Cornerstone Therapeutics (CRTX) Updates Progress on Integration Activities; Sees FY08 Sales in Excess of $64M

December 11, 2008 8:27 AM EST

Cornerstone Therapeutics Inc. (Nasdaq: CRTX) today provided an update on the status of its integration activities following the closing of the business combination of Critical Therapeutics, Inc. and Cornerstone BioPharma Holdings, Inc. on October 31, 2008, and the renaming of the combined company as Cornerstone Therapeutics Inc.

Following the October 31, 2008 closing, the Company has been taking action to effectively and efficiently combine the operations of the two companies. In completing the integration, the Company has achieved a number of key milestones:

• The Company has discontinued all former Critical Therapeutics research projects and completed a review of those research projects to identify promising technologies suitable for outlicensing to third parties. As a result of this review, the Company has initiated a process to seek potential licensees for certain technologies, including the alpha 7 mediated anti-inflammatory pathway program.
  
• The Company completed a restructuring of former Critical Therapeutics officers and employees that resulted in Scott Townsend, General Counsel and Executive Vice President of Legal Affairs, and 12 former Critical Therapeutics sales representatives remaining with Cornerstone.
  
• The former Critical Therapeutics facility in Lexington, MA has been vacated and the sublease terminated.

Aggregate revenues from the Company's products have continued to be strong in the fourth quarter. The Company anticipates 2008 net revenues to be in excess of $64 million, which will include revenues attributable to ZYFLO(R) and ZYFLO CR(R) only for the months of November and December.

Cornerstone BioPharma, Inc. engages in the development and commercialization of respiratory products.

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