Catalyst Pharmaceutical Partners crunched the numbers and opted to halt new enrollment in a mid-stage trial to ensure it has the funds on hand to continue its work "well into 2010." The Phase II study of CPP-109 for methamphetamine addiction will continue with the 55 patients it already has enrolled but researchers will opt to make it a smaller proof-of-concept investigation. And it's looking to potential partners, as well as the federal government, for fresh funds.
"We believe that this modification to our clinical development program is prudent in light of the capital markets and economic environment that currently exists," says CEO Patrick J. McEnany. "Our immediate and primary focus continues to be on concluding the Phase II trial evaluating our lead candidate CPP-109 for the treatment of cocaine addiction. Furthermore, this modification does not change the previously announced timetable as it relates to Catalyst's intention to file a New Drug Application with the FDA to obtain the right to market CPP-109 for the treatment of cocaine addiction. With the restructuring of our clinical development programs, we will now have sufficient working capital for the next 18-24 months. The extension of our cash resources also allows us more time to explore potential corporate partnerships."
In addition to potential new sources of non-dilutive cash, McEnany says that the stimulus bill could provide additional resources for developers like Catalyst, which is based in Coral Gables, FL.
- read Catalyst's release