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

Date of Report (Date of Earliest Event Reported): April 2, 2013

 

 

CATALYST PHARMACEUTICAL PARTNERS, INC.

(Exact Name Of Registrant As Specified In Its Charter)

 

 

 

Delaware		001-33057		76-0837053
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

 

355 Alhambra Circle Suite 1500 Coral Gables, Florida		33134
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (305) 529-2522

Not Applicable

Former Name or Former address, if changed since last report

 

 

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 April 2, 2013, the Company issued a press release announcing its results of operations for the fourth quarter and the year ended December 31, 2012. A copy of the press release is attached hereto as Exhibit 99.1.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)

Exhibits

 

99.1		Press release issued by the Company on April 2, 2013.

 

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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: April 2, 2013

 

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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 Reports Fourth Quarter and Year-end 2012

Financial Results

CORAL GABLES, FL, April 2, 2013 — 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.”

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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.

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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

 

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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

 

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