Star Scientific Transitions to New NASDAQ Trading Symbol
November 23 2009 - 8:00AM
PR Newswire (US)
PETERSBURG, Va., Nov. 23 /PRNewswire-FirstCall/ -- Star Scientific,
Inc. has announced that effective at the market opening on Monday,
November 23, the NASDAQ trading symbol used by the company, STSI,
is being changed to CIGX. Paul L. Perito, Star's Chairman,
commented that "the change in trading symbol reflects our intent to
signal more prominently the company's core mission and business,
which is to reduce the harm associated with tobacco use. We have
stated since the beginning that the most dangerous way to use
tobacco is to inhale cigarette smoke into the human lungs, and that
the best choice always will be to stop smoking." (Logo:
http://www.newscom.com/cgi-bin/prnh/20090317/STARSCIENTIFICLOGO )
Star Scientific's subsidiary, Star Tobacco, manufactures and sells
two brands of dissolvable smokeless tobacco that are made with very
low-TSNA tobacco - Ariva® and Stonewall®. These products were
developed in 2001 and 2003 to offer adult dependant smokers (and
users of traditional smokeless products) an alternative to
cigarettes and other tobacco products. As the company recently
reported, Star also is on track to submit an application in early
2010 to the FDA for approval to market Ariva® BDL and Stonewall®
BDL dissolvable smokeless tobacco. The company hopes that these
products will be the first to be approved by the FDA for sale as
"modified risk" tobacco products. In June 2007, Star Scientific
formed its Rock Creek Pharmaceutical subsidiary in order to develop
a range of botanical-based pharmaceutical products that are
designed to treat tobacco dependence and a range of neurological
conditions, as well as nutraceuticals. As the company has indicated
in recent press releases, Rock Creek has developed a nutraceutical
product, CigRx(TM) that is intended to help adults who have stopped
using tobacco to maintain a nicotine-free metabolism. Pre-market
testing and analysis is ongoing, and the company anticipates that
CigRx(TM) will begin in test marketing in 2010. This press release
contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Star
Scientific, Inc. and its consolidated subsidiaries ( collectively,
the "Company") has tried, whenever possible, to identify these
forward-looking statements using words such as "anticipates",
"believes", "estimates", "expects", "plans", "intends" and similar
expressions. These statements reflect the Company's current beliefs
and are based upon information currently available to it.
Accordingly, such forward-looking statements involve known and
unknown risks, uncertainties and other factors which could cause
the Company's actual results, performance or achievements to differ
materially from those expressed in, or implied by, such statements.
These risks, uncertainties and contingencies include, without
limitation, the challenges inherent in new product development
initiatives, the uncertainties inherent in the progress of
scientific research, the Company's ability to raise additional
capital in the future necessary to maintain its business, potential
disputes concerning the Company's intellectual property, risks
associated with litigation regarding such intellectual property,
potential delays in obtaining any necessary government approvals of
the Company's low-TSNA tobacco products, market acceptance of the
Company's new smokeless tobacco products, competition from
companies with greater resources than the Company, the Company's
decision not to join the Master Settlement Agreement ("MSA"), the
effect of state statutes adopted under the MSA, and the Company's
dependence on key employees and on its strategic relationships with
Brown & Williamson Tobacco Corporation in light of its
combination with RJ Reynolds Tobacco Company, Inc. The impact of
potential litigation, if initiated against or by individual states
that have adopted the MSA, could be materially adverse to the
Company. Although the Company believes the expectations reflected
in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that the expectations will be
attained or that any deviation will not be material. See additional
discussion under "Risk Factors" in the Company's Annual Report on
Form 10-K for the year ended December 31, 2008, as filed with the
SEC on March 16, 2009, and other factors detailed from time to time
in the Company's other filings with the SEC, available at
http://www.sec.gov/. All information in this release is current as
of this date and the Company undertakes no obligation to update or
advise upon any such forward-looking statements to reflect events
or circumstances after the date of this press release or to reflect
the occurrence of unanticipated events. About Star Scientific Star
Scientific is a technology-oriented tobacco company with a toxin
reduction mission. It is engaged in the development of dissolvable
smokeless tobacco products that deliver fewer carcinogenic toxins
(principally tobacco specific nitrosamines, or TSNAs), through the
utilization of the innovative StarCured® tobacco curing technology,
and in sublicensing that technology to others. Star Scientific has
a Corporate and Sales Office in Petersburg, VA, an Executive,
Scientific & Regulatory Affairs office in Bethesda, MD, and
manufacturing facilities in Chase City, VA. See Star's website at:
http://www.starscientific.com/ About Rock Creek Pharmaceuticals
Rock Creek Pharmaceuticals develops pharmaceutical products for
treatment of addiction and other neurological disorders, as well as
nutraceuticals. The company supports third-party academic,
educational and therapeutic advances in these areas of research.
Rock Creek has scientific and research offices in Gloucester, MA.
and a regulatory office in Washington, DC. Contact: Sara Troy
Machir Vice President, Communications & Investor Relations
http://www.newscom.com/cgi-bin/prnh/20090317/STARSCIENTIFICLOGO
http://photoarchive.ap.org/ DATASOURCE: Star Scientific, Inc.
CONTACT: Sara Troy Machir, Vice President, Communications &
Investor Relations of Star Scientific, Inc., Web Site:
http://www.starscientific.com/
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