UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                                (AMENDMENT NO. )*

                     CATALYST PHARMACEUTICAL PARTNERS, INC.
                                (Name of Issuer)

                         COMMON STOCK, $0.001 PAR VALUE
                         (Title of Class of Securities)

                                    14888U101
                                 (CUSIP Number)

                                DECEMBER 31, 2006
                      (Date of Event which Requires Filing
                               of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                                [X] Rule 13d-1(b)
                                [ ] Rule 13d-1(c)
                                [ ] Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                          Continued on following pages
                                Page 1 of 5 Pages







                                                               PAGE 2 OF 5 PAGES

1        Names of Reporting Persons
         I.R.S. Identification Nos. of above persons (entities only)

                  PEQUOT CAPITAL MANAGEMENT, INC.
                  06-1524885

2        Check the Appropriate Box If a Member of a Group (See Instructions)
                                a.       [ ]
                                b.       [ ]

3        SEC Use Only

4        Citizenship or Place of Organization

                  CONNECTICUT

                            5             Sole Voting Power
Number of                                          810,400
  Shares
Beneficially                6             Shared Voting Power
  Owned By                                          0
    Each
Reporting                   7             Sole Dispositive Power
    Person                                         858,400
    With
                            8             Shared Dispositive Power
                                                   0

9        Aggregate Amount Beneficially Owned by Each Reporting Person

                                     858,400

10       Check Box If the Aggregate Amount in Row (9) Excludes Certain
         Shares (See Instructions)

                                       [ ]

11       Percent of Class Represented By Amount in Row (9)

                                      6.9%

12       Type of Reporting Person (See Instructions)

                                     IA, CO





                                                               PAGE 3 OF 5 PAGES


ITEM 1(A)         NAME OF ISSUER:

                  Catalyst Pharmaceutical Partners, Inc. (the "Issuer").

ITEM 1(B)         ADDRESS OF THE ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

                  220 Miracle Mile, Suite 234, Coral Gables, Florida 33134

ITEM 2(A)         NAME OF PERSON FILING:

                  This statement is filed on behalf of Pequot Capital
                  Management, Inc. (the "Reporting Person").

ITEM 2(B)         ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

                  The address of the principal business office of the Reporting
                  Person is 500 Nyala Farm Road, Westport, CT, 06880.

ITEM 2(C)         CITIZENSHIP:

                  Pequot Capital Management, Inc. is a Connecticut corporation.

ITEM 2(D)         TITLE OF CLASS OF SECURITIES:

                  Common Stock, $0.001 par value per share (the "Common Stock").

ITEM 2(E)         CUSIP NUMBER:

                  14888U101

ITEM 3.           THIS STATEMENT IS FILED PURSUSANT TO RULE 13D-1(B)(1)(II)(E).

                  The Reporting Person is an investment adviser registered under
                  Section 203 of the Investment Advisers Act of 1940.

ITEM 4.           OWNERSHIP:

                  Ownership as of December 31, 2006 is incorporated herein by
                  reference from items (5) - (9) and (11) of the cover page of
                  the Reporting Person.

ITEM 5.           OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

                  Not applicable.

ITEM 6.           OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
                  PERSON:

                  The reporting person is an investment adviser registered under
                  Section 203 of the Investment Advisers Act of 1940 and, as
                  such, has beneficial ownership of the shares which are the
                  subject of this filing through the investment discretion the
                  reporting person exercises over its clients' accounts.




                                                               PAGE 4 OF 5 PAGES

ITEM 7.           IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
                  ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
                  COMPANY:

                  Not applicable.

ITEM 8.           IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:

                  Not applicable.

ITEM 9.           NOTICE OF DISSOLUTION OF GROUP:

                  Not applicable.

ITEM 10.          CERTIFICATION:

                  By signing below, I certify that, to the best of my knowledge
                  and belief, the securities referred to above were acquired and
                  are held in the ordinary course of business and were not
                  acquired and are not held for the purpose or with the effect
                  of changing or influencing the control of the issuer of such
                  securities and were not acquired and are not held in
                  connection with or as a participant in any transaction having
                  that purpose or effect.



                                                               PAGE 5 OF 5 PAGES


                                   SIGNATURES


     After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.


Date:  February 14, 2007          PEQUOT CAPITAL MANAGEMENT, INC.


                                  By:      /s/ Aryeh Davis
                                           -------------------------------------
                                  Name:    Aryeh Davis
                                  Title:   Chief Operating Officer,
                                           General Counsel and Secretary