On November 13, 2009, Catalyst Pharmaceutical Partners, Inc. received a staff deficiency letter from The NASDAQ Stock Market notifying the Company that it is not in compliance with the minimum bid price requirement set forth in NASDAQ Listing Rule 5550(a)(2) for continued listing on the NASDAQ Capital Market. The NASDAQ Listing Rules require listed securities to maintain a minimum bid price of $1.00 per share and, based on the closing bid prices for the last 30 consecutive business days, the Company no longer meets that requirement. This notification has no immediate effect on the Company’s listing on the NASDAQ Capital Market or on the trading of the Company’s common stock. Under the Rules, the Company has a grace period of 180 days to regain compliance. If at any time within the grace period the Company’s common stock closes at or above $1.00 per share for a minimum of ten consecutive business days, the NASDAQ Stock Market will provide the Company with a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance with the Rule prior to the expiration of the grace period, the Company may be eligible for an additional 180-day grace period if at such time it meets the initial listing standards for listing on the NASDAQ Capital Market, with the exception of the bid price requirement. The Company understands the NASDAQ requirements and believes it will be able to regain compliance with the Rules within the allotted grace period.

Catalyst Pharmaceutical Partners Inc. announced two organizational changes. The company announced that Steven R. Miller, Ph.D. and Jack Weinstein will assume expanded responsibilities: Dr. Miller, currently company's Vice President, Pharmaceutical Development and Project Management, will assume additional duties as company's Chief Scientific Officer; and Mr. Weinstein, currently company's Vice President, Treasurer and Chief Financial Officer, will assume formal responsibility for company's business development activities.

Catalyst Pharmaceutical Partners Inc. announced that the Company will continue to develop CPP-109 (Catalyst's version of vigabatrin) for the treatment of cocaine and methamphetamine addiction. The company's decision was made after, and based upon, an in-depth review of the results obtained from its 186-patient Phase II clinical trial evaluating the use of CPP-109 for the treatment of cocaine addiction (CPP-01004) and the top-line results obtained from its 57-patient proof-of-concept study evaluating the use of CPP-109 for the treatment of methamphetamine addiction (CPP-02001). Catalyst's decision to continue the development of the drug for both indications was supported by a panel of experts who recently met and agreed with the Company's conclusion that there was sufficient evidence of safety and efficacy to justify further development of CPP-109, based upon these trial data and previously published studies of vigabatrin to treat addiction.