Neuralstem Announces a 1-for-13 Reverse Stock Split
January 06 2017 - 01:01PM
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 a reverse stock split
of its shares of common stock at a ratio of 1-for-13. The reverse
stock split will become effective on Friday, January 6, 2017 after
market close and shares of Neuralstem Inc. common stock will trade
on a post-split basis on the Nasdaq Capital Market under the
Company’s existing trading symbol, “CUR,” at the market open on
Monday, January 9, 2017.
The reverse stock split enables Neuralstem to
regain compliance with the $1.00 minimum bid price
condition and thereby fulfill all of the NASDAQ Capital Market
continued listing requirements.
“The reverse split along with the recent $20
million strategic investment has increased our shareholder equity,
strengthened our capital structure, and allows us to satisfy all
the Nasdaq listing requirements,” commented Rich Daly, Chairman and
CEO, Neuralstem. “Over the last year we have continued to
execute on the new operational and clinical strategy to help
increase shareholder confidence and interest in Neuralstem.
We look forward to focusing on providing our Phase 2 MDD clinical
trial results this year.”
At the effect time of the reverse stock split,
every thirteen (13) shares of Neuralstem common stock will be
combined into one (1) share of common stock. This will reduce
the Company’s issued and outstanding common stock from
approximately 143,427,149 million shares to approximately
11,032,858 million shares. Fractional shares will be rounded up to
the nearest whole share and proportional adjustments will be made
to the Company's outstanding stock options, warrants and equity
incentive plans. The reverse stock split will not materially affect
any stockholder's ownership percentage of the Company's common
stock.
Additional information regarding Neuralstem
Inc.’s reverse stock split is available in the definitive proxy
statement, filed August 1, 2016, and the Current Report on
Form 8-K to be filed with the U.S. Securities and Exchange
Commission.
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 technology enables the generation
of small molecule compounds by screening hippocampal stem cell
lines with its proprietary systematic chemical screening
process. The screening process 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, a novel 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 stem cell therapy product
candidate, NSI-566, is a spinal cord-derived neural stem cell line.
Neuralstem is currently evaluating NSI-566 in three indications:
stroke, chronic spinal cord injury (cSCI), and Amyotrophic Lateral
Sclerosis (ALS).
Neuralstem is conducting a Phase 1 safety study
for the treatment of paralysis from chronic motor stroke at the
BaYi Brain Hospital in Beijing, China. In addition, NSI-566
was evaluated in a Phase 1 safety study to treat paralysis due to
chronic spinal cord injury as well as a Phase 1 and Phase 2a risk
escalation, safety trials for ALS. Patients from all three
indications are currently in long-term observational follow-up
periods to continue to monitor safety and possible therapeutic
benefits.
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 nine months
ended September 30, 2016, filed with the Securities and Exchange
Commission (SEC), and in other reports filed with the SEC. We do
not assume any obligation to update any forward-looking
statements.
Contact:
Danielle Spangler
Investor Relations
Neuralstem, Inc
301.366.1481
Lori Rosen
Public Relations
LDR Communications
917.553.6808
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