

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CATALYST PHARMACEUTICAL PARTNERS, INC.

(a development stage company)

CONDENSED BALANCE SHEETS

 

		March 31, 2012				December 31, 2011
		(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents		$	4,722,795			$	6,029,067
Prepaid expenses			242,722				199,116
Total current assets			4,965,517				6,228,183
Property and equipment, net			14,366				12,186
Deposits			8,888				8,888
Total assets		$	4,988,771			$	6,249,257
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable		$	350,329			$	263,934
Accrued expenses and other liabilities			528,962				569,867
Total current liabilities			879,291				833,801
Accrued expenses and other liabilities, non-current			21,845				9,518
Warrants liability, at fair value			1,371,033				1,645,240
Total liabilities			2,272,169				2,488,559
Total stockholders’ equity			2,716,602				3,760,698
Total liabilities and stockholders’ equity		$	4,988,771			$	6,249,257

 

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