MINERVA NEUROSCIENCES UPDATES MARKET ON SHARE PRICE DROP AND TRADING HALT
March 12 2020 - 3:15PM
Minerva Neurosciences, Inc. (NASDAQ: NERV), a clinical-stage
biopharmaceutical company focused on the development of innovative
therapies to treat unmet medical needs of central nervous system
(CNS) disorders, wishes to address a sharp reduction of its share
price and subsequent brief trading halt of its shares occurred this
morning.
“There is no corporate news or change to our fundamentals that
caused this share price movement,” stated Geoff Race, Chief
Financial Officer of the Company. He continued, “Based on
information received from NASDAQ, we understand that this movement
and trading halt was the result of automated trades made between
9:53 am and 9:54 am EDT, and in close proximity with the unusual
trading halt of the entire NASDAQ exchange that also occurred this
morning due to broader economic issues. The trading halt has been
lifted and trading has resumed in the Company’s stock. We also
understand that the New York Stock Exchange has instructed brokers
that all trades in the Company’s shares executed between 9:53 am
and 9:54 am EDT at or below the per share price of $4.92 have been
reversed and ruled null and void.”
About Minerva Neurosciences
Minerva’s proprietary compounds include: roluperidone (MIN-101),
in clinical development for schizophrenia; seltorexant (MIN-202 or
JNJ-42847922), in clinical development for insomnia and MDD; and
MIN-301, in pre-clinical development for Parkinson’s disease.
Minerva’s common stock is listed on the NASDAQ Global Market under
the symbol “NERV.” For more information, please visit
www.minervaneurosciences.com.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements which are
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Forward-looking
statements are statements that are not historical facts, reflect
management’s expectations as of the date of this press release, and
involve certain risks and uncertainties. Forward-looking statements
include statements herein with respect to the price and trading of
our common stock on the NASDAQ Market. These forward-looking
statements are based on our current expectations and may differ
materially from actual results due to a variety of factors
including, without limitation, the information received from
regulatory bodies, including the NASDAQ Market; the share price and
trading volume of our common stock in the future; and general
economic conditions. These and other potential risks and
uncertainties that could cause actual results to differ from the
results predicted are more fully detailed under the caption “Risk
Factors” in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2019, filed with the Securities and
Exchange Commission on March 9, 2020. Copies of reports filed with
the SEC are posted on our website at
www.minervaneurosciences.com. The forward-looking statements in
this press release are based on information available to us as of
the date hereof, and we disclaim any obligation to update any
forward-looking statements, except as required by law.
Contact:
William B. BoniVP, Investor Relations/Corp.
CommunicationsMinerva Neurosciences, Inc.(617) 600-7376
Minerva Neurosciences (NASDAQ:NERV)
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