Neuralstem Announces New Chairman and Further Reorganization Plans
June 13 2016 - 8:45AM
Neuralstem, Inc. (Nasdaq:CUR), a biopharmaceutical company focused
on the development of central nervous system therapies based on its
neural stem cell technology, today announced, in furtherance of its
reorganization plans and focus on clinical development, that
Richard Daly, the company’s president and chief executive officer,
has been appointed chairman of the board of directors. Mr.
Daly’s appointment as chairman will allow Dr. Karl Johe, the
company’s founder, chief scientific officer and former chairman, to
focus exclusively on the development of the company’s product
candidates.
“I appreciate the contributions that Dr. Johe
has made to Neuralstem as chairman of the board and I look forward
to performing my duties as chairman while providing Dr. Johe the
freedom to focus exclusively on the development of our product
candidates,” said Richard Daly.
Last week, in furtherance of its reorganization
plans, Neuralstem disclosed voluntary salary reductions of senior
management as well as a reduction in non-employee board member
compensation from $200,000 per annum to $100,000 per annum, payable
in options, restricted stock or restricted stock units. “In
furtherance of our reorganization plans and consistent with the
voluntary salary reductions of senior management, the non-employee
directors agreed that a reduction in our compensation was in the
best interests of Neuralstem and its shareholders,” said Stanley
Westreich, Neuralstem’s lead independent director.
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.
Contact:
Neuralstem – Investor Relations:
Danielle Spangler
301.366.1481
Planet Communications - Media Relations:
Deanne Eagle
917.837.5866
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