ANN ARBOR, Mich., July 30 /PRNewswire-FirstCall/ -- On Friday, July 25,
2003, Esperion Therapeutics, Inc. (Nasdaq: ESPR) was informed that Scott
Sacane, Durus Capital Management, LLC and Durus Capital Management (NA), LLC
(together, the Sacane Group) beneficially owned a total of 9,726,900 shares of
Esperion common stock. The total represents almost 33% of Esperion's
outstanding common stock. Upon receipt of this information, and after
consideration of the facts and circumstances, Esperion determined that it was
in the best interests of the Company to enter into a new agreement with the
Sacane Group relating to the position and actions of this stockholder. The
Sacane Group is the largest holder of the Company's common stock.
Under the terms of the agreement, the Sacane Group has agreed not to
acquire beneficial ownership of more than 33% of Esperion's common stock. The
Sacane Group will not sell any shares of Esperion common stock prior to
October 29, 2003, and will thereafter be subject to certain ongoing resale
restrictions. The Sacane Group also agreed to certain voting restrictions,
which generally require that any shares it beneficially owns that represent
more than 20% of Esperion's outstanding voting securities be voted in
proportion to the votes cast by all of the other stockholders of Esperion
other than the Sacane Group.
The Sacane Group's purchase of Esperion stock represented a series of open
market transactions that the Sacane Group did not disclose to the Company and
did not report in a timely manner in accordance with federal securities laws.
The Sacane Group's Schedule 13D, filed on Tuesday, July 29, 2003, states that
the shares were acquired for investment purposes, with no intention to
influence or change the management or other affairs of Esperion. The filing
also states that none of the Sacane Group's current holdings in Esperion are
maintained in a margin account. Esperion is unable to comment further on any
aspect of the Sacane Group's position, procedure or intent in purchasing
Esperion stock, and refers all questions relating to these issues to the
Sacane Group.
Esperion Therapeutics
Esperion Therapeutics, Inc. discovers and develops pharmaceutical products
for the treatment of cardiovascular disease. Esperion intends to
commercialize a novel class of drugs that focuses on a new treatment approach
called "HDL Therapy," which is based on the Company's understanding of high-
density lipoprotein, or HDL, function. HDL is the primary facilitator of the
reverse lipid transport, or RLT, pathway by which excess cholesterol and other
lipids are removed from artery walls and other tissues and are transported to
the liver for elimination from the body. Esperion's goal is to develop drugs
that exploit the beneficial functions of HDL within the RLT pathway. Esperion
currently has product candidates under development for the treatment of
cardiovascular disease. Esperion is listed on the Nasdaq National Market
under the symbol "ESPR."
Safe Harbor Statement
The information contained in this press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are often identified by words such
as "hope," "may," "believe," "anticipate," "plan," "expect," "require,"
"intend," "assume" and similar expressions. Forward-looking statements speak
only as of the date of this press release, reflect management's current
expectations, estimations and projections and involve certain factors, such as
risks and uncertainties, that may cause actual results, performance or
achievements to be far different from those suggested by the Company's
forward-looking statements. These factors include, but are not limited to,
risks associated with: the Company's ability to successfully execute its
business strategies, including entering into any strategic partnerships or
other transactions; the progress and cost of development of the Company's
product candidates; the extent and timing of market acceptance of new products
developed by the Company or its competitors; dependence on third parties to
conduct clinical trials for the Company's product candidates; the extent and
timing of regulatory approval, as desired or required, for the Company's
product candidates; the Company's dependence on licensing arrangements and
strategic relationships with third parties; clinical trials; manufacturing;
the Company's dependence on patents and proprietary rights; the procurement,
maintenance, enforcement and defense of the Company's patents and proprietary
rights; competitive conditions in the industry; business cycles affecting the
markets in which any of the Company's products may be sold; extraordinary
events and transactions; the timing and extent of the Company's financing
needs and the Company's access to funding, including through the equity
market; fluctuations in foreign exchange rates; and economic conditions
generally or in various geographic areas. These factors are discussed in more
detail in the Company's filings with the Securities and Exchange Commission.
The Company does not intend to update any of these factors or to publicly
announce the results of any revisions to any of these forward-looking
statements other than as required under the federal securities laws.
Company Contact: Amy Cannon
Manager, Corporate Communications
Esperion Therapeutics, Inc.
(734) 222-1801
acannon@esperion.com
Media Contact: Jim Wetmore
Berry & Company Public Relations
(212) 253-8881
jwetmore@berrypr.com
SOURCE Esperion Therapeutics, Inc.
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Related links:
http://www.esperion.com
CONTACT:
Amy Cannon, Manager, Corporate Communications
of Esperion Therapeutics, Inc., +1-734-222-1801,
acannon@esperion.com ; or Jim Wetmore of Berry & Company Public
Relations, +1-212-253-8881, jwetmore@berrypr.com , for Esperion
Therapeutics, Inc.
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