Gables drug firm loses $4.1 million
Posted on Thu, Mar. 27, 2008
Catalyst Pharmaceutical Partners, a Coral Gables company developing drugs to treat drug addiction, reported no revenue and a net loss of $4.1 million for 2007, up from $2.7 million in 2006.
Its developmental drug vigabatrin went through a phase II trial in Mexico.
''We were especially pleased that the positive results from our Mexico trial were discussed in a Newsweek magazine cover article on addiction in the March 3, 2008 issue,'' said Patrick J. McEnany, the company's chief executive, in a prepared statement.
The company reported it had $15.9 million in cash and cash equivalents on Dec. 31, and no long-term debt. Executives estimated that cash would be sufficient to meet the company's needs through the middle of 2009.
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