TEMPE, Ariz., Oct. 14, 2008 (GLOBE NEWSWIRE) -- Capstone Therapeutics (Nasdaq:CAPS) is scheduled to make a presentation at the Seventh Annual BIO Investor Forum at 8:00am Wednesday, October 29, 2008 at the Palace Hotel in San Francisco, CA. The Company is also scheduled to make a presentation at the Rodman & Renshaw Annual Global Investment Conference at 3:15pm Monday, November 10, 2008 at the New York Palace Hotel, New York, NY. Dana B. Shinbaum, Vice President, Business Development will provide an overview and discuss the Company's current operations and business strategy. Additional details will be announced shortly.
Capstone also announced today that it will release financial and operating results for the third quarter ending September 30, 2008 on Thursday, November 6, 2008. Management will host a conference call and webcast the same day at 4:30pm EST / 3:30pm CST / 2:30pm MST / 1:30pm PST. The call may be accessed at 888-724-9507 (domestic), 913-312-9306 (international), or by logging onto the Investors section of the Company's website, http://investor.capstonethx.com. A replay will be available beginning November 6, 2008 at 7:30pm EST until midnight November 15, 2008 and may be accessed at 888-203-1112 (domestic) or 719-457-0820 (international) with replay passcode 5436826.
"The Capstone Therapeutics management team remains committed to the business plan we have communicated to shareholders through multiple press releases and presentations," said Jock Holliman, Executive Chairman of Capstone. "We intend to create value in Chrysalin(r) (rusalatide acetate or TP508) through corporate partnering efforts in various indications and in AZX100 by advancing human clinical programs in dermal scarring reduction and pre-clinical programs in pulmonary and vascular applications. All programs remain on track, consistent with the corporate goals set by our Board of Directors. We invite investors to review recent presentations at Company's website, http://investor.capstonethx.com."
As of December 31, 2007, Capstone reported $60.6 million in cash and investments on its balance sheet. Original cash burn guidance for 2008 was $16.0 million - $18.0 million. Management currently believes that cash burn for 2008 will be in the range of $13.0 million - $15.0 million, which includes approximately $1.0 million used for the Stock Repurchase Program not considered in the original guidance. The Company had 40.7 million common shares outstanding as of September 30, 2008.
About Capstone Therapeutics
Capstone Therapeutics (trade name of OrthoLogic Corp.) is a biotechnology company committed to developing a pipeline of novel therapeutic peptides aimed at helping patients with under-served medical conditions. The Company is focused on development and commercialization of two product platforms: AZX100 and Chrysalin(r) (rusalatide acetate or TP508).
AZX100 is a novel synthetic 24-amino acid peptide, one of a new class of compounds in the field of smooth muscle relaxation and fibrosis. Based on its demonstrated effects in pre-clinical models, AZX100 is currently being evaluated for commercially significant medical applications such as the treatment of pulmonary disease, the prevention of hypertrophic and keloid scarring and intimal hyperplasia. Capstone has an exclusive worldwide license to AZX100.
Chrysalin, the Company's novel synthetic 23-amino acid peptide, has been proven in multiple pre-clinical and clinical models to stimulate cellular events leading to angiogenesis, revascularization, and repair of dermal and musculoskeletal tissues. It is currently being evaluated in disorders that involve vascular endothelial dysfunction, such as acute myocardial infarction and chronic myocardial ischemia. The Company owns exclusive worldwide rights to Chrysalin.
Capstone's corporate headquarters are in Tempe, Arizona. For more information, please visit the Company's website: www.capstonethx.com.
Statements in this press release or otherwise attributable to Capstone regarding our business that are not historical facts are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which include the timing and acceptability of FDA filings and the efficacy and marketability of potential products, involve risks and uncertainties that could cause actual results to differ materially from predicted results. These risks include: delays in obtaining or inability to obtain FDA, institutional review board or other regulatory approvals of pre-clinical or clinical testing; unfavorable outcomes in our pre-clinical and clinical testing; the development by others of competing technologies and therapeutics that may have greater efficacy or lower cost; delays in obtaining or inability to obtain FDA or other necessary regulatory approval of our products; our inability to successfully and cost effectively develop or outsource manufacturing and marketing of any products we are able to bring to market; changes in FDA or other regulations that affect our ability to obtain regulatory approval of our products, increase our manufacturing costs or limit our ability to market our product; affects on our stock price and liquidity if we are unable to meet the requirements for continued listing on the NASDAQ Global Market; our possible need for additional capital in the future to fund the continued development of our product candidates; and other factors discussed in our Form 10-K for the fiscal year ended December 31, 2007, and other documents we file with the Securities and Exchange Commission.
Editors' Note: This press release is also available under the Investors section of the Company's website at www.capstonethx.com.