CAST Management Studio - Launching CAST MS - Fatal Error - java io FileNotFoundException cast-msconnectionProfiles pmx Access is denied

Following error is displayed when logging into CAST Management studio db connection:

Child task on exception
XML Generation failed
java.io.FileNotFoundException C:\...cast-ms.connectionProfiles.pmx (Access is denied)

This issue occurs when CAST Management studio fails to save the databases connection profile into the file :
C:\Documents and Settings\xxxxx\Application Data\CAST\CAST\7.0\cast-ms.connectionProfiles.pmx

So

1. Ensure that this file exists and is accessible (read and write) : try to edit it manually. 
2. Check if there is not more than one process of CAST management studio running and trying to access this file in the same time.