GLEN ALLEN, Va., March 17, 2014 /PRNewswire/ -- Star
Scientific, Inc. (NASDAQ: STSI) today filed its annual report on
Form 10-K with the Securities & Exchange Commission (SEC).
In December 2013, the Company
undertook significant corporate changes in order to better take
advantage of potential opportunities in the area of pharmaceutical
products, including the development of products approved by the
Food and Drug Administration (FDA). Those corporate changes
included the appointment of Michael J.
Mullan, MBBS (MD), PhD, as the Company's Chief Executive
Officer and Chairman of the Board of Directors, and Christopher C. Chapman, MD, as President of the
Company. In addition, five new Directors, including Dr. Mullan,
were elected to the Company's Board. Since December, the
Company's new management team has been focusing on the
pharmaceutical aspects of the Company's business plan, while
evaluating the prospects for its nutraceutical and cosmetic
lines.
As part of its ongoing transition, the Company, as previously
announced, is hosting an investor and analyst meeting on
March 20, 2014 in Sarasota, Florida. The meeting will
cover the Company's future plans with respect to its change in
operational direction, as well as the Company's intent to focus
future research and development primarily on the drug development
aspects of its business, including anatabine and related compounds.
A live video webcast of the March 20
meeting will be accessible to the public on the Company's home page
(www.starscientific.com) and through the Investor Relations section
of the website (http://www.starscientific.com/investors).
On March 12, 2014, the Company
entered into a series of financing transactions that resulted in
gross cash proceeds of approximately $9.3
million and cash availability under a credit facility of
approximately $5.8 million (subject
to certain conditions and limitations), for total available funds
of $15.1 million. This
financing is intended to provide support for the Company's ongoing
operations, including its plans to file an Investigational New Drug
Application ("IND") during the second quarter 2014 and, if
permitted by the FDA, to begin a Phase I clinical trial thereafter
directed to a specific disease condition.
Certain statements contained in this release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to statements identified by words such as
"believes," "expects," "anticipates," "estimates," "intends,"
"plans," "targets," "projects" and similar expressions. The
statements in this release are based upon the current beliefs and
expectations of our company's management and are subject to
significant risks and uncertainties. Actual results may differ from
those set forth in the forward-looking statements. Numerous factors
could cause or contribute to such differences, including, but not
limited to, the challenges inherent in new product development
initiatives, the continued development and market acceptance of our
nutraceutical products, the effect of any competitive products, our
ability to license and protect our intellectual property, our
ability to raise additional capital in the future that is necessary
to maintain our business, changes in government policy and/or
regulation, potential litigation by or against us, any governmental
review of our products or practices (including as related to the
FDA warning letter we have received), the outcome of the ongoing
investigations, the risks and uncertainties related to the
corporate transition matters (including our significant shift to
focus on drug development), as well as other risks discussed from
time to time in our filings with the Securities and Exchange
Commission, including, without limitation, our annual report on
Form 10-K for the fiscal year ended December
31, 2013. We undertake no duty to update any
forward-looking statement or any information contained in this
press release or in other public disclosures at any time.
About Star Scientific
Star Scientific, Inc. is a technology-oriented company with a
mission to promote maintenance of a healthy metabolism and
lifestyle. Through its wholly owned subsidiary, Rock Creek
Pharmaceuticals, Star Scientific has been engaged in the
manufacturing, sale, and marketing of two nutraceutical dietary
supplements, cosmetic products, and the development of other
nutraceuticals and pharmaceuticals. The company also continues to
pursue the licensing of the technology behind its proprietary
StarCured® curing process and its related products.
CONTACT:
Talhia T. Tuck
Vice President, Communications and Investor Relations
Star Scientific, Inc.
(202) 887-5100
ttuck@starscientific.com
Ted Jenkins
Vice President, Corporate Strategy and Development
Rock Creek Pharmaceuticals
tjenkins@rockcreekpharmaceuticals.com
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SOURCE Star Scientific, Inc.