HOUSTON, Dec. 11, 2019 /PRNewswire/ -- CNS
Pharmaceuticals, Inc. (NASDAQ: CNSP) ("CNS" or the
"Company"), a biotechnology company specializing in the
development of novel treatments for brain tumors, announced that
its partner, WPD Pharmaceuticals ("WPD"), a Polish corporation
founded by Dr. Waldemar Priebe, the
founder of the Company, was awarded a $5,798,875 grant from the EU/Polish National
Center for Research and Development under the Smart Growth
Operational Program 2014-2020 (the "EU Grant").
The Company previously entered into a sublicense agreement with
WPD, in which WPD committed to a $2.0
million minimum expenditure on the development, testing,
regulatory approval, and commercialization of Berubicin over a
three –year period. WPD's subsequent development project, "New
approach to glioblastoma treatment addressing the critical unmet
medical need" (the "WPD Project"), received the grant co-financed
by the European Union under the Smart Growth Operational Program
2014-2020, Priority I: Support for Research and Development work by
Enterprises, Measure 1.2: Sectorial Research and Development
Programs, Sectorial Program InnoNeuroPharm. The main goal of the
WPD Project is to implement the world's first multicenter pediatric
Phase I clinical trial to determine maximum tolerated dose (MTD)
and Phase IB and II clinical trials in adults, to assess the
efficacy of Berubicin. Proceeds from the grant will be used
independently by WPD Pharmaceuticals in order to fulfill its
commitment arising from its sublicense agreement with the Company.
"The EU Grant represents an important milestone for the
advancement of our novel anthracycline, Berubicin, especially in
pediatric settings," commented CEO of CNS, John M. Climaco. "We believe this grant will
allow our partner, WPD Pharmaceuticals, to fulfill its commitment
arising from its sublicense agreement with us in a manner that is
capital-efficient and non-dilutive to the CNS. Additionally, this
EU Grant and our partnership with WPD presents an opportunity to
potentially accelerate our efforts to bring Berubicin to patients
around the world."
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
Forward-Looking Statements
Some of the statements in
this 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 in this press release
include, without limitation, the ability of WPD to ultimately
receive awarded grant funding and to conduct clinical trials to
determine the maximum tolerated dose and to determine the efficacy
of Berubicin in adults and the ability of WPD to spend the required
minimum expenditure. These statements relate to future events,
future expectations, plans and prospects. Although CNS believes
that 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 those discussed under in our SEC filings,
including under the heading "Risk Factors" in the Form S-1 we filed
with the SEC on October 7, 2019. Any
forward-looking statements contained in this release speak only as
of its date. CNS undertakes no obligation to update any
forward-looking statements contained in this release to reflect
events or circumstances occurring after its date or to reflect the
occurrence of unanticipated events.
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SOURCE CNS Pharmaceuticals, Inc.