SAN DIEGO, Sept. 15 /PRNewswire-FirstCall/ -- Cypress
Bioscience, Inc. (Nasdaq: CYPB) ("Cypress") today confirmed
that Ramius LLC ("Ramius") has commenced an unsolicited tender
offer to acquire all outstanding common shares of Cypress at a
price of $4.25 per share in cash.
Consistent with its fiduciary duties and as required by
applicable law, the Cypress Board of Directors will review the
offer to determine the course of action that it believes is in the
best interests of the Company and its stockholders. Cypress
stockholders are advised to take no action at this time pending the
review of the tender offer by the Cypress Board of Directors.
Jefferies & Company, Inc. and Perella Weinberg Partners are
serving as financial advisors to Cypress and Cooley LLP and Potter
Anderson & Corroon LLP are serving as its legal advisors.
The Cypress Board of Directors, in consultation with its
independent financial and legal advisors, intends to advise
stockholders of its formal position regarding the offer within ten
business days by making available to stockholders and filing with
the Securities and Exchange Commission a
solicitation/recommendation statement on Schedule 14D-9.
About Cypress Bioscience
Cypress Bioscience is a pharmaceutical company dedicated to the
development of innovative drugs targeting large unmet medical needs
for patients suffering from a variety of disorders of the central
nervous system. Since 1999, Cypress has received multiple FDA
approvals, including for Prosorba™, a medical device for rheumatoid
arthritis, and Savella® (milnacipran HCl), for fibromyalgia.
The Company focuses on generating stockholder value by
reaching clinical development milestones as quickly and efficiently
as possible. Cypress' currently marketed products include
Savella and the Avise PGSM and Avise MCVSMtherapeutic monitoring,
diagnostic and prognostic testing services for rheumatoid
arthritis. Development-stage assets include CYP-1020 for cognitive impairment in
schizophrenia, Staccato® nicotine for smoking cessation, intranasal
carbetocin for autism, and AVISE-SLESM, a lupus diagnostic testing
service. More information on Cypress and its products and
development assets is available at http://www.cypressbio.com.
INVESTOR
CONTACTS:
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MEDIA CONTACTS:
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MacKenzie Partners,
Inc.
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Joele Frank, Wilkinson Brimmer
Katcher
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Amy Bilbija / Bob
Marese
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Sharon Stern / Dara
Silverstein
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650-798-5206 /
212-929-5500
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212-355-4449
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SOURCE Cypress Bioscience, Inc.
Copyright . 15 PR Newswire