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BioCryst Pharmaceuticals and Presidio Pharmaceuticals Mutually Terminate Merger Transaction



  BioCryst Pharmaceuticals and Presidio Pharmaceuticals Mutually Terminate
  Merger Transaction

Business Wire

RESEARCH TRIANGLE PARK, N.C. & SAN FRANCISCO -- November 30, 2012

BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) and privately held Presidio
Pharmaceuticals, Inc. today announced the mutual termination of the Merger
Agreement and the related Investor Financing Agreement entered into on October
17, 2012. Although the original rationale for the merger had merit, the
parties determined that terminating the merger was in the best interest of
both companies and their respective shareholders at this time.

The termination of the transaction has been approved by the Boards of both
companies. In association with the termination, both parties will release each
other from all obligations with respect to the proposed transaction. Each
company will bear its own legal and transaction fees.

Future BioCryst Conference Call and Webcast

Executives from BioCryst will host a conference call and webcast on Friday,
December 7, 2012 at 10:00 a.m. Eastern Time, to discuss BioCryst’s future
strategy and initiatives. To participate in the conference call, please dial
1-877-303-8027 (United States) or 1-760-536-5165 (International). No passcode
is needed for the call. The webcast can be accessed by logging onto
www.BioCryst.com. Please connect to the website at least 15 minutes prior to
the start of the conference call to ensure adequate time for any software
download that may be necessary. The event and slide presentation will be
available prior to the event and archived after in the Investor Relations
section of www.BioCryst.com.

About BioCryst Pharmaceuticals

BioCryst Pharmaceuticals designs, optimizes and develops novel small molecule
drugs that block key enzymes involved in infectious and inflammatory diseases.
BioCryst currently has two late-stage programs: peramivir, a viral
neuraminidase inhibitor for the treatment of influenza, and ulodesine
(BCX4208), a purine nucleoside phosphorylase (PNP) inhibitor for the treatment
of gout. In addition, BioCryst is advancing two preclinical programs: BCX5191,
a nucleoside analog inhibitor of HCV RNA polymerase (NS5B) for hepatitis C,
and BCX4161, an oral inhibitor of plasma kallikrein for hereditary angioedema.
Utilizing state-of-the-art structure-guided drug design and crystallography,
BioCryst continues to discover innovative compounds with the goal of
addressing unmet medical needs of patients and physicians. For more
information, please visit the BioCryst’s website at www.BioCryst.com.

About Presidio Pharmaceuticals

Presidio Pharmaceuticals, Inc. is a San Francisco-based clinical stage
specialty pharmaceutical company dedicated to the discovery and development of
small molecule antiviral therapeutics. The Presidio portfolio includes
PPI-668, an oral, once-daily pan-genotypic NS5A with demonstrated antiviral
efficacy and safety in a recently completed Phase 1b trial in HCV patients,
and PPI-383, a pan-genotypic, non-nucleoside NS5B currently undergoing
IND-enabling studies to support initiation of clinical trials alone and in
combination with PPI-668 during 2013. For more information, please visit
Presidio’s website at www.presidiopharma.com.

BioCryst Forward-Looking Statements

This press release contains forward-looking statements, including statements
regarding future results, performance or achievements. These statements
involve known and unknown risks, uncertainties and other factors which may
cause BioCryst’s actual results, performance or achievements to be materially
different from any future results, performances or achievements expressed or
implied by the forward-looking statements. These statements reflect our
current views with respect to future events and are based on assumptions and
subject to risks and uncertainties. Other important factors include: that
there can be no assurance that BioCryst’s compounds will prove effective in
clinical trials; that development and commercialization of BioCryst’s
compounds may not be successful; that BARDA/HHS may further condition, reduce
or eliminate future funding of the peramivir program; that BioCryst or
licensees may not be able to enroll the required number of subjects in
clinical trials of their respective product candidates and that such clinical
trials may not be successfully completed; that BioCryst or licensees may not
commence, as expected, additional human clinical trials with product
candidates; that the FDA may require additional studies beyond the studies
planned for product candidates or may not provide regulatory clearances which
may result in delay of planned clinical trials, clinical hold with respect to
such product candidate or the lack of market approval for such product
candidate; that ongoing and future preclinical and clinical development may
not have positive results; that BioCryst or licensees may not be able to
continue future development of current and future development programs; that
such development programs may never result in future product, license or
royalty payments being received; that BioCryst may not be able to retain its
current pharmaceutical and biotechnology partners for further development of
its product candidates or may not reach favorable agreements with potential
pharmaceutical and biotechnology partners for further development of product
candidates; that BioCryst’s actual cash burn rate may not be consistent with
its expectations; that BioCryst may not have sufficient cash to continue
funding the development, manufacturing, marketing or distribution of products
and that additional funding, if necessary, may not be available at all or on
terms acceptable to BioCryst. Please refer to the documents BioCryst files
periodically with the Securities and Exchange Commission, specifically
BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on Form
10-Q, and current reports on Form 8-K, all of which identify important factors
that could cause the actual results to differ materially from those contained
in BioCryst’s projections and forward-looking statements.

Contact:

BioCryst Pharmaceuticals
Robert Bennett, 919-859-7910
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