Oscient Pharmaceuticals (OSCI) Discontinues Direct Selling of its Products; Eliminates 150-Person Sales Force

June 11, 2009 6:37 PM EDT

Oscient Pharmaceuticals (NASDAQ: OSCI) announced it will discontinue sales force promotion of its two products: ANTARA (fenofibrate) capsules, a cardiovascular product and FACTIVE (gemifloxacin mesylate) tablets, a fluoroquinolone antibiotic.

As part of a restructuring to conserve financial resources, the Company will eliminate approximately 180 positions, including its 150-person sales force and 30 additional sales, marketing and corporate positions, in the next month. Although direct selling efforts will be discontinued, OSCI intends to keep its products available and on the market for physicians and their patients.

Oscient previously announced the engagement of Broadpoint Capital to advise the Company on strategic options, including the potential sale of the Company or its assets and that process is ongoing.

As previously noted in the Company's Annual Report on Form 10-K and other documents filed with the SEC, OSCI believed it had sufficient cash to continue its then current operations into Q3 of 2009, unless it was able to raise additional capital and/or refinance or amend the terms of its outstanding debt. OSCI has also stated that if it was unable or could not obtain adequate financing, it may have to take measures to significantly reduce expenses which would have a material adverse effect on its business and/or the Company may seek bankruptcy protection.

(NOTE: Share trade under $1)

Oscient Pharmaceuticals Corporation is a commercial-stage pharmaceutical company marketing United States Food and Drug Administration (FDA) approved products in the United States. [SM]

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• Broadpoint Capital
• Bankruptcy

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