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Cypros Pharmaceutical raises $9.8 million in special warrant exercise program.

CARLSBAD, Calif.--(BUSINESS WIRE)--Feb. 10, 1995--Cypros Pharmaceutical Corp. (NASDAQ:CYPR), a development stage biopharmaceutical company, Friday announced that it has successfully completed the special exercise program that it commenced in November 1994 for its Redeemable Class A Warrants during which 880,000 Class A Warrants and 100,000 Underwriter Unit Purchase Options were exercised.

According to the announcement by Paul J. Marangos, chairman and chief executive officer: "Cypros raised $9.8 million during the program and is now substantially better positioned to fund its various clinical and research programs, including an increasing number of trials for CPC-111 and CPC-211, our lead clinical candidates. As a result of the program, Cypros now has 4.5 million shares of Common Stock outstanding."

Cypros is a Carlsbad-based company developing small molecule drugs that facilitate a process called anaerobic glycolysis, which is the body's ability to generate metabolic energy under ischemic (low blood flow) conditions.

The company has two lead product candidates, CPC-111 (currently in Phase II trials for a variety of ischemic disorders, including heart failure and adult respiratory distress syndrome) and CPC-211 which successfully completed a Phase I trial in January and is being developed for the treatment of stroke patients.

CONTACT: Cypros Pharmaceutical Corp., Carlsbad

David W. Nassif, 619/929-9500
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Publication:Business Wire
Date:Feb 10, 1995
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