Transcept Declares Special Cash Dividend Of $25 Million
POINT RICHMOND, Calif., May 14, 2014
POINT RICHMOND, Calif., May 14, 2014 /PRNewswire/ --Transcept Pharmaceuticals
Inc. (NASDAQ: TSPT) announced today that its board of directors declared a
special cash dividend of $1.33 per share on the Company's common stock.
Payment will be made on June 3, 2014, to stockholders of record at the close
of business on May 26, 2014.
"We are pleased to distribute a significant amount of cash to our
stockholders, and we continue to explore a range of alternatives to enhance
stockholder value," said Glenn A. Oclassen, Transcept Chairman and CEO. "We
are still actively evaluating several opportunities including a business
combination and/or partnership opportunities together with our strategic and
financial advisor, Leerink Swann, LLC. We look forward to further updating
our stockholders as these initiatives progress."
Transcept Pharmaceuticals, Inc. is a specialty pharmaceutical company focused
on the development and commercialization of proprietary products that address
important therapeutic needs in the field of neuroscience. The Company's lead
development candidate is TO-2070, a novel rapidly absorbed treatment for acute
migraine incorporating dihydroergotamine (DHE) as the active drug, which
Transcept has developed through the completion of preclinical safety studies
but has not initiated a Phase 1 human pharmacokinetic study. Preclinical data
suggest that TO-2070 may offer significant migraine treatment benefits beyond
those provided by less convenient and more invasive DHE drug delivery methods,
such as injection, liquid nasal sprays or pulmonary inhalation.
The Transcept management team developed Intermezzo^® from concept to its
approval by the FDA in 2011. Purdue holds commercialization and development
rights for Intermezzo in the United States. For further information about
Transcept, please visit www.transcept.com. For information about Intermezzo,
please visit www.MyIntermezzo.com.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than statements of
historical facts, included in this press release regarding our strategy,
future operations, future financial position, future revenue, projected
expenses, prospects, plans and objectives of management are forward-looking
statements. Examples of such statements include, but are not limited to,
statements relating to our plans and expectations regarding our strategic
process, and the possibility of additional returns of cash to our
stockholders. Transcept may not actually achieve the plans, carry out the
intentions or meet the expectations or projections disclosed in our
forward-looking statements and you should not place undue reliance on these
forward-looking statements. Actual results or events could differ materially
from the plans, intentions, expectations and projections disclosed in the
forward-looking statements. Various important factors could cause actual
results or events to differ materially from the forward-looking statements
that Transcept makes, including the risks described in the "Risk Factors"
section of Transcept periodic reports filed with the SEC. Forward-looking
statements do not reflect the potential impact of any future in-licensing,
collaborations, acquisitions, mergers, dispositions, joint ventures, or
investments Transcept may enter into or make. Transcept does not assume any
obligation to update any forward-looking statements, except as required by
Transcept Pharmaceuticals, Inc.
Vice President, Chief Financial Officer
SOURCE Transcept Pharmaceuticals, Inc.
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