GERMANTOWN, Md., April 21, 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 that on April 20, 2016 it received a written notice from
the NASDAQ Stock Market LLC that the Company is not in compliance
with NASDAQ Listing Rule 5550(a)(2), as the minimum bid price of
the Company's common stock has been below $1.00 per share for 30 consecutive business
days. The notice has no immediate effect on the listing of the
Company's common stock, and its common stock will continue to trade
on the NASDAQ Capital Market under the symbol "CUR" at this
time.
In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the
Company has a period of 180 calendar days, or until October 17,
2016, to regain compliance with the minimum bid price requirement.
To regain compliance, the closing bid price of the Company's common
stock must meet or exceed $1.00 per share for at least ten
consecutive business days during this 180 calendar day
period.
In the event the Company does not regain compliance by
October 17, 2016, the Company may be
eligible for an additional 180 calendar day grace period if it
meets the initial listing standards, with the exception of bid
price, for the NASDAQ Capital Market, and provides written notice
to NASDAQ of its intention to cure the deficiency during the second
compliance period, by effecting a reverse stock split, if
necessary. If the Company does not regain compliance within the
allotted compliance period(s), including any extensions that may be
granted by NASDAQ, NASDAQ will provide notice that the Company's
common stock will be subject to delisting. The Company would then
be entitled to appeal the determination to a NASDAQ Listing
Qualifications Panel and request a hearing.
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 many 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 (MDD), and is expecting
to initiate a Phase 2 efficacy study for MDD in 2016.
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 filed with the Securities and
Exchange Commission (SEC), and in other reports filed with the
SEC.
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SOURCE Neuralstem, Inc.