CARLSBAD, Calif.--(BUSINESS WIRE)--Nov. 5, 1997--Cypros Pharmaceutical Corp. (NASDAQ:CYPR) Wednesday announced that it has raised $4.7 million in new capital through the exercise of 856,027 of its Redeemable Class B Warrants (NASDAQ:CYPRZ) at $5.50 each.
There were previously 4,673,512 Class B Warrants outstanding, the remainder of which expired at 5:00 p.m. New York time on Nov. 3, 1997. After the exercise, Cypros has $17 million in cash, cash equivalents and short-term investments and 15.37 million shares of Common Stock outstanding.
In commenting on the announcement, Paul J. Marangos, Ph.D., chairman and chief executive officer, stated: "We appreciate the confidence shown in the company by those Class B Warrantholders who exercised their warrants at $5.50, which was equal to the market price of the Common Stock. This additional capital will be used to speed up our clinical, preclinical and acquisition programs. This also removes almost 4 million shares of fixed-price
dilution from the company's capital structure."
Cypros Pharmaceutical is engaged in the development and marketing of drug products for the hospital market. The company is pursuing a diversified strategy of marketing approved drugs and developing small molecule therapeutics that protect cells from ischemic injury. Ischemia is the number one cause of death in most developed countries. The company currently has three products on the market, Glofil, Inulin and Ethamolin. |
