ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Maas Biolab LLC, the largest shareholder of NeuroVive Pharmaceutical AB of Lund, Sweden, is reducing its holdings by up to 2,207,304 shares. The NeuroVive shares will be distributed to up to 38 of its Swedish, American and international members that have elected to participate. The two-year lock-up period for distribution or sale of NeuroVive shares agreed to by Maas Biolab ends 3 October 2010, allowing this distribution.
Dr. Marcus Keep, CEO Maas Biolab, explains, “The desire of some of the founders to have personal possession of NeuroVive shares led to this general distribution. It provides a financial exit for those wishing it. I am pleased that individual members of Maas Biolab that had the foresight to invest over the past 13 years and patiently hold on can now directly obtain significant personal liquidity. They made an ethical investment in Maas Biolab, a private company developing treatments for neurological diseases, and now get a well-deserved return in the form of tradable shares in NeuroVive.”
The transfer of shares is expected to take place in October 2010. Maas ownership in NeuroVive will decrease from 51.2% to 36.4% with full participation. Maas Biolab will no longer have a controlling number of voting shares in NeuroVive, but will still be its largest single shareholder. NeuroVive will no longer be a Maas Biolab subsidiary. There will continue to be a collaborative relationship in areas of mutual business interest. Maas holds two of the six positions on the NeuroVive Board.
Maas Biolab LLC
Maas Biolab is a private pharmaceutical company in Albuquerque, N.M., USA, developing Mitogard®, the only cyclosporine formula designed for CSF delivery, to treat amyotrophic lateral sclerosis. Maas Biolab holds FDA Orphan Drug Designation for cyclosporine to treat ALS and world patents for cyclosporine neuroprotection against chronic neurological diseases. (www.maasbiolab.com).
NeuroVive Pharmaceutical AB
NeuroVive is a public pharmaceutical company in Lund, Sweden, producing NeuroSTAT®, a patented intravenous cyclosporine formula to treat traumatic brain injury, and has world patents for cyclosporine neuroprotection against acute neurological diseases. (www.neurovive.com). NeuroVive (NVP) shares are traded on the Aktietorget trading platform in Stockholm, Sweden. (www.aktietorget.se).