POINT RICHMOND, Calif., Dec. 16, 2013 /PRNewswire/ -- Transcept Pharmaceuticals, Inc. (Nasdaq: TSPT), a specialty pharmaceutical company focused on the development and commercialization of proprietary products that address important therapeutic needs in the field of neuroscience, today announced that the company's largest stockholder, Roumell Asset Management, had publicly announced its support of the Transcept business strategies that Transcept outlined in its press release dated December 4, 2013. In that regard, Roumell indicated that it would abstain from voting in the upcoming special meeting of stockholders scheduled for December 19, 2013, which was called initially at the request of Roumell.
"We are very pleased that the Roumell team has moved to support our strategies to maximize stockholder value, and we appreciate the confirmation of that support in their actions regarding the December 19 special meeting of stockholders," stated Glenn A. Oclassen, Transcept President and Chief Executive Officer.
Transcept also announced that Matthew M. Loar has joined the board of Transcept as an independent director effective December 16, 2013, following his recommendation by Roumell. Mr. Loar currently serves as Acting Chief Executive and Financial Officer of Neurobiological Technologies, Inc. (NTI) and has served on NTI's board of directors since NTI's stockholders approved a plan of voluntary dissolution in 2009. Over the past twelve years he has served as Chief Financial Officer for three publicly-traded biopharmaceutical companies: NTI, Osteologix, Inc. and Genelabs, Inc.; and one public-reporting biopharmaceutical company: Virolab, Inc.
Mr. Oclassen stated further, "The addition of Matt Loar further enhances the Board's already strong pharmaceutical industry expertise, particularly given his financial background. Matt brings a track-record of success and deep industry knowledge, and his viewpoint and advice will be important as we develop and pursue our strategic alternatives."About Transcept Transcept 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 which Transcept intends to develop through the completion of preclinical safety studies, but not including the initiation of 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.