Cypros Pharmaceutical repurchases common stock.CARLSBAD, Calif.--(BUSINESS WIRE)--Aug. 31, 1995--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) announced Thursday that it has purchased and retired 280,000 shares of its outstanding common stock in a privately negotiated transaction, which included an additional 170,000 shares purchased by a group of individuals familiar with the company. The 450,000 shares were purchased from Edwin Mishkin, trustee for the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the business of Adler Ad·ler , Alfred 1870-1937. Austrian psychiatrist. He rejected Sigmund Freud's emphasis on sexuality and theorized that neurotic behavior is an overcompensation for feelings of inferiority. Coleman Clearing Corp. This transaction completes the liquidation of the approximate 1 million shares of Cypros common stock owned by the Adler bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most trustee. Paul J. Marangos, chief executive officer of the company, commented, "Over the past six weeks, the price of our stock has declined to an artificially low level. It has suffered from the public knowledge that the Adler trustee had a substantial number of shares of stock available for sale. "This price decline has occurred despite our recent reported progress on the product acquisition, clinical trial commencement and patent prosecution Patent prosecution describes the interaction between an applicant, or their representative, and a patent office with regard to a patent, or an application for a patent. Broadly, patent prosecution can be split into pre-grant prosecution, which involves negotiation with a patent fronts during that same period. However, the various sales by the trustee during the month of August did result in major institutional buying of Cypros common stock." CONTACT: Cypros Pharmaceutical Corp. David W. Nassif, 619/929-9500 or Financial Sciences of America Francesca Daniels, 310/278-4413 |
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