Cypress, PRP deal

The companies signed a letter of intent to merge, under which PRP would become a wholly owned subsidiary of CYPB. PRP is developing Infusible Platelet Membranes as a substitute for traditional platelet transfusions. IPM is in Phase II trials to evaluate its ability to control hemorrhage in thrombocytopenic patients.

The deal's contingencies include financing. CYPB has received commitments "in excess of $6 million" for a placement of units, consisting of common shares and warrants, according to Debby Jo Blank, president and COO. ...