"Consistent with the Glass Lewis and ISS Proxy Advisory Services recommendations, we urge stockholders to vote "AGAINST" both of the proposals put forth in the upcoming special meeting of stockholders," stated Glenn A. Oclassen, President and Chief Executive Officer. "The Transcept Board and management team have clearly articulated a strategy that we believe will maximize the return for our stockholders. Key elements of this plan include a reduction of our monthly burn rate and working with Leerink Swann, our financial and strategic advisor, as we actively seek a merger partner. We intend to continue this effort into the first quarter of 2014, while remaining open to all opportunities to enhance stockholder value. We are evaluating a range of alternatives, some of which may result in a transaction with a partial distribution of cash to stockholders concurrent with the transaction. If we cannot identify a transaction that we reasonably believe will enhance stockholder value by the end of the first quarter 2014, we intend to proceed with a liquidation of the Company."About TransceptTranscept Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of proprietary products to 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. 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.
Transcept Pharmaceuticals Announces That Glass Lewis & Co. Recommends "AGAINST" All Proposals Subject To A Vote At The December 19, 2013 Special Meeting Of Stockholders
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