Company reiterates support of proposals for
the authorization to increase number of shares available for
issuance by the Company and authorization for the Board to effect a
reverse stock split at their discretion
Video to shareholders from John Climaco,
CEO of CNS Pharmaceuticals now available on the Company's
website
HOUSTON, July 25,
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 urged shareholders to vote in favor
of the proposals outlined in the Company's Definitive Proxy
Statement (the "Proxy") for the upcoming Annual Shareholder
Meeting to be held Wednesday, July 27,
2022.
The proposals outlined in the Proxy 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,"
commented 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."
Shareholders are urged to carefully review the Proxy and
accompanying materials as they contain important information
regarding the Share Consolidation and its consequences to
shareholders. A copy of the Proxy is available in the Investors
section of the Company's website and on the U.S. Securities and
Exchange Commission's website at www.sec.gov.
YOUR VOTE IS IMPORTANT. VOTE TODAY!
A proxy form or voting instruction form accompanied the Meeting
materials you received by mail. Instructions on how to vote,
which vary depending on whether you are a registered or beneficial
shareholder of the Company, are provided in the Circular and the
proxy form or voting instruction form.
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.
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 the WP1244 portfolio in
the treatment of brain cancers, pancreatic, ovarian, and
lymphomas.
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
in this press release include, without limitation, the timing of
opening new sites in Europe. 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 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.
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SOURCE CNS Pharmaceuticals, Inc.