Star Scientific Plans Worldwide Marketing and Sales of CigRx(TM) Nutraceutical in Partnership with inVentiv Health |
PETERSBURG, Va., Nov. 4 /PRNewswire-FirstCall/ -- Star Scientific, Inc.
(Nasdaq: STSI) announced today that the company plans to introduce the
CigRx(TM) nutraceutical product developed by its subsidiary, Rock Creek
Pharmaceuticals, for worldwide marketing and sales in partnership with
inVentiv Health, Inc. (Nasdaq: VTIV). inVentiv Health offers a complete
range of commercialization solutions for every stage of the product
lifecycle, in a range of healthcare categories that includes nutraceutical
products. The company has marketing and sales capabilities in 40 countries
around the globe. Jonnie R. Williams, Star's CEO, stated, "Cigarette
smoking is the leading cause of preventable death in the world. However,
the global cigarette business, which now exceeds $300 billion, continues to
grow. Our goal is to make CigRx(TM) available to adult smokers worldwide
who wish to maintain a nicotine-free metabolism." Rock Creek
Pharmaceuticals will be responsible for the manufacturing of CigRx(TM), and
the company anticipates that inVentiv Health will be involved in the
product marketing and sales, with a focus on product education for
physicians and health care professionals, as well as consumers.
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Star also announced that it has retained McColl Partners LLC to advise
the company on a range of corporate finance matters, including the
assessment of strategic initiatives involving new products. McColl
Partners, an independent investment banking firm co-founded by Hugh McColl,
former Chairman of Bank of America, specializes in the needs of management
and owners of middle-market companies. The firm offers strategic advice and
assistance to its clients regarding mergers and acquisitions.
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Star
Scientific, Inc. and its consolidated subsidiaries (collectively, the
"Company") has tried, whenever possible, to identify these forward-looking
statements using words such as "anticipates", "believes", "estimates",
"expects", "plans", "intends" and similar expressions. These statements
reflect the Company's current beliefs and are based upon information
currently available to it. Accordingly, such forward-looking statements
involve known and unknown risks, uncertainties and other factors which
could cause the Company's actual results, performance or achievements to
differ materially from those expressed in, or implied by, such statements.
These risks, uncertainties and contingencies include, without limitation,
the challenges inherent in new product development initiatives, the
uncertainties inherent in the progress of scientific research, the
Company's ability to raise additional capital in the future necessary to
maintain its business, potential disputes concerning the Company's
intellectual property, risks associated with litigation regarding such
intellectual property, potential delays in obtaining any necessary
government approvals of the Company's low-TSNA tobacco products, market
acceptance of the Company's new smokeless tobacco products, competition
from companies with greater resources than the Company, the Company's
decision not to join the Master Settlement Agreement ("MSA"), the effect of
state statutes adopted under the MSA, and the Company's dependence on key
employees and on its strategic relationships with Brown & Williamson
Tobacco Corporation in light of its combination with RJ Reynolds Tobacco
Company, Inc. The impact of potential litigation, if initiated against or
by individual states that have adopted the MSA, could be materially adverse
to the Company.
Although the Company believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can give
no assurance that the expectations will be attained or that any deviation
will not be material. See additional discussion under "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December 31, 2008,
as filed with the SEC on March 16, 2009, and other factors detailed from
time to time in the Company's other filings with the SEC, available at
http://www.sec.gov. This information is current as of this date. The Company
undertakes no obligation to update or advise upon any such forward-looking
statements to reflect events or circumstances after the date of this press
release or to reflect the occurrence of unanticipated events.
About Rock Creek Pharmaceuticals
Rock Creek Pharmaceuticals develops pharmaceutical products for
treatment of addiction and other neurological disorders, and other products
such as nutraceuticals. The company supports third-party academic,
educational and therapeutic advances in both these areas of research. Rock
Creek has scientific and research offices in Gloucester, MA and a
regulatory office in Washington, DC.
About Star Scientific
Star Scientific is a technology-oriented tobacco company with a toxin
reduction mission. It is engaged in the development of dissolvable
smokeless tobacco products that deliver fewer carcinogenic toxins
(principally tobacco specific nitrosamines, or TSNAs), through the
utilization of the innovative StarCured® tobacco curing technology, and in
sublicensing that technology to others. Star Scientific has a Corporate and
Sales Office in Petersburg, VA, an Executive, Scientific & Regulatory
Affairs office in Bethesda, MD, and manufacturing facilities in Chase City,
VA. For more information, visit http://www.starscientific.com
About inVentiv Health
inVentiv Health, Inc. (Nasdaq: VTIV) is an insights-driven global
healthcare leader that provides dynamic solutions to deliver customer and
patient success. inVentiv delivers its customized clinical, sales,
marketing and communications solutions through its four core business
segments: inVentiv Clinical, inVentiv Communications, inVentiv Commercial,
and inVentiv Patient Outcomes. inVentiv Health's client roster is comprised
of more than 350 leading pharmaceutical, biotech, life sciences and
healthcare payor companies, including all top 20 global pharmaceutical
manufacturers. For more information, visit http://www.inventivhealth.com.
Contact:
Sara Troy Machir
VP, Communications & Investor Relations
Star Scientific, Inc.
301-654-8300
SOURCE Star Scientific, Inc.
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CONTACT:
Sara Troy Machir, VP, Communications &
Investor Relations, +1-301-654-8300
