On the 13th of November, CNS Pharmaceuticals Inc [NASDAQ: CNSP] closed its IPO of 2.125 million shares at $4. Since then, the company has been oscillating around this price level. On Friday’s close, the stock was trading at $4.24.
However, since the IPO, the company has made a number of major announcements that point to its potential going forward. On the 21st of November, the company announced that they had filed for a pre-IND meeting for Berubicin for IV to the FDA. In its application, the company provided a rationale for its continued investigation of the compound to the FDA. This application also included permission to use Berubicin that the company had got from Reata Pharmaceuticals. This presents a significant opportunity for the company in cancer treatment.
In fact, while announcing the news, the company CEO, John M. Climaco stated that, by utilizing the Berubicin that they got from Reata, the company could get some cost savings. He also stated that this could help them get rid of the risks that come with the drug manufacturing process. This would be a huge opportunity for CNSP considering that Berubicin is a powerful cancer drug. It is a chemotherapy drug that is highly effective in fighting several cancers.
Berubicin, like other anthracycline drugs, works by destroying the DNA of cancerous cells by interfering with their functioning. The drug was made at the MD Anderson Cancer Center, the largest in the world. The leverage that Berubicin stands to gain from this deal could play a huge role in its value growth, going into the future.
About CNS Pharmaceuticals Inc
CNS Pharmaceuticals Inc is a biotech company that develops treatments for brain tumors and other tumors related to the nervous system. The company is currently working on Burubicin, a treatment for glioblastoma, a brain cancer that is incurable at the moment.