For the quarter ended June 30, 2009, Catalyst reported a net loss of $1.76m, or $0.13 per basic and diluted share, compared to a net loss of $2.37m, or $0.19 per basic and diluted share for the same period in 2008. For the six months ended June 30, 2009, the company reported a net loss of $4.79m, or $0.34 loss per basic and diluted share, compared to a net loss of $3.96m, or $0.32 loss per basic and diluted share, for the same period in 2008.
Patrick McEnany, chief executive officer of Catalyst, said: We have sufficient cash to complete the analysis of the results from our cocaine trial and methamphetamine study and to continue our operations through the end of 2010 without additional funding. We believe that our financial and human resources are sufficient to pursue a variety of strategies, which we will discuss in detail as they are developed. We are encouraged in that regard by renewed investors’ appetite for investing in our industry. While there can be no assurance, we hope, if we obtain positive results from the analysis of our trial data, that we will be able to attract new capital from investors and/or through potential strategic alliances that will allow us to pursue future clinical and non-clinical trials of CPP-109.
Catalyst, along with leading addiction clinicians across the U.S., continues to seek governmental grants from the National Institutes of Health (NIH), the National Institute on Drug Abuse, and other agencies that operate under the NIH umbrella, for future vigabatrin addiction trials and to provide a portion of the required funding for our future clinical and non-clinical trials, he added.