BRIEF-Ramius reiterates offer for Cypress Bioscience

Aug 11 (Reuters) - Ramius Value and Opportunity Advisors LLC:

* Ramius sends letter to the board of Cypress

* Ramius says reiterates offer to acquire Cypress for $4.00 per share in cash

plus a potential 50% interest in bl-1020

* Ramius says total implied consideration of $4.39 per share

* Ramius says expressed a willingness to consider raising the value of its

acquisition proposal

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