Celtic Pharma Announces Update on Status of XERECEPT(R) Program Sale Plann...( NEW YORK LONDON and HAMILTON Bermuda ...),Health

NEW YORK, LONDON and HAMILTON, Bermuda, Dec. 16 /PRNewswire/ --Celtic Pharmaceutical Holdings L.P. ("Celtic Pharma") announced today that the databases have been locked and preliminary analyses completed on the two double-blinded studies of XERECEPT(R) (corticorelin acetate), as a treatment for peritumoral brain edema, as well as an initial database lock on the open-label study of XERECEPT's long-term safety and efficacy.

The results of these studies are the subject of several abstract submissions for the American Society of Clinical Oncology (ASCO) annual meeting in May 2009, as well as the American Association of Cancer Research annual meeting (AACR) in April 2009. In conformance with the requirements of both ASCO and AACR, XERECEPT(R) datawill be published only after presentation at these meetings.

Celtic Pharma has also retained a top-tier investment bank to serve as its financial advisor in the planned sale in 2009 of Neutron Holdings Limited and its geographical subsidiaries who are the owners of the worldwide commercial rights to XERECEPT(R).

"We believe that the trial data we now have in hand indicate the efficacy and long term safety of Xerecept as a treatment for cerebral edema associated with primary and metastatic brain tumors, permitting substantial reductions or elimination of cortico-steroid dosing in this patient population, and that Xerecept has the potential to become part of the generally accepted standard of care for these patients." said Stephen Evans-Freke, Managing General Partner of Celtic Pharma. "We believe we have built substantial value in Xerecept(R) and we look forward to achieving superior returns for our investors through the sale of this important program in 2009." said John Mayo, co-Managing General Partner of Celtic Pharma.

About Celtic Pharmaceutical Holdings L.P.

Celtic Pharmaceutical
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