HOUSTON, Nov. 30,
2022 /PRNewswire/ -- CNS Pharmaceuticals,
Inc. (NASDAQ: CNSP) ("CNS" or the "Company"), a
biopharmaceutical company specializing in the development of novel
treatments for primary and metastatic cancers in the brain and
central nervous system, today announced the pricing of a public
offering of an aggregate of (i) 1,889,764 shares of common stock
(or pre-funded warrants in lieu thereof), and (ii) warrants (the
"Common Warrants") to purchase up to 1,889,764 shares of common
stock at a combined public offering price of $3.175 per share (or pre-funded warrant) and
associated warrant. The Common Warrants will be immediately
exercisable at an exercise price of $3.03 per share and will expire five years
following the initial exercise date. The offering is expected to
close on or about December 5, 2022,
subject to satisfaction of customary closing conditions.
![(PRNewsfoto/CNS Pharmaceuticals, Inc.) (PRNewsfoto/CNS Pharmaceuticals, Inc.)](https://mma.prnewswire.com/media/1120277/CNS_Pharmaceuticals_Logo.jpg)
The Company intends to use the net proceeds of the offering for
its ongoing clinical trial, other research and development, and
working capital.
H.C. Wainwright & Co. is acting as the exclusive lead
placement agent for the offering. Brookline Capital Markets, a
division of Arcadia Securities, LLC is acting as the co-placement
agent for the offering.
The securities described above are being offered by the Company
pursuant to a registration statement on Form S-1 (No. 333-267975)
originally filed October 21, 2022
with the Securities and Exchange Commission (SEC) and declared
effective by the SEC on November 30,
2022. A final prospectus relating to and describing the terms
of the offering will be filed with the SEC and will be available on
the SEC's website at http://www.sec.gov. Electronic copies of the
final prospectus may be obtained, when available, from H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor,
New York, NY 10022, by phone at
(212) 856-5711 or e-mail at placements@hcwco.com.
The Company also has agreed that certain existing warrants to
purchase up to an aggregate of (i) 16,667 shares of common stock at
an exercise price of $66.00 and an
expiration date of December 28, 2025
and (ii) 210,527 shares of common stock at an exercise price of
$24.60 and an expiration date of
January 11, 2027 will be amended
effective upon the closing of the offering so that the amended
warrants will have a reduced exercise price of $3.03 per share and will expire five years
following the closing of the offering.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About CNS Pharmaceuticals, Inc.
CNS Pharmaceuticals a clinical-stage pharmaceutical company
developing a pipeline of anti-cancer drug candidates for the
treatment of primary and metastatic cancers of the brain and
central nervous system. The Company's lead drug candidate,
Berubicin, is a novel anthracycline and the first anthracycline to
appear to cross the blood-brain barrier. Berubicin is currently in
development for the treatment of a number of serious brain and CNS
oncology indications including glioblastoma multiforme (GBM), an
aggressive and incurable form of brain cancer.
For more information, please visit www.CNSPharma.com, and
connect with the Company on Twitter, Facebook, and LinkedIn.
Forward-Looking Statements
Some of the statements in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties. Forward-looking statements include,
without limitation, the satisfaction of the customary closing
conditions related to the offering and the intended use of proceeds
from the offering. These statements relate to future events, future
expectations, plans and prospects. Although CNS believes the
expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. CNS has attempted to identify
forward-looking statements by terminology including ''believes,''
''estimates,'' ''anticipates,'' ''expects,'' ''plans,''
''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,''
''might,'' ''will,'' ''should,'' ''approximately'' or other words
that convey uncertainty of future events or outcomes to identify
these forward-looking statements. These statements are only
predictions and involve known and unknown risks, uncertainties and
other factors, including market and other conditions and those
discussed under Item 1A. "Risk Factors" in CNS's most recently
filed Form 10-K filed with the Securities and Exchange Commission
("SEC") and updated from time to time in its Form 10-Q filings and
in its other public filings with the SEC. Any forward-looking
statements contained in this press release speak only as of its
date. CNS undertakes no obligation to update any forward-looking
statements contained in this press release to reflect events or
circumstances occurring after its date or to reflect the occurrence
of unanticipated events, except as required by law.
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SOURCE CNS Pharmaceuticals, Inc.