GERMANTOWN, Md., May 20, 2016 /PRNewswire/ -- Neuralstem,
Inc. (Nasdaq: CUR), a biopharmaceutical company focused on the
development of central nervous system therapies based on its neural
stem cell technology, announced a corporate reorganization to
further align the company's resources on advancing the NSI-189
neurogenic small molecule program, currently in a Phase 2 clinical
trial for the treatment of major depressive disorder, and to
continue to pursue collaborations for the NSI-566 stem cell therapy
program that will expedite clinical development.
"This reorganization is necessary to efficiently allocate our
resources on the company's refocused strategy thereby creating
value for all stakeholders," said Rich
Daly, Neuralstem CEO. "Taking these steps will enable us to
continue to execute on our clinical development plan for NSI-189
while retaining our core proprietary stem cell technology.
Additionally, I would like to express my gratitude to those members
of our team affected by the action. Our entire team has worked with
passion to develop therapeutic alternatives for people suffering
with challenging CNS afflictions. We are proud of the work they
have done to bring hope and answers to patients, their families and
caregivers."
Neuralstem announced the implementation of a refocused clinical
and corporate strategy in January 2016. The company's
refocused strategy emphasizes its commitment to prioritize the
small molecule platform, undertake business development efforts to
secure alternative funding and partnerships for its stem cell
assets and to enhance the company's visibility in the capital
markets. Accordingly, the corporate reorganization includes a
workforce reduction across all divisions that will result in
significantly lower operating expenses while retaining the
expertise needed to implement the company's refocused strategy.
About Neuralstem
Neuralstem's patented technology enables the commercial-scale
production of multiple types of central nervous system stem cells,
which are being developed as potential therapies for multiple
central nervous system diseases and conditions.
Neuralstem's ability to generate neural stem cell lines from
human hippocampus, which were used for systematic chemical
screening for neurogenesis effect, has led to the discovery and
patenting of molecules that Neuralstem believes may stimulate the
brain's capacity to generate new neurons, potentially reversing
pathophysiologies associated with certain central nervous system
(CNS) conditions.
The Company has completed Phase 1a and 1b trials evaluating
NSI-189, its first neurogenic small molecule product candidate, for
the treatment of major depressive disorder or MDD, and is currently
conducting a Phase 2 efficacy study for MDD.
Neuralstem's first stem cell product candidate, NSI-566, a
spinal cord-derived neural stem cell line, is under development for
treatment of amyotrophic lateral sclerosis (ALS). Neuralstem has
completed two clinical studies, in a total of thirty patients,
which met primary safety endpoints. In addition to ALS,
NSI-566 is also in a Phase 1 study to treat paralysis due to
chronic spinal cord injury, as well as in a Phase 1 study to treat
paralysis from ischemic stroke.
Cautionary Statement Regarding Forward Looking Information:
This news release contains "forward-looking statements" made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
relate to future, not past, events and may often be identified by
words such as "expect," "anticipate," "intend," "plan," "believe,"
"seek" or "will." Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Specific
risks and uncertainties that could cause our actual results to
differ materially from those expressed in our forward-looking
statements include risks inherent in the development and
commercialization of potential products, uncertainty of clinical
trial results or regulatory approvals or clearances, need for
future capital, dependence upon collaborators and maintenance of
our intellectual property rights. Actual results may differ
materially from the results anticipated in these forward-looking
statements. Additional information on potential factors that could
affect our results and other risks and uncertainties are detailed
from time to time in Neuralstem's periodic reports, including the
Annual Report on Form 10-K for the year ended December 31, 2015, and Form 10-Q for the three
months ended March 31, 2016, filed
with the Securities and Exchange Commission (SEC), and in other
reports filed with the SEC.
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SOURCE Neuralstem, Inc.