CNS Pharmaceuticals (NASDAQ: CNSP) is a biopharmaceutical company specializing in the development of novel treatments for primary and metastatic cancers in the brain and central nervous system. The company today urged shareholders to vote in favor of the proposals outlined in its definitive proxy statement for the upcoming annual shareholder meeting to be held Wednesday, July 27, 2022. Proposals include the authorization to increase the number of shares available for issuance by the company and the authorization for the board of directors to effect a reverse stock split of the outstanding shares of the company’s common stock, at a split ratio of between 1-for-2 and 1-for-30 at their discretion.
“While we remain whole-heartedly dedicated to the advancement of our potentially pivotal global trial of Berubicin, we must also focus on our continued strategic fiduciary obligations to all stakeholders. After careful thought and consideration by both the management team and the board of directors, we strongly believe having these tools available at our discretion will enable us to effectively finance the company and thereby drive the ongoing clinical development forward. To be clear, if approved, these tools will only be used if needed. It is necessary, however, as a cash-burning, development-stage company, to have the ability to issue stock on the market to raise capital and to have the best market for our shareholders to use when they wish to trade our stock. I, along with the rest of the CNS Pharmaceuticals team, urge shareholders to thoughtfully consider this opportunity to further equip the board of directors with available tools that, if needed, can be used to both maintain our NASDAQ listing by satisfying the minimum bid price requirement and enhance the long-term growth prospects of the company by broadening our financing alternatives,” said John Climaco, CEO of CNS Pharmaceuticals. “In this turbulent and unpredictable market, we are dedicated to addressing the existential financial threats to the company that currently exist. These tools will put the company in the best position to manage challenging market conditions and to act, as always, in the best interest of all shareholders.”
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About CNS Pharmaceuticals Inc.
CNS Pharmaceuticals is 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. Additionally, the company is advancing the development of its WP1244 drug technology portfolio, which utilizes anthracycline and distamycin-based scaffolds to create small molecule agents and is believed to be 500x more potent than daunorubicin in inhibiting tumor cell proliferation. Preclinical studies of WP1244 demonstrated high uptake in the brain with antitumor activity. CNS Pharmaceuticals is evaluating the use of WP1244 in the treatment of brain cancers, pancreatic, ovarian, and lymphomas. For more information, visit the company’s website at www.CNSPharma.com.
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