Cypros Pharmaceutical Corp. announced last week that it hadfiled a registration statement with the Securities and ExchangeCommission for a public offering of up to 625,000 additionalclass B warrants and up to an additional 843,750 shares ofcommon stock (NASDAQ:CYPR).
The offering pertains to an amendment to the San Diegocompany's outstanding class A warrants, under which holdersof the class A warrants now have an opportunity to exercisethose warrants, at $9.25 each, for one-half of a class B warrantand 1.18 shares of common stock.
Cypros, which is developing drugs to alleviate the tissuedamage resulting from the ischemia associated with a heartattack or stroke, currently has 1.15 million class A warrantsand 1.15 million class B warrants outstanding, said DavidNassif, the company's vice president and chief financial officer.Also outstanding are nearly 3 million shares of common stock.Cypros currently has more than $4 million in cash, cashequivalents and short-term equity, Nassif said.
-- Jennifer Van Brunt Senior Editor
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