Neuralstem, Inc. (Nasdaq:CUR), a biopharmaceutical company focused
on the development of central nervous system therapies based on its
neural stem cell technology, announces the closing of Tianjin
Pharmaceutical Group International Holdings Co., LTD.’s (TJPH or
Tianjin) $20 million strategic investment. Upon the close of the
transaction, Tianjin receives 28,500,000 shares of common stock and
1,000,000 shares of Series A convertible preferred stock. The
preferred stock is convertible into 50,551,383 shares of the
company’s common stock subject to certain beneficial ownership
limitations. The transaction was initially announced on
September 12, 2016.
“This is a fundamental milestone that further
validates the potential of our proprietary technology and provides
sufficient funding for our ongoing clinical programs and operations
into 2018. We remain committed to presenting the Phase 2 MDD
clinical trial results in the second half of 2017,” commented Rich
Daly, Neuralstem’s Chairman and CEO. “Additionally, we welcome
Tianjin’s expertise as a multinational and multifaceted
pharmaceutical company to complement and support Neuralstem’s
research and development initiatives.”
Yanchang Lu, Ph.D., Tianjin’s CEO added,
“Tianjin is very proud to be one of the five major pharmaceutical
enterprises in China and continues to globally target investments
in cutting-edge technologies like Neuralstem’s innovative stem cell
and small molecule platforms. We look forward to cultivating
opportunities for additional partnerships to utilize and advance
Neuralstem’s research and development.”
Pursuant to the terms of the investment, Tianjin
is entitled to appoint one (1) member to the company’s board of
directors. Additionally, shares of the Series A Preferred Stock
have no voting rights and cannot be converted if after such
conversion, the shares received as a result of the conversion and
the common shares received in this transaction would result in
Tianjin having voting power in excess of 19.99% of the issued and
outstanding shares entitled to vote of the company. For further
details regarding the transaction, please refer to the company’s
Current Report on Form 8-K which was filed with the United States
Securities and Exchange Commission on September 12, 2016. The
information contained herein is qualified in its entirety by such
Current Report.
About Tianjin Pharmaceutical
Tianjin Pharmaceutical Group International
Holdings Co., LTD. (TJPH) is a private pharmaceutical group that
focuses on four major product categories: chemical and biological
medicines, green traditional Chinese medicines, innovative medical
devices and modern logistics.
TJPH integrates scientific research,
manufacturing and distribution into one entity, and has over 160
enterprises with major or minor shares, including four listed
subsidiary companies: Tianjin Zhongxin, Tianjin Lisheng, Tianjin
Tianyao and Meda Tech. TJPH is one of the five major pharmaceutical
enterprises in China and a Top 500 Enterprise in China.
TJPH’s research and development approach is
driven by novel innovation and incorporates introduction and
assimilation processes, as well as, a combined industry research
and education initiative that supports its continuous
advancement. Additionally, TJPH has formed a technology
science innovation platform system consisting of one national level
Tianjin Institute of Pharmaceutical Research, two national level
enterprise technical centers and eighteen city-level enterprise
technical centers. TJPH’s research and development strength has
been improved continuously. TJPH has achieved 1196 patents,
including 732 invention patents and received the National
Scientific and Technological Progress Award and China Patent
Excellence Award. TJPH has established long-term collaborations and
with multiple major internationally recognized pharmaceutical
companies and established over more than 10 joint venture
companies.
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
Neuralstem (NASDAQ:CUR)
Historical Stock Chart
From Apr 2024 to May 2024
Neuralstem (NASDAQ:CUR)
Historical Stock Chart
From May 2023 to May 2024