SAN DIEGO, CA--(Marketwire - May 12, 2008) - Cypress Bioscience, Inc. (NASDAQ: CYPB) today announced its financial results for the first quarter of 2008. For the quarter ended March 31, 2008, the Company reported a net loss of approximately $2.9 million or $0.08 per share basic and diluted compared to a net loss of approximately $1.2 million or $0.04 per share basic and diluted for the corresponding period in 2007. During the first quarter of 2008, the Company completed its acquisition of Proprius Pharmaceuticals, Inc. ("Proprius") and recognized a charge in the amount of $12.6 million for in-process research and development expenses in connection with the acquisition. At March 31, 2008, the Company had cash, cash equivalents and investments totaling $154.1 million.
