Critical Therapeutics, Cornerstone to merge

Critical Therapeutics is merging with Cornerstone BioPharma Holdings, a specialty pharmaceutical company that develops treatments for respiratory disorders. Critical Therapeutics is also developing respiratory drugs, along with inflammatory and critical care treatments. Trevor Phillips, Critical's CEO, said the new company would be focused on respiratory diseases. 

"After reviewing alternatives during a strategic review process over the past six months, we believe that the product synergies created by a merger with Cornerstone offer the best opportunity to drive stockholder value," said Phillips. The stock-for-stock transaction is targeted to close in the fourth quarter of 2008.

- here's the merger release

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