spph :
Spencer Pharmaceutical Receives Letter of Interest
BOSTON, MA--(Marketwire - 11/02/10) - Spencer Pharmaceutical Inc. (Pinksheets:SPPH - News) announced today that the company has received a letter of interest by a private equity fund for a proposed important investment in the shares of the company.
According to the letter of interest, the private equity fund has requested its identity be kept confidential until further discussion and due-diligence is undertaken. However, no price has yet to be discussed nor any formal offer made.
"Although it is very flattering to be courted at this early stage, our objectives are clear and we will continue to work with our partners in licensing our technology for the Met4 as well as our extended release Ibuprofen," said Dr. Arella, President of Spencer Pharmaceutical Inc. "Naturally, if a formal offer was to be made by the private equity fund, the board of directors would consider, evaluate and recommend a course of action to its shareholders," further added Dr. Arella.
The final terms and conditions of the transaction will be determined in a definitive agreement. No assurances can be provided that a definitive agreement will be executed. Execution of a definitive agreement is subject to, among other things, confirming due diligence by Spencer, and other conditions and approvals by both companies' management, board of directors and shareholders, as appropriate.
About Spencer Pharmaceutical Inc.
Spencer Pharmaceutical Inc. is a US-based Pharmaceutical Research and Development Corporation, which is developing innovative drug release and absorption systems for the treatment of metabolic diseases such as diabetes and metabolic syndrome.
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