HOUSTON, Nov. 21, 2019 /PRNewswire/ -- CNS
Pharmaceuticals, Inc. (NASDAQ: CNSP) ("Company"), a biotechnology
company specializing in the development of novel treatments for
brain tumors, today announced the closing of the issuance of an
additional 318,750 shares of its common stock pursuant to the
exercise in full of the underwriters' over-allotment option in
connection with its initial public offering (the "IPO"). The
additional shares were sold at the IPO price of $4.00 per share, before underwriting discounts
and commissions.
The gross proceeds from the sale of the additional shares,
before deducting underwriting discounts and commissions, was
$1.3 million, bringing the total
gross proceeds from the IPO to $9.8
million. The Company's shares of common stock trade on the
NASDAQ Capital Market under the ticker symbol "CNSP."
The Benchmark Company, LLC acted as sole Book Running Manager
for the offering.
A registration statement on Form S-1 (File No. 333-232443)
relating to the shares was filed with the Securities and Exchange
Commission ("SEC") and became effective on November 7, 2019. The offering was made only by
means of a prospectus. Copies of the final prospectus, when
available, may be obtained from The Benchmark Company, LLC, Attn:
Prospectus Department, 150 E 58th Street, 17th floor, New York, NY 10155, 212-312-6700, Email:
prospectus@benchmarkcompany.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Berubicin
Berubicin is an anthracycline, a class
of drugs among the most powerful chemotherapy drugs and effective
against more types of cancer than any other class of
chemotherapeutic agents. Anthracyclines are designed to damage the
DNA of targeted cancer cells by interfering with the action of the
topoisomerase II, a critical enzyme enabling cell proliferation.
Berubicin was developed at the MD Anderson Cancer Center (MDACC),
the world's largest cancer research facility. Berubicin appeared to
demonstrate one Durable Complete Response in a Phase I human
clinical trial conducted by a prior developer.
About CNS Pharmaceuticals Inc.
CNS Pharmaceuticals is a biotechnology company specializing in the
development of novel treatments for primary and metastatic brain
and central nervous system tumors. Its lead candidate Berubicin is
for the treatment of glioblastoma, a type of brain cancer currently
considered incurable, as well as pancreatic and ovarian cancers,
and lymphomas. The Company entered into an IP agreement with
Houston Pharmaceuticals, Inc. and a Purchase Agreement with Reata
Pharmaceuticals Inc. For more information, visit
www.cnspharma.com
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SOURCE CNS Pharmaceuticals, Inc.