Rigrodsky & Long, P.A. Investigates Cypress Bioscience, Inc. Going Private Offer

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Cypress Bioscience, Inc. (“Cypress” or the “Company”) (Nasdaq: CYPB) concerning the Company’s receipt of a proposal from Ramius Value and Opportunity Advisors LLC, a subsidiary of Ramius LLC (collectively, “Ramius”), for a going private transaction (the “Proposal”). ( http://www.rigrodskylong.com/news/CypressBioscienceInc.-CYPB).

The investigation concerns whether Cypress’ board of directors is adequately shopping the Company and working to obtain the best price possible for Cypress’ shareholders. The Proposal contemplates the acquisition of all of the outstanding shares of common stock of Cypress not currently owned by Ramius for $4.00 per share in cash, or approximately $154 million. Ramius already owns approximately 9.9% of Cypress’ outstanding common stock. Indeed, according to Yahoo! Finance, at least one analyst has set a price target of $10.00 per share for Cypress stock.

If you own the common stock of Cypress and purchased your shares before July 19, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at [phone], or by e-mail to [e-mail].

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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