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Black Horse adds to its shares of Cypress Bioscience
By Lisa Kerner
Charlotte, N.C., Nov. 16 - Black Horse Capital LP bought 458,032 shares of Cypress Bioscience Inc. stock between Oct. 31 and Nov. 15 priced from $11.34 to $14.47 each.
The reporting persons beneficially own 2,043,872 shares, or 5.5%, of the San Diego-based pharmaceutical company's common stock, according to a schedule 13D filing with the Securities and Exchange Commission.
In May, Black Horse wanted Cypress to "abandon its pursuit of a potentially dilutive transaction" and instead institute a stock buy back program.
It was previously reported that Cypress was offering 4.7 million shares in a secondary offering, the proceeds of which would be used to acquire another product candidate. In a prior news release, the investor said Cypress did not need to raise further capital as its balance sheet had over $100 million of cash and no debt.
At that time, Black Horse owned 1,201,461 shares of Cypress' outstanding stock.
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