Cypros Pharmaceutical announces $5 million Regulation D private placement; Harvard College purchases more than 90 percent.CARLSBAD, Calif.--(BUSINESS WIRE)--March 10, 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) Monday announced that it has entered into private placement agreements for $5 million of the company's common stock, greater than 90 percent of which was purchased by the president and fellows of Harvard College The President and Fellows of Harvard College (also known as the Harvard Corporation) is the more fundamental of Harvard University's two governing boards. (The other is the Harvard Board of Overseers. . The placement was restricted to $5 million and was conducted under SEC Regulation D. The closing of the transaction is conditioned upon the effectiveness of a registration statement to be filed by Cypros covering resale of the acquired shares by the investors. Proceeds of the private placement will be used to fund further clinical development of the company's drug candidates and provide capital for additional acquisitions. In commenting on the offering, David W. Nassif, the company's chief financial officer, stated: ``We are very pleased to have such sophisticated investors associated with Cypros. We look forward to a value-added relationship with these investors.'' 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. 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. The company's CPC-111 and CPC-211 drugs are currently in Phase II clinical trials Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II for a variety of cardiovascular and neurological disorders This is a list of major and frequently observed neurological disorders (e.g. Alzheimer's disease), symptoms (e.g.back pain), signs (e.g. aphasia) and syndromes (e.g. Aicardi syndrome). . This news release contains forward-looking statements which involve risks and uncertainties. Such statements are subject to certain factors which 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, 1996, and the Risk Factors section of the company's Registration Statement No. 333-17501. CONTACT: Cypros Pharmaceutical Corp., Carlsbad David W. Nassif, 619/929-9500 |
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