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Biotech / Medical : Gliatech (GLIA) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (656)	2/25/1999 2:40:00 AM
From: chirodoc	Respond to of 2001

thanks for your summary--that helps eom

To: scaram(o)uche who wrote (656)	2/25/1999 7:44:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 2001

>> as a result of issues pertaining to the cost of site improvements and site preparation << That could mean anything. Something is going on, IMO.... first no discussion last week of the single-dose portion of the 2331 phase I, now this....... Thursday February 25, 5:47 pm Eastern Time Company Press Release SOURCE: Gliatech Inc. Gliatech Cancels Construction Plans CLEVELAND, Feb. 25 /PRNewswire/ -- Gliatech Inc. (Nasdaq: GLIA - news) announced today that as a result of issues pertaining to the cost of site improvements and site preparation, it no longer intends to build its corporate headquarters in the Chagrin Highlands development, located in the Village of Highland Hills, an eastern suburb of Cleveland, Ohio. The Company has decided that development of a new headquarters facility at this time should be a lower priority for the Company as a result of the need for management to focus on its many other important programs, such as the U.S. commercialization of ADCON®-L, the recent FDA approval for a pivotal clinical study for ADCON®- P, as well as its other programs with respect to Cognition Modulation and Alzheimer's Disease. As a result, although the Company may seek a replacement location in the future, it is not at this time having further discussions to find an alternative site. Gliatech was formed in 1988 to discover, develop and commercialize therapeutic products based on understanding the properties of glial cells, a major component of the nervous system. The Company applies its core glial research to developing innovative products for major unmet human health care needs. Certain statements in this press release constitute ''forward looking statements'' that are subject to risks and uncertainties which may cause the actual results of the Company to be different from such statements. Such factors include, but are not limited to, uncertainty of market acceptance of the Company's products, the timing and content of final decisions by management regarding the Company's new headquarters, the timing and content of final decisions of various government agencies in Ohio regarding the Company's headquarters, the continued commitment of government agencies in Ohio in growing the biotechnology industry in Ohio and potential unexpected costs associated with the design, development and construction of the Company's new facility. SOURCE: Gliatech Inc.