SAN FRANCISCO, Apr 26, 2010 (BUSINESS WIRE) --Urigen Pharmaceuticals, Inc. (OTCBB: URGP), a specialty pharmaceutical
company focused on the development of treatments for urological
disorders and pain, announced today that the secured debt held by
Platinum-Montaur Life Sciences, LLC has been converted into a newly
created Series C Preferred Stock of the Company. As a result of the
conversion, the lien on the Company's assets, including its intellectual
property will be extinguished.
"This is an important event for Urigen and represents a vote of
confidence by our key institutional investor," said Urigen's CEO,
William J. Garner, MD.
Michael M. Goldberg, MD, Portfolio Manager, Platinum-Montaur Life
Sciences, LLC, and a Director of Urigen, said, "With the filing for the
URG101 FDA meeting, I believe that Urigen is making considerable
progress and this is a step that we have taken to enhance the profile of
the company to attract additional investment."
About Urigen Pharmaceuticals, Inc.
Urigen Pharmaceuticals, Inc. is a specialty pharmaceutical company
dedicated to the development and commercialization of therapeutic
products for urological disorders. Urigen's two lead programs target
significant unmet medical needs and major market opportunities in
urology. Urigen's URG101, a proprietary combination of approved drugs
that is instilled into the bladder, targets painful bladder syndrome,
which affects approximately 10.5 million men and women in North America.
Urigen's URG301, a proprietary dosage form of an approved drug that is
locally delivered to control urinary urgency, targets acute urgency in
females diagnosed with an overactive bladder, another major unmet need
that is insufficiently managed by presently available overactive bladder
drugs. For further information, please visit Urigen's website at http://www.urigen.com.
This press release may contain forward-looking statements. These
statements may be identified by the use of forward-looking terminology
such as "anticipate," "believe," "continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "potential," "predict,"
"should," or "will," or the negative thereof or other variations thereon
or comparable terminology. Urigen has based these forward-looking
statements on current expectations, assumptions, estimates and
projections. While Urigen believes that these expectations, assumptions,
estimates and projections are reasonable, such forward-looking
statements are only predictions and involve known and unknown risks and
uncertainties, many of which are beyond its control. Given these risks
and uncertainties, investors and security holders are cautioned not to
place undue reliance on such forward-looking statements. Urigen does not
undertake any obligation to update any such statements or to publicly
announce the results of any revisions to any such statements to reflect
future events or developments.
SOURCE: Urigen Pharmaceuticals, Inc.
Urigen Pharmaceuticals, Inc.
William J. Garner, MD, 415-781-0350
Chief Executive Officer