Cypros Pharmaceutical Raises $4.7 Million Through Partial Exercise Of Class B Warrants; Remainder Of Warrants Expire.CARLSBAD, Calif.--(BUSINESS WIRE)--Nov. 5, 1997--Cypros Pharmaceutical Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CYPR) Wednesday announced that it has raised $4.7 million in new capital through the exercise of 856,027 of its Redeemable Class B Warrants (NASDAQ:CYPRZ) at $5.50 each. There were previously 4,673,512 Class B Warrants outstanding, the remainder of which expired at 5:00 p.m. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time on Nov. 3, 1997. After the exercise, Cypros has $17 million in cash, cash equivalents and short-term investments and 15.37 million shares of Common Stock outstanding. In commenting on the announcement, Paul J. Marangos, Ph.D., chairman and chief executive officer, stated: "We appreciate the confidence shown in the company by those Class B Warrantholders who exercised their warrants at $5.50, which was equal to the market price of the Common Stock. This additional capital will be used to speed up our clinical, preclinical and acquisition programs. This also removes almost 4 million shares of fixed-price dilution from the company's capital structure." Cypros Pharmaceutical is engaged in the development and marketing of drug products for the hospital market. The company is pursuing a diversified strategy of marketing approved drugs and developing small molecule therapeutics that protect cells from ischemic Ischemic An inadequate supply of blood to a part of the body, caused by partial or total blockage of an artery. Mentioned in: Antiangiogenic Therapy, Subarachnoid Hemorrhage, Ventricular Fibrillation ischemic injury. Ischemia Ischemia Definition Ischemia is an insufficient supply of blood to an organ, usually due to a blocked artery. Description Myocardial ischemia is an intermediate condition in coronary artery disease during which the heart tissue is is the number one cause of death in most developed countries. The company currently has three products on the market, Glofil, Inulin inulin /in·u·lin/ (in´ul-in) a starch occurring in the rhizome of certain plants, yielding fructose on hydrolysis, and used in tests of renal function. in·u·lin n. and Ethamolin. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Such statements are subject to certain factors that may cause the company's plans to differ. Factors that may cause such differences include, but are not limited to, the risks discussed in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended July 31, 1997 and the Risk Factors section of the company's Registration Statement No. 333-25661. CONTACT: Cypros Pharmaceutical Corp. David W. Nassif, 760/929-9500 |
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