Oscient Pharmaceuticals Corp (fka OSCIQ)

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INCREDIBLE NEWS! Cornerstone Therapeutics Receives Approval to Acquire Commercial Rights to the Antibiotic Factive(R)

* Press Release
* Source: Cornerstone Therapeutics Inc.
* On Thursday September 3, 2009, 8:01 am EDT

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Companies:
o Cornerstone Therapeutics Inc.
o Oscient Pharmaceuticals Corp.

CARY, N.C., Sept. 3 /PRNewswire-FirstCall/ -- Cornerstone Therapeutics Inc. (Nasdaq: CRTX - News), a specialty pharmaceutical company focused on acquiring, developing and commercializing significant products primarily for the respiratory and related markets, today announced that it has received the approval of the United States Bankruptcy Court for the District of Massachusetts for its acquisition of the commercial rights to the antibiotic Factive® (gemifloxacin mesylate) in North America and certain countries in Europe from Oscient Pharmaceuticals Corporation (OSCIQ.PK) and expects to promptly close the transaction. At the closing, the Company will purchase the Factive assets for a cash payment of $5,000,000 plus an amount for purchased inventory to be mutually determined prior to closing, quarterly royalty payments based on adjusted net sales for a period of five years and the assumption of certain liabilities, including aggregate cure amounts of $110,000 under certain contracts that were assumed by the Company. Oscient filed its voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Massachusetts on July 13, 2009.

Factive is a fluoroquinolone antibiotic approved for the treatment of acute bacterial exacerbations of chronic bronchitis (ABECB) and community-acquired pneumonia of mild to moderate severity (CAP). According to Wolters Kluwer Health, a third-party provider of prescription data, in 2008, the U.S. oral solid fluoroquinolone market generated approximately 39 million prescriptions. Factive was launched in the U.S. in September of 2004 and is the only fluoroquinolone approved in the U.S. for the five-day treatment of both ABECB and CAP. Approximately 1.1 million prescriptions have been dispensed for Factive since its launch. In 2008, Factive generated approximately $16 million in net revenues. Factive has composition of matter patent protection which extends into 2018, longer than the composition of matter patent protection for any currently marketed fluoroquinolone or other antibiotic widely used to treat respiratory tract infections.

About Cornerstone Therapeutics

Cornerstone Therapeutics Inc. (Nasdaq CM: CRTX), headquartered in Cary, N.C., is a specialty pharmaceutical company focused on acquiring, developing and commercializing significant products primarily for the respiratory and related markets. The Company currently promotes multiple marketed products in the United States to respiratory-focused physicians and key retail pharmacies with its specialty sales force. The Company also has a late-stage clinical pipeline with a recent regulatory submission filing and four additional regulatory approval submissions targeted within the next three years. Key elements of the Company's strategy are to in-license or acquire rights to underpromoted, patent-protected, branded respiratory or related pharmaceutical products or late-stage product candidates; implement life cycle management strategies to maximize the potential value and competitive position of the Company's currently marketed products, newly acquired products and product candidates that are currently in development; grow product revenue through the Company's specialty sales force, which is focused on the respiratory and related markets; and maintain and strengthen the intellectual property position of the Company's currently marketed products, newly acquired products and product candidates.