PETERSBURG, Va., - Star Scientific, Inc. announced today that the company plans to introduce the CigRx(TM) nutraceutical product developed by its subsidiary, Rock Creek Pharmaceuticals, for worldwide marketing and sales in partnership with inVentiv Health, Inc. inVentiv Health offers a complete range of commercialization solutions for every stage of the product lifecycle, in a range of healthcare categories that includes nutraceutical products.
The company has marketing and sales capabilities in 40 countries around the globe.
Jonnie R. Williams, Star’s CEO, stated, “Cigarette smoking is the leading
cause of preventable death in the world. However, the global cigarette
business, which now exceeds $300 billion, continues to grow. Our goal is to
make CigRx(TM) available to adult smokers worldwide who wish to maintain a
nicotine-free metabolism.” Rock Creek Pharmaceuticals will be responsible for
the manufacturing of CigRx(TM), and the company anticipates that inVentiv
Health will be involved in the product marketing and sales, with a focus on
product education for physicians and health care professionals, as well as
consumers.
Star also announced that it has retained McColl Partners LLC to advise the
company on a range of corporate finance matters, including the assessment of
strategic initiatives involving new products. McColl Partners, an independent
investment banking firm co-founded by Hugh McColl, former Chairman of Bank of
America, specializes in the needs of management and owners of middle-market
companies. The firm offers strategic advice and assistance to its clients
regarding mergers and acquisitions.
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Star
Scientific, Inc. and its consolidated subsidiaries (collectively, the
“Company”) has tried, whenever possible, to identify these forward-looking
statements using words such as “anticipates”, “believes”, “estimates”,
“expects”, “plans”, “intends” and similar expressions. These statements
reflect the Company’s current beliefs and are based upon information currently
available to it. Accordingly, such forward-looking statements involve known
and unknown risks, uncertainties and other factors which could cause the
Company’s actual results, performance or achievements to differ materially
from those expressed in, or implied by, such statements. These risks,
uncertainties and contingencies include, without limitation, the challenges
inherent in new product development initiatives, the uncertainties inherent in
the progress of scientific research, the Company’s ability to raise additional
capital in the future necessary to maintain its business, potential disputes
concerning the Company’s intellectual property, risks associated with
litigation regarding such intellectual property, potential delays in obtaining
any necessary government approvals of the Company’s low-TSNA tobacco products,
market acceptance of the Company’s new smokeless tobacco products, competition
from companies with greater resources than the Company, the Company’s decision
not to join the Master Settlement Agreement (“MSA”), the effect of state
statutes adopted under the MSA, and the Company’s dependence on key employees
and on its strategic relationships with Brown & Williamson Tobacco Corporation
in light of its combination with RJ Reynolds Tobacco Company, Inc. The impact
of potential litigation, if initiated against or by individual states that
have adopted the MSA, could be materially adverse to the Company.
Although the Company believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can give no
assurance that the expectations will be attained or that any deviation will
not be material. See additional discussion under “Risk Factors” in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2008, as
filed with the SEC on March 16, 2009, and other factors detailed from time to
time in the Company’s other filings with the SEC, available at www.sec.gov.
This information is current as of this date. The Company undertakes no
obligation to update or advise upon any such forward-looking statements to
reflect events or circumstances after the date of this press release or to
reflect the occurrence of unanticipated events.
About Rock Creek Pharmaceuticals
Rock Creek Pharmaceuticals develops pharmaceutical products for treatment of
addiction and other neurological disorders, and other products such as
nutraceuticals. The company supports third-party academic, educational and
therapeutic advances in both these areas of research. Rock Creek has
scientific and research offices in Gloucester, MA and a regulatory office in
Washington, DC.
About Star Scientific
Star Scientific is a technology-oriented tobacco company with a toxin
reduction mission. It is engaged in the development of dissolvable smokeless
tobacco products that deliver fewer carcinogenic toxins (principally tobacco
specific nitrosamines, or TSNAs), through the utilization of the innovative
StarCured® tobacco curing technology, and in sublicensing that technology to
others. Star Scientific has a Corporate and Sales Office in Petersburg, VA, an
Executive, Scientific & Regulatory Affairs office in Bethesda, MD, and
manufacturing facilities in Chase City, VA. For more information, visit
http://www.starscientific.com
About inVentiv Health
inVentiv Health, Inc. (Nasdaq: VTIV) is an insights-driven global healthcare
leader that provides dynamic solutions to deliver customer and patient
success. inVentiv delivers its customized clinical, sales, marketing and
communications solutions through its four core business segments: inVentiv
Clinical, inVentiv Communications, inVentiv Commercial, and inVentiv Patient
Outcomes. inVentiv Health’s client roster is comprised of more than 350
leading pharmaceutical, biotech, life sciences and healthcare payor companies,
including all top 20 global pharmaceutical manufacturers. For more
information, visit www.inventivhealth.com.
Contact:
Sara Troy Machir
VP, Communications & Investor Relations
Star Scientific, Inc.
301-654-8300
SOURCE Star Scientific, Inc.
Sara Troy Machir, VP, Communications & Investor Relations, +1-301-654-8300
