NEWS!!!
Cistron Biotechnology Retains BlueStone Capital Partners as Its
Financial Advisor
PR Newswire - September 11, 1997 15:48
CIST IMNX AHP %MTC %FIN V%PRN P%PRN
PINE BROOK, N.J., Sept. 11 /PRNewswire/ -- Cistron Biotechnology, Inc.
(OTC: CIST) has retained BlueStone Capital Partners, L.P. to facilitate
assessing new product development opportunities and to assist in arranging
strategic alliances with other companies, it was announced today.
BlueStone, a New York City-based investment banker, specializes in serving
smaller, emerging healthcare companies. The firm's healthcare and scientific
advisory board includes two Nobel Prize Laureates in medicine and physiology
as well as former pharmaceutical industry executives.
Cistron will access BlueStone's healthcare network to explore additional
uses of its core product, Interleukin-1 beta, to seek additional marketable
technology, to expand current product lines and to identify other companies to
work with Cistron in those areas.
BlueStone Capital will assist Cistron management in licensing agreements
and mergers and acquisitions as well as helping the company in implementing
its near and mid-term strategic plan announced earlier this year. The plan
and other projects with BlueStone will be funded primarily from the
$14.5 million litigation settlements received by Cistron during the past year
from Immunex Corp. (Nasdaq: IMNX), subsidiary of American Home Products
(NYSE: AHP) and PeproTech, Inc.
In announcing the agreement with BlueStone, Bruce C. Galton, Cistron's
acting chief executive officer, said that, "We found BlueStone's focus on
emerging companies and the caliber of its experienced industry-oriented
professional staff attractive. We are excited about working with our new
investment banker and in forging a long-term partnership with BlueStone
Capital."
BlueStone's Dr. Robert W. Naismith, managing director of corporate
finance, portrayed Cistron as a "very attractive biotechnology company with
substantial immunodiagnostics product development potential. Cistron has an
impressive business and scientific management that has prevailed through
difficult times and is prepared to build shareholder value. In addition, the
company has clear title to its Interleukin-1 beta technology. We look forward
to assisting Cistron in moving to the next phase in its development cycle."
Certain statements in this discussion and analysis constitute
forward-looking statements, are not historical facts and involve risks and
uncertainties that could cause actual results to differ from those expected
and projected. Such risks and uncertainties include but are not limited to:
(i) general economic conditions; (ii) conditions specific to the biotechnology
industry; (iii) the Company's ability to develop or acquire new technology or
products through licensing, merger or acquisition and obtain regulatory
approval to commercialize diagnostic or therapeutic products; (iv) the
effectiveness and ultimate market acceptance of any such products; (v)
limitations on third party reimbursements with respect to any such products;
and (vi) competition. These and other risks are described in the Company's
report on Form 10-Q for the period ended March 31, 1997.
SOURCE Cistron Biotechnology, Inc.
CONTACT: Hal Smith of Hal Smith Associates, 800-743-6632, for Cistron
Biotechnology |
