CPEX Pharmaceuticals, Inc. (NASDAQ: CPEX) completed its previously
announced taxable spin-off from Bentley Pharmaceuticals, Inc. (NYSE:
BNT) yesterday at 11:59 p.m. Shares of the new company will begin
regular trading today on the NASDAQ Capital Market under the ticker
symbol “CPEX.”
“CPEX begins life as an independent public
company with a commercially validated drug delivery technology, a
consistent stream of licensing revenues and excellent prospects for
growth,” said John Sedor, the company’s
President and Chief Executive Officer. “We
look forward to continuing our Phase II trials of Nasulin®,
CPEX’s insulin intranasal spray product
candidate, and applying our drug delivery technology to improve the
performance of other pharmaceutical products.”
The CPEX senior management team is comprised of former Bentley
executives who collectively have more than 100 years of experience in
the development of pharmaceutical products:
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John A. Sedor, Chief Executive Officer and President;
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Robert P. Hebert, Chief Financial Officer and Vice President;
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Fred Feldman, Ph.D., Chief Scientific Officer and Senior Vice
President;
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David C. Brush, Vice President of Business Development and Strategic
Planning; and
-
Elizabeth Morgan, J.D., Vice President of Regulatory Affairs.
James R. Murphy leads the CPEX board of directors as Non-executive
Chairman. Also serving on CPEX’s board are
current Bentley directors Michael McGovern, Miguel Fernandez and John W.
Spiegel.
Yesterday, each Bentley stockholder received, on a pro rata basis, a
dividend on Bentley common stock of one CPEX share for every 10 shares
of Bentley common stock they owned as of the close of business on June
20, 2008, the record date for stockholders entitled to receive the
distribution of CPEX shares. Shares of Bentley common stock traded after
the record date through yesterday traded on a “when-issued”
basis with the right to receive shares of CPEX common stock issued in
the spin-off.
Bentley, with the assistance of American Stock Transfer & Trust Company,
LLC, the distribution agent, has electronically issued shares of CPEX
common stock to stockholders of record or their broker, bank or other
nominee on their behalf by way of direct registration in book-entry form
only, which means that no physical CPEX stock certificates were issued.
