MILAN--(BUSINESS WIRE)--Newron Pharmaceuticals S.p.A. (“Newron”), a research and development company focused on novel Central Nervous System (CNS) and pain therapies, announced that shareholders today authorized the Company to allocate up to 1.3 million shares to raise capital.
“Newron is committed to bringing much needed new therapies to patients with CNS diseases,” said Stefan Weber, CEO of Newron. “With EU marketing authorization in place for Xadago® (safinamide) for Parkinson’s disease (PD) and the NDA accepted by the U.S. FDA, we are focused on advancing our programs for Rett syndrome, schizophrenia, treatment resistant PD and amyotrophic lateral sclerosis (ALS). The authorization for this share allocation enables us to raise funds to advance these clinical programs.”
At the Shareholders’ Meeting held today, 24 March 2015 in Bresso (MI), Italy, shareholders authorized a share capital increase for payment, severable, with exclusion of the option right, for maximum nominal Euro 260,850, and therefore, for maximum n. 1,304,250 Newron Pharmaceuticals S.p.A. ordinary shares and, in any event, within the limits of the 10% of the share capital in accordance with article 2441, paragraph fourth, second part, of the Italian Civil Code and with article 6 of Company’s By-Laws. Shareholders also authorized a second share capital increase for payment, severable, with exclusion of the option right, in accordance with article 2441, paragraphs 5 and 8, of the Italian Civil Code, for maximum nominal Euro 80,000, and therefore, for maximum n. 400,000 Newron Pharmaceuticals S.p.A. ordinary shares, nominal value Euro 0.20 each, to serve one or more stock incentive plans.
At the Shareholders’ meeting, 33.9% of Newron’s total capital of 13,092,850 shares were represented. Shareholders also approved the Company’s financial statements as of 31 December 2014.
Prof. Hanns Möhler, Non-executive Director and Chairman of Newron’s R&D Committee, has declared his intention to retire from Newron’s Board of Directors for personal reasons, effective post today’s Shareholders’ Meeting. Prof. Möhler has been a Director on Newron’s Board since 2008. Ulrich Köstlin, Chairman of the Board of Directors, said: “Hanns’ commitment and support has been of material relevance to the positive turn at Newron. The Board and team express their appreciation for Hanns and his significant contributions that he has offered the Company over these seven years.” Professor Möhler will support Newron’s further development as a scientific consultant to the Company.
About Newron Pharmaceuticals
Newron (SIX: NWRN) is a biopharmaceutical company focused on the development of novel therapies for patients with diseases of the central nervous system (CNS) and pain. The Company is headquartered in Bresso near Milan, Italy. Marketing authorization in the EU for Xadago® (safinamide) was granted by the EU Commission in February 2015, following the recommendation by the Committee for Medicinal Products for Human Use (CHMP) to approve the compound in the EU on Dec. 19, 2014. The New Drug Application NDA to the U.S. FDA, as informed early March, has been accepted for filing, after being re-submitted by Newron on Dec. 26, 2014. In March 2014, Zambon, a partner of Newron, submitted a MAA to Swissmedic. Zambon has the rights to develop and commercialize safinamide globally, excluding Japan and other key Asian territories where Meiji Seika has the rights to develop and commercialize the compound. Newron’s additional projects are based on highly promising treatments for rare disease patients and are at various stages of clinical development, including sarizotan for patients with Rett syndrome, sNN0031 for patients with Parkinson’s disease, non-responsive to oral drug treatments, sNN0029 for patients with ALS and ralfinamide for patients with specific rare pain indications. Newron is also developing NW-3509 as the potential first add-on therapy for the treatment of patients with positive symptoms of schizophrenia.
This document contains forward-looking statements, including (without limitation) about (1) Newron’s ability to develop and expand its business, successfully complete development of its current product candidates and current and future collaborations for the development and commercialisation of its product candidates and reduce costs (including staff costs), (2) the market for drugs to treat CNS diseases and pain conditions, (3) Newron’s anticipated future revenues, capital expenditures and financial resources, and (4) assumptions underlying any such statements. In some cases these statements and assumptions can be identified by the fact that they use words such as “will”, “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “target”, and other words and terms of similar meaning. All statements, other than historical facts, contained herein regarding Newron's strategy, goals, plans, future financial position, projected revenues and costs and prospects are forward-looking statements.
By their very nature, such statements and assumptions involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described, assumed or implied therein will not be achieved. Future events and actual results could differ materially from those set out in, contemplated by or underlying the forward-looking statements due to a number of important factors. These factors include (without limitation) (1) uncertainties in the discovery, development or marketing of products, including without limitation negative results of clinical trials or research projects or unexpected side effects, (2) delay or inability in obtaining regulatory approvals or bringing products to market, (3) future market acceptance of products, (4) loss of or inability to obtain adequate protection for intellectual property rights, (5) inability to raise additional funds, (6) success of existing and entry into future collaborations and licensing agreements, (7) litigation, (8) loss of key executive or other employees, (9) adverse publicity and news coverage, and (10) competition, regulatory, legislative and judicial developments or changes in market and/or overall economic conditions.
Newron may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements and assumptions underlying any such statements may prove wrong. Investors should therefore not place undue reliance on them. There can be no assurance that actual results of Newron's research programmes, development activities, commercialisation plans, collaborations and operations will not differ materially from the expectations set out in such forward-looking statements or underlying assumptions.
Newron does not undertake any obligation to publicly up-date or revise forward looking statements except as may be required by applicable regulations of the SIX Swiss Exchange where the shares of Newron are listed.
This document does not contain or constitute an offer or invitation to purchase or subscribe for any securities of Newron and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.