Cypress Bioscience Board to Evaluate Ramius Merger Offer at $5.50 per Share

Cypress Bioscience, Inc. CYPB today confirmed that it received a revised offer from Ramius LLC to acquire all of the outstanding common shares of Cypress common stock for $5.50 per share in cash that it does not already own. Cypress' Board of Directors, with the assistance of its financial advisors, has been actively engaged in evaluating a broad range of strategic alternatives. Cypress' Board will carefully evaluate the revised Ramius offer as part of its ongoing evaluation.