Soundtrack Pro 3.0.1 will not launch

I have the last version of Final Cut Studio with everything updated but have been having an ongoing issue with Soundtrack Pro (3.0.1).

When I click on the icon in my dock it bounces once and then refuses to open.

Checking Console I see this message:

([0x0-0xfd0fd].com.apple.soundtrackpro[1760]) Exited with exit code: 1

I have reinstalled the application twice now and while it works initially, the application refuses to launch after I close it or put the computer to sleep.

Any help would be appreciated.

Thanks.