GERMANTOWN, Md., Oct. 3, 2019 /PRNewswire/ -- Neuralstem, Inc. (CUR), a biopharmaceutical company focused on the development of nervous system therapies based on its neural stem cell and small molecule technologies, announced the adjustment of an options award that was previously approved in accordance with Nasdaq Listing Rule 5635(c)(4).
On December 18, 2018, Neuralstem announced the grant of a non-qualified inducement stock option pursuant to Nasdaq Listing Rule 5635(c)(4) to Dr. Kenneth Carter as an inducement for his employment by the company. The options contain certain anti-dilution provisions which provide that for a period of twelve (12) months (subject to Dr. Carter's continued employment), if the Company enters into a transaction whereby securities are sold for cash for the primary purpose of raising capital, then the number of shares into which the option is exercisable will adjust so that the number of common shares into which the option is exercisable will equal the same percentage of the issued and outstanding shares of common stock prior to such transaction.
On July 31, 2019, Neuralstem closed an underwritten offering of its securities resulting in the issuance of 2,777,777 units. As a result of the offering, the number of shares into which Dr. Carter's inducement grant is exercisable into was increased from 40,000 to 156,213. All other terms of the inducement grant, including exercise price, duration and vesting conditions remain the same. Additionally, the inducement grant's anti-dilution provisions will continue until December 12, 2019.
About Neuralstem, Inc.
Neuralstem is a clinical-stage biopharmaceutical company developing novel treatments for nervous system diseases of high unmet medical need. The Company has two lead development candidates:
NSI-566 is a stem cell therapy being tested for treatment of paralysis in stroke, Amyotrophic Lateral Sclerosis (ALS) and chronic spinal cord injury (cSCI)
NSI-189, is a small molecule in clinical development for major depressive disorder and in preclinical development for Angelman syndrome, irradiation-induced cognitive impairment, diabetic neuropathy, and stroke
Neuralstem's diversified portfolio of product candidates is based on its proprietary neural stem cell technology.
This news release contains "forward-looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and may often be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "seek" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or regulatory approvals or clearances, need for future capital, dependence upon collaborators and maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in Neuralstem's periodic reports, including the Annual Report on Form 10-K for the year ended December 31, 2018 and its Quarterly Report on Form 10-Q for the three and six months ended June 30, 2019, filed with the Securities and Exchange Commission (SEC), and in other reports filed with the SEC. We do not assume any obligation to update any forward-looking statements.