Napro Biotherapeutics (NASDAQ:NPRO)
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NaPro Changes Name to Tapestry Pharmaceuticals
Nasdaq Ticker Symbol Changes to TPPH
BOULDER, Colo., May 4 /PRNewswire-FirstCall/ -- NaPro BioTherapeutics, Inc.,
announced today that it has changed its name to Tapestry Pharmaceuticals, Inc.
The company's stock symbol on the Nasdaq SmallCap Market has changed from
"NPRO" to "TPPH" effective immediately. The company's new website is
http://www.tapestrypharma.com/.
"Our new name, Tapestry, was selected because it suggests the complex intricate
interdisciplinary nature of pharmaceutical drug development. The name also
reinforces our development and product strategy: to build a diverse portfolio
of next generation, first in class, proprietary therapeutic products for the
treatment of cancer and hereditary disease," commented Leonard P. Shaykin,
Chairman and Chief Executive Officer.
Tapestry currently has six programs in pre-clinical development: four in
oncology and two in hereditary disease. The company expects to advance two
compounds into the clinic in 2004 and two more compounds into the clinic in
2005.
In December 2003 the company sold its worldwide generic paclitaxel business for
$71.7 million minus balance sheet adjustments. The net proceeds from that
sale, approximately $50 million, are now funding the development of the
company's proprietary therapeutic programs. The six programs that Tapestry
currently has in pre-clinical development are:
NBT-287 A proprietary third generation taxane designed to overcome
multidrug (MDR-1) and mutant tubulin resistance in taxane
refractory solid tumors
NBT-273 A proprietary Quassinoid analogue which appears to
selectively downregulate C-myc overexpressing tumors
BBN Taxane A proprietary Bombesin/paclitaxel conjugate which
selectively targets and internalizes to Bombesin
overexpressing tumors
HN-1 Taxane A proprietary synthetic peptide/paclitaxel conjugate that
selectively targets and internalizes specifically to
squamous cell carcinomas of the head and neck
HD-1 A proprietary oligonucleotide which appears to break up the
protein aggregates characteristic of Huntington's Disease
SCD-1 A proprietary "gene editing" oligonucleotide which is part
of an ex vivo cell therapy treatment for sickle cell
disease
"We are blessed with a rich and diverse portfolio of proprietary compounds to
choose from as we transition, over the remainder of this year, the focus of our
development activity into human clinical trials. Animal studies are currently
underway in all but the Sickle Cell program. We will be selecting, over the
next six months, two of our most advanced compounds to begin Phase I human
trials. We are excited and optimistic about the future of our progress and the
future of Tapestry Pharmaceuticals, Inc.," commented Mr. Shaykin.
About Tapestry Pharmaceuticals
Tapestry Pharmaceuticals, Inc. is a company focused on the development of
proprietary therapies for the treatment of cancer and hereditary disease.
Forward Looking Statements
The statements in this press release that are not historical facts are
forward-looking statements that represent management's beliefs and assumptions
as of the date of this press release, based on currently available information.
Forward-looking statements can be identified by the use of words such as
"believes," "intends," "estimates," "may," "will," "should," "anticipates,"
"expected" or comparable terminology or by discussions of strategy, and include
statements regarding the Company's expectation as to the advancing of compounds
into the clinic, the selection of compounds to move into human trials and
related timing. Although the Company believes that the expectations reflected
in such forward-looking statements are reasonable, it cannot assure that these
expectations will prove to be correct. Such statements involve risks and
uncertainties, including whether any such compounds show sufficient prospect in
the treatment of disease, the Company's ability to prepare appropriate
regulatory filings in a timely manner and development of data or new
information that delays the design of protocols and the submission of filing,
as well as other factors identified under the captions "Risk Factors," "Special
Note Regarding Forward Looking Statements" or "Cautionary Note Regarding
Forward Looking Statements" in the Company's documents filed from time to time
with the SEC, including the Company's Annual Report on Form 10-K for the year
ending December 31, 2003 filed with the SEC on March 11, 2004. Should one or
more of these risks materialize (or the consequences of such a development
worsen), or should the underlying assumptions prove incorrect, actual results
could differ materially from those forecasted or expected. The Company
disclaims any intention or obligation to update publicly or revise such
statements whether as a result of new information, future events or otherwise.
For further information, please contact L. Robert Cohen, Vice President,
Investor Relations of Tapestry Pharmaceuticals, Inc., at 212 218 8715.
DATASOURCE: Tapestry Pharmaceuticals, Inc.
CONTACT: L. Robert Cohen, Vice President, Investor Relations of Tapestry
Pharmaceuticals, Inc., +1-212-218-8715; or Investors, Lilian Stern of Stern
Investor Relations, Inc., +1-212-362-1200, for Tapestry Pharmaceuticals, Inc.;
or Media, Peter Steinerman, +1-516-374-3031, for Tapestry Pharmaceuticals,
Inc.
Web site: http://www.tapestrypharma.com/