Catalyst Pharmaceutical Partners Reports First Quarter 2008 Financial Results

Frank Greenway, M.D. Joins Catalyst's Scientific Advisory Board
Andrew Forman Retained As Business Development & Investor Relations
Consultant

CORAL GABLES, Fla., May 16 /PRNewswire-FirstCall/ -- Catalyst
Pharmaceutical Partners, Inc. (Nasdaq: CPRX) today reported financial
results for the quarter ended March 31, 2008. The Company also announced
the addition of Frank Greenway, M.D. to Catalyst's Scientific Advisory
Board and the retention of Andrew Forman as a Business Development and
Investor Relations Consultant.

First Quarter 2008 Results

For the quarter ended March 31, 2008, the Company reported a net loss
of $1,584,047 or $0.13 per basic and diluted share, compared to a net loss
of $1,252,078, or $0.10 per basic and diluted share for the same period in
2007. First quarter 2008 results included non-cash charges relating to
stock-based compensation in the amount of 63,404, compared to 00,368 in
the same period in 2007.

Research and development expenses for the first quarter of 2008 were
$1,084,359, an increase of 33.5% compared to $812,520 in the first quarter
of 2007. These expenses include non-cash stock-based compensation of
$174,556 and $78,393, respectively.

General and administrative expenses for the first quarter of 2008
totaled $639,673, a decrease of 6.6% compared to $684,626 in the first
quarter of 2007. These expenses include non-cash stock-based compensation
of $88,848 and $121,975, respectively.

As a development stage pharmaceutical company, Catalyst has no revenues
to-date.

At March 31, 2008, the Company had cash and cash equivalents totaling
$14.7 million and no long-term debt. The Company believes that its existing
cash and cash equivalents will be sufficient to meet the Company's
projected operating requirements through the middle of 2009.

Operational Update

In May 2008, Catalyst appointed Frank Greenway, M.D., Professor-Chief
of Outpatient Clinic of the prestigious Pennington Biomedical Research
Center in Baton Rouge, LA, to the Company's Scientific Advisory Board. Dr.
Greenway is one of the world's foremost experts in the areas of obesity
treatment, including diets, herbal supplements, obesity surgery and obesity
drug development.

The Company also recently retained Andrew Forman as a Business
Development and Investor Relations Consultant. Andrew has 11 years of Wall
Street experience, having served as a specialty pharmaceutical analyst with
W.R. Hambrecht, Advest, Friedman Billings Ramsey, and UBS Warburg/Dillon
Read. He also spent nine years as a business development executive in the
pharmaceutical industry with Cygnus & Dupont.

Commenting on today's news, Patrick J. McEnany, Catalyst's Chief
Executive Officer, noted, "We continue to progress with our clinical
development program for CPP-109. In particular, we are actively enrolling
and dosing subjects in our first, U.S. Phase II clinical trial which will
evaluate CPP-109 as a treatment for cocaine addiction. During this quarter,
we also expect to initiate our U.S. Phase II clinical trial evaluating
CPP-109 as a treatment for methamphetamine addiction."

Mr. McEnany continued, "We are extremely pleased that Dr. Greenway and
Mr. Forman have become part of the Catalyst team. We anticipate that Dr.
Greenway will be a key advisor to Catalyst as we plan for the initiation
this summer of a Phase II clinical trial to study CPP-109 as a potential
treatment for Binge Eating Disorder (BED). BED, which affects a subset of
the obese population, is a newly recognized condition that affects
approximately 4 million people in the U.S. People with BED frequently eat
large amounts of food while feeling a loss of control over their eating."

"Additionally, we intend to launch other Phase II trials this year in
indications which could include alcohol and nicotine dependence. It is
likely that Catalyst will seek partners for some of these indications and,
in that regard, we are delighted be able to call on the expertise of Andrew
Forman. We believe that Andrew's extensive contacts in the pharmaceutical
industry as well as his relationships with key institutional investors will
enable Catalyst to maximize shareholder value as we expand our clinical and
business development programs."

The Company's Phase II trial evaluating CPP-109 as a treatment for
cocaine addiction is designed as a randomized, double-blind,
placebo-controlled, intent-to-treat, multi-center trial to evaluate the
safety and efficacy of CPP-109 for this indication. Under the trial
protocol, patients will be treated for a period of 12 weeks, with an
additional 12 weeks of follow-up. The primary objective of the trial is to
demonstrate that a larger proportion of CPP-109-treated subjects than
placebo-treated subjects are cocaine-free during their last two weeks of
treatment (weeks 11 and 12). Additionally, Catalyst will be measuring a
number of secondary endpoints based on reductions of cocaine use and
craving.

About Catalyst Pharmaceutical Partners

Catalyst Pharmaceutical Partners, Inc. is a biopharmaceutical company
focused on the development and commercialization of prescription drugs for
the treatment of addiction and obsessive compulsive disorders. The Company
has obtained from Brookhaven National Laboratory an exclusive worldwide
license for nine patents and four patents pending in the United States
relating to the right to use vigabatrin to treat a wide variety of
substance addictions. 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. For more information about the Company, go to
http://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 our ability to
successfully complete the clinical trials required for us to file a new
drug application for CPP-109, our ability to complete such trials on a
timely basis within the budgets we establish for such trials, our ability
to protect our intellectual property and those other factors described in
the Company's Annual Report on Form 10-K for 2007 and the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 that the
Company has filed 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)

CONDENSED STATEMENTS OF OPERATIONS (unaudited)


For the Three Months Ended
March 31,
2008 2007
Revenues $ - $ -

Operating costs and expenses:
Research and development 1,084,359 812,520
General and administrative 639,673 684,626
Total operating costs and expenses 1,724,032 1,497,146
Loss from operations (1,724,032) (1,497,146)
Interest income 139,985 245,068
Loss before income taxes (1,584,047) (1,252,078)
Provision for income taxes - -
Net loss $(1,584,047) $(1,252,078)
Loss per share - basic and diluted $(0.13) $(0.10)
Weighted average shares outstanding
- basic and diluted 12,552,944 12,518,809



CATALYST PHARMACEUTICAL PARTNERS, INC.
(a development stage company)

CONDENSED BALANCE SHEETS


March 31, December 31,
2008 2007
(unaudited)
ASSETS

Current Assets:
Cash and cash equivalents $14,716,512 $15,943,896
Interest receivable 41,167 63,709
Prepaid expenses 585,185 524,081
Total current assets 15,342,864 16,531,686
Property and equipment, net 120,926 127,788
Deposits 25,448 20,448
Total assets $15,489,238 $16,679,922

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts payable $316,578 19,866
Accrued expenses and other liabilities 121,503 83,419
Total current liabilities 438,081 303,285
Accrued expenses and other liabilities,
non-current 51,053 53,880
Total liabilities 489,134 357,165

Total stockholders' equity 15,000,104 16,322,757
Total liabilities and stockholders' equity $15,489,238 $16,679,922





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Via: Healthcare