NaPro Changes Name to Tapestry Pharmaceuticals
05 May 2004 - 7:30AM
PR Newswire (US)
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/
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