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December 5, 2013
05:32 EDTTSPTTranscept Pharmaceuticals provides update to initiatives to increase value
Transcept Pharmaceuticals provided an update to the key initiatives being pursued to increase stockholder value. The Transcept board and management team have taken, or are undertaking, the following steps: "In November we announced the reduction of 6 employees, or approximately 43% of our workforce. In connection with this restructuring, Thomas P. Soloway, COO, notified the company that he would resign effective December 31. With these combined changes, we expect that our headcount will be reduced by approximately 50% and our annual payroll and benefits expense will be reduced by approximately $1.23M, or 37% of the annual Transcept payroll. Effective December 31, 2013, Glenn A. Oclassen, president and CEO, will assume the role of chairman of the board and CEO. Concurrently, G. Kirk Raab, the company's current chairman of the board, will move to the position of Lead Independent Director. This restructuring is expected save the company approximately $180K on an annualized basis, or 36% of its board governance costs. We are actively seeking a merger partner and intend to continue this effort into the Q1, while continuing to remain open to all stockholder value enhancing opportunities. 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 in Q1, we intend to proceed with a liquidation of the company. We will continue to develop TO-2070, our DHE product candidate for the treatment of acute migraine, through the completion of preclinical safety studies. We believe that the continued development of TO-2070 through a successful completion of pre-clinical safety studies will add value to the asset that may be recognized in a potential transaction. Given the timing of the strategic process described above, we do not intend to initiate a Phase 1 human pharmacokinetic study. We continue to work with Purdue Pharma, our U.S. marketing partner for Intermezzo, to develop and implement strategies to maximize the value of Intermezzo."
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