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Star Scientific Files First Quarter Report, Updates Details of Flint Study Using RCP-006
Date:5/11/2011

GLEN ALLEN, Va., May 11, 2011 /PRNewswire/ -- Star Scientific, Inc. (NASDAQ: CIGX) filed its report on first-quarter 2011 yesterday with the Securities and Exchange Commission (SEC). The company reported first-quarter net sales totaling $156 thousand compared with $149 thousand for the same quarter in 2010. Sales of CigRx®, the dietary supplement developed by the Rock Creek Pharmaceuticals subsidiary and in test market since August 2010, contributed 29.5% of first-quarter sales.  The company also reported that CigRx sales have responded favorably to an expanded national test market that began in late February.

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The company also reported a first-quarter net loss of approximately $6.1 million compared to a net loss of $4.8 million for first quarter 2010. The increase in the first-quarter net loss over the same period in 2010 is due primarily to a non-cash stock option expense of roughly $1.1 million.  Working capital as of March 31 totaled approximately $17.8 million, which included roughly $18.7 million in cash. Star Scientific entered into securities purchase and registration rights agreements with investors during the first quarter under which the company received proceeds of $11.0 million and proceeds of $1.0 million in April in connection with another purchase and registration agreement executed on March 30.

Star Scientific indicated that the Roskamp Institute is in the process of revising the planned Alzheimer's study using RCP-006, which the Institute announced in an October 7, 2010 release. This revision will significantly increase the size of the subject pool.

The company's Rock Creek Pharmaceuticals subsidiary also announced that the multi-site clinical trial, the Flint Study, is underway. The study is designed to determine the effect of RCP-006 on peripheral marke
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SOURCE Star Scientific, Inc.
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