Catalyst Pharmaceutical Partners, Inc. (CPRX), a development-stage pharmaceutical company, reported Friday a wider net loss for the fourth quarter.
Catalyst's fourth-quarter net loss widened to $3.75 million, or $0.27 per share, from $945 thousands, or $0.08 per share, last year. Quarterly results included stock-based compensation charges of $226 thousands, and for the year-ago period the charge totaled $79 thousands.
The company had no revenues for both 2008 and 2007.
Research and development expenses surged to $3.27 million from $722 thousands in the prior-year quarter.
For the full year, net loss was $10.56 million, or $0.81 per share, compared to $4.14 million, or $0.33 per share, in 2007. Research and development expenses for 2008 swelled to $8.71 million from $3.04 million last year.
Looking ahead, Patrick McEnany, Chief Executive of Catalyst said, "In September we executed a successful equity financing for $4.5 million just prior to the deterioration of the capital markets and the economy. This equity raise, combined with the recently announced change in our clinical development program, provides Catalyst with sufficient working capital through 2010."
McEnany added, "Concurrently, we are actively pursuing government funding from agencies that operate under the National Institutes of Health umbrella to further our development plans for large-scale clinical trials using CPP-109 to treat cocaine and methamphetamine addiction, as well as pilot studies for other addictions, such as alcohol and nicotine abuse, and obsessive-compulsive disorders, including binge eating."
CPRX closed Thursday's regular trading hours at $1.71 on the Nasdaq.
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