Cypress Bioscience, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Ramius V&O Acquisition, LLC

The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor LLP are investigating potential legal claims against the Board of Directors of Cypress Bioscience, Inc. (“Cypress Bioscience” or “CYPB”) (NASDAQ: CYPB) related to the proposed acquisition of Cypress Bioscience by Ramius V&O Acquisition, LLC, an affiliate of Ramius LLC, and affiliates of Royalty Pharma (“Ramius”).

The definitive acquisition agreement, which was announced on December 15, 2010, involves an all cash tender-offer valued at approximately $255 million. Under the proposed acquisition, Cypress Bioscience shareholders will receive a cash payment of $6.50 for each share of Cypress Bioscience/CYPB common stock they hold. While the acquisition price reportedly represents an approximate 63% premium over Ramius’ initial, unsolicited proposal to acquire all of the outstanding shares of Cypress Bioscience for $4.00 per share in cash, the acquisition price is well below Cypress Bioscience’s historical stock trading values. In addition, at least one analyst has set a target price for Cypress Bioscience shares at $7.00. Based on the lack of an appreciable premium to the shareholders, the company’s historic stock performance, and other factors, the firms believe that the acquisition may not adequately compensate Cypress Bioscience shareholders.

If you currently own shares of Cypress Bioscience/CYPB and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.