Business
CNS Pharmaceuticals Announces Trading Halt
HOUSTON, May 4, 2020 /PRNewswire/ -- CNS Pharmaceuticals, Inc. (NASDAQ: CNSP) ("CNS" or the "Company"), a biopharmaceutical company specializing in the
About this update from Cns Pharmaceuticals, Inc.
[{"type":"text","content":"HOUSTON, May 4, 2020 /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 of the brain and central nervous system, today announced the securities of the Company have been placed in a temporary trading halt following notification by the US Securities and Exchange Commission.\n\n \n \n \n \n \n \n\n \nOn May 1, 2020, the US Securities and Exchange Commission published Release No. 88802, under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"), announced a temporary suspension of trading in the Company's securities due to statements made by CNSP and others in press releases to investors issued between March 23, 2020 and April 13, 2020 concerning the Company's business, including the status of development of a drug candidate labeled WP1122, the status of testing WP1122's impact on COVID-19, and the ability to expedite regulatory approval of any such treatment. The trading halt was initiated at 9:30 a.m. EDT on May 4, 2020 and will be terminated at 11:59 p.m. EDT on May 15, 2020. The Company is presently in discussions with the US Securities and Exchange Commission regarding its action and will provide further guidance as appropriate.\n\"CNS Pharmaceuticals is working with the SEC Commission to demonstrate the accuracy and adequacy of information the Company has released into the marketplace regarding the Company and its product candidates,\" said Company CEO John Climaco. \"While we take this somewhat unusual action by the SEC seriously, we have always taken, and will always take equally seriously, our duty to provide investors with accurate, complete and timely disclosures and announcements.\"\nAbout CNS Pharmaceuticals, Inc.CNS Pharmaceuticals is developing novel treatments for primary and metastatic cancers of the brain and central nervous system. Its lead drug candidate, Berubicin, is proposed for the treatment of GBM, an aggressive and incurable form of brain cancer. CNS holds a worldwide exclusive license to the Berubicin chemical compound and has acquired all data and know-how from Reata Pharmaceuticals related to a completed Phase 1 trial with Berubicin in GBM which Reata conducted in 2006. In this trial, 44% of patients experienced a statistically significan...