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Cytokine PharmaSciences ("CPSI") is the result of the June 1999 merger of PharmaSciences, Inc. ("PSI") into Cytokine Networks, Inc. ("CNI"). CNI was formed in 1993 to further discoveries made at a nonprofit charitable trust called The Picower Institute for Medical Research ("PIMR"). PSI was founded in 1992 and, in May 1993, acquired Controlled Therapeutics (Scotland) Limited ("CTS"). CTS, formed in 1986, developed the Cervidil® vaginal insert (Propess® in certain countries) based upon its proprietary polymer drug delivery technology. CPSI currently operates out of its headquarters in King of Prussia (near Philadelphia), Pennsylvania. CTS is located in East Kilbride (near Glasgow), Scotland. CTS' operations include both manufacturing and development, the latter focused on the Company's drug delivery products. The manufacturing facilities comply with cGNP requirements and have been inspected and approved by US, UK and other regulatory authorities. CPSI follows a risk-balanced model under which it acquires technologies from academia and other sources, conceives products from those technologies and takes the products through clinical development. These products are then out-licensed to third parties, either for further development or marketing. In the future, the Company intends to selectively retain commercial rights for some of its products in order to become a more integrated biopharmaceutical company.