Cypress Bioscience Board of Directors Confirms Receipt of Revised Ramius LLC Offer in Connection with Strategic Review Pro

SAN DIEGO--(BUSINESS WIRE)-- Cypress Bioscience, Inc. (NASDAQ: CYPB) (“Cypress”) today confirmed that it received a revised offer from Ramius LLC (“Ramius”) to acquire all of the outstanding common shares of Cypress common stock for $5.50 per share in cash that it does not already own.

Cypress’ Board of Directors, with the assistance of its financial advisors, has been actively engaged in evaluating a broad range of strategic alternatives. Cypress’ Board will carefully evaluate the revised Ramius offer as part of its ongoing evaluation.

Jefferies & Company, Inc. and Perella Weinberg Partners are serving as financial advisors to Cypress and Cooley LLP, Sullivan & Cromwell LLP and Potter Anderson & Corroon LLP are serving as its legal advisors.

About Cypress Bioscience

Cypress Bioscience is a pharmaceutical company dedicated to the development of innovative drugs targeting large unmet medical needs for patients suffering from a variety of disorders of the central nervous system. Since 1999, Cypress has received FDA approvals for both of the products it brought to the FDA during that period, including for Prosorba™, a medical device for rheumatoid arthritis, and Savella® (milnacipran HCl), for fibromyalgia. The Company focuses on generating stockholder value by reaching clinical development milestones as quickly and efficiently as possible. Cypress’ development-stage assets include CYP-1020 for cognitive impairment in schizophrenia, Staccato® nicotine for smoking cessation and intranasal carbetocin for autism. More information on Cypress and its products and development assets is available at http://www.cypressbio.com/.

Additional Information and Where to Find It

In connection with the unsolicited tender offer commenced by Ramius LLC, Cypress has filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. Cypress’s stockholders should carefully read the Solicitation/Recommendation Statement on Schedule 14D-9 (including any amendments or supplements thereto) prior to making any decisions with respect to Ramius LLC’s tender offer because it contains important information. Free copies of the Solicitation/Recommendation Statement on Schedule 14D-9 and the related amendments or supplements thereto that Cypress has filed with the SEC are available at the SEC's website at www.sec.gov.



CONTACT:

Investors:
MacKenzie Partners, Inc.
Amy Bilbija / Bob Marese
650-798-5206 / 212-929-5500
or
Media:
Joele Frank, Wilkinson Brimmer Katcher
Matt Sherman / Dara Silverstein
212-355-4449

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:   Health  Biotechnology  Medical Devices  Pharmaceutical  Professional Services  Finance  FDA

MEDIA:

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