SEATTLE--(BUSINESS WIRE)--Northstar Neuroscience, Inc., (NASDAQ: NSTR - News), a medical device company developing therapies for the treatment of neurological diseases and disorders, announced today that the Company and its Board of Directors received an unsolicited proposal from Tang Capital Partners LP to enter into negotiations to acquire Northstar for $2.25 per share. The Company’s Board of Directors will review and consider the offer consistent with its fiduciary duties. The Company also announced that the Board has engaged Leerink Swann to assist in the evaluation of strategic alternatives.
About Northstar Neuroscience
Northstar Neuroscience is a medical device company focused on developing neurostimulation therapies to treat neurological injury, disorder, and disease. Northstar’s proprietary Renova™ Cortical Stimulation System is an investigational device that delivers targeted electrical stimulation to the outer surface of the brain - the cerebral cortex. The Renova system is currently under investigation for several indications. For more information, visit www.northstarneuro.com.
This release contains information about management’s view of our future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with the timing and results of any of our clinical trials, analysis of the results of any of our clinical trials, the timing of release of results related to any of our clinical trials, the timing of any proposed submission to the U.S. Food and Drug Administration, our ability to complete our ongoing or any future clinical trials, delays in conducting or completing any of our clinical trials, and our ability to estimate future cash flows and cash needs. Results from our feasibility trials, or from subgroups of a pivotal clinical trial, may not be indicative of success in any later clinical trials.
Contact:
Investors: Northstar Neuroscience, Inc. Ray Calvert, 206-902-1930 Vice President, Finance/CFO ir@northstarneuro.com or Westwicke Partners Mark Klausner, 410-321-9651 mark.klausner@westwickepartners.com or Media: Schwartz Communications Helen Shik, 781-684-0770 northstar@schwartz-pr.com
Source: Northstar Neuroscience
