CNS Pharmaceuticals Update, IPO news, drug supply
First of all, an apology. We realize it has been some time since our last update. We have heard from some of you and we understand this has been frustrating. We can assure you it has been frustrating for us as well. We can also assure you we’ve been quite busy in the interim.
During the last few months we have been working diligently toward our goal of taking the company public. On advice of counsel we maintained a quiet period while our securities filings were pending, hence the absence of updates. At the end of 2018, after completing all of our filings and receiving clearance from the SEC to qualify our Reg A+ filing, it unfortunately became clear that listing on the NASDAQ as a Reg A+ offering was no longer a viable path forward.
After analyzing our options, we determined the best course was to withdraw our Reg A+ filing and convert our offering to a more traditional IPO under a Form S-1 securities registration. We expect to have this filing made in the next month, with the goal of completing our IPO in Q2 of this year. Please note that once we make this filing we will again be in a quiet period and will be unable to make updates until the registration is effective.
Despite the delays related to the IPO, we have continued to make significant operational progress. Notably, we have now completed the preparation of many of the materials required for approval to begin the next clinical trial of Berubicin.
Finally, our collaboration agreement with Reata Pharmaceuticals (NASDAQ: RETA) yielded another great piece of news. As we acquired from Reata all assets related to Berubicin, this included any samples of the drug they had on hand. Unexpectedly, we learned late last year that this resulted in CNS acquiring over 100g of 99.9% pure Berubicin, a very valuable asset which would have required close to a year to manufacture at a significant cost. This is a huge development for us as it will not only save us considerable expense and time, it may also accelerate both our FDA filings and our timeline to begin the next Berubicin clinical trial. Needless to say, we are all very excited about this news.
As we continue to work toward our IPO and the start of the next clinical trial of Berubicin, all of us at CNS Pharmaceuticals look forward to providing you with future updates on our progress. Thank you for your patience and your continuing support.