Tuesday, July 1, 2008

Newly independent CPEX begins Nasdaq trading

By Mass High Tech Staff

CPEX Pharmaceuticals Inc. has begun regular trading on the Nasdaq Capital Market following completion of the previously announced spin-off of CPEX from Bentley Pharmaceuticals Inc.

CPEX (Nasdaq: CPEX), based in Exeter, N.H., develops drug absorption and drug delivery technology, including its intranasal spray Nasulin, currently in Phase 2 clinical trials.

Bentley Pharmaceuticals (NYSE: BNT), also headquartered in Exeter, N.H., develops European-market generic drugs related to cardiovascular, gastrointestinal, infectious and central nervous system disease treatments.
 
In March, Bentley announced plans to sell its generic drug business for $360 million in cash to Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA). Bentley stockholders will vote later this month on approval of the merger.

Bentley said its generics business accounted for $114 million of its $124.7 million in 2007 revenue. The firm, which employs 470 workers worldwide, reported a profit of $2.7 million last year.