HOUSTON, March 23, 2020 /PRNewswire/ -- CNS
Pharmaceuticals, Inc. (NASDAQ: CNSP) ("CNS" or the "Company"),
a biopharmaceutical company primarily specializing in the
development of novel treatments for cancers of the brain and
central nervous system, announces it has entered into an agreement
with WPD Pharmaceuticals Inc. (CSE: WBIO) for the development of
several preclinical drug candidates including WP1122, which is
being tested on a range of viruses including the coronavirus
SARS-CoV-2. WPD Pharmaceuticals previously licensed rights to
a portfolio of drug candidates, including WP1122, from Moleculin
Biotech, Inc. for certain territories. WPD Pharmaceuticals was
founded by Dr. Waldemar Priebe, the
founder of the Company.
According to WPD Pharmaceuticals, WP1122 is a prodrug of 2-DG
(2-deoxy-D-glucose) that, based on recently developed preclinical
data, appears to overcome 2-DG's lack of drug-like properties and
is able to significantly increase tissue/organ concentration.
"We are pleased to expand our relationship with WPD
Pharmaceuticals and to broaden our product pipeline to include
antiviral drug candidates," commented John
M. Climaco, CEO of CNS Pharmaceuticals. "While our primary
focus remains in oncology, given our expertise in working with
compounds like WP1122 we are grateful to be able to help in the
urgent fight against deadly viral infections such as the
coronavirus that causes Covid-19. This agreement complements
our existing clinical programs by expanding our potential market
opportunities."
Under the terms of the agreement, CNS agreed to fund a portion
of the development costs of WP1122 and other drug candidates for
antiviral indications in exchange for certain economic rights. CNS
made an upfront cash payment of $225,000 and committed to a milestone payment of
$775,000 to WPD Pharmaceuticals upon
the successful completion of a Phase 2 study. In return, CNS is
entitled to receive 50% of the net sales, less WPD's license costs,
of resulting commercial products in WPD's licensed territories,
other than Poland. Those
territories include 29 countries in Europe and Asia, including Russia.
About CNS Pharmaceuticals, Inc.
CNS Pharmaceuticals is developing novel treatments primarily for
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 significant improvement in progression-free
survival. This 44% disease control rate was based on 11 patients
(out of 25 evaluable patients) with stable disease, plus
responders. One patient experienced a durable complete response and
remains cancer-free as of February
2020. In the second half of 2020, CNS expects to commence a
Phase 2 clinical trial of Berubicin for the treatment of GBM in the
U.S., while a sub-licensee partner undertakes a Phase 2 trial in
adults and a first-ever Phase 1 trial in pediatric GBM patients in
Poland. Its second drug candidate, WP1244, is a novel DNA
binding agent that has been shown in preclinical studies to be
500-times more potent than the chemotherapeutic agent daunorubicin
in inhibiting tumor cell proliferation. For more information,
please visit www.cnspharma.com.
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 ability of WPD Pharmaceuticals to
develop the drug candidates subject to the development agreement.
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 in the Company's SEC
filings, including under the heading "Risk Factors" in the Form S-1
filed on October 7, 2019. 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.