Maas Biolab Subsidiary NeuroVive Pharmaceutical Raises $1.5 Million in Swedish Public Offering
Albuquerque, NM USA - October 3, 2008 - Maas Biolab subsidiary NeuroVive Pharmaceutical AB successfully completed a public offering on the Aktietorget stock exchange in Stockholm, Sweden, with public trading starting today. NeuroVive Pharmaceutical is developing cyclophilin-D inhibitors as effective neuroprotectants to treat acute neurologic injury including traumatic brain injury, spinal cord injury and stroke based on the broad world patent platform of cyclosporin neuroprotection. The Aktietorget market is focused on emerging, entrepreneurial businesses and offers an electronic trading system supplied by the OMX Nordic stock exchange. NeuroVive Pharmaceutical AB raised $1.5 million through the IPO financing round. Funds will be used to ramp up production to full manufacturing in three runs to support a New drug Application with regulatory authorities in the US, Europe and Japan. There will be rapid manufacture of clinical trial supplies of the NeuroSTAT® formulation and a clinical safety trial for NeuroSTAT®. NeuroSTAT® will be suitable for participation in traumatic brain injury clinical studies in the United States. Cyclosporin A, the active ingredient within NeuroSTAT®, has been shown to be an effective treatment in models of traumatic brain injury and to be well tolerated in human TBI victims with compelling normalization of brain parameters. NeuroSTAT® is a patented, improved cyclosporin formulation for intravenous administration that is free from the anaphylactic reactions caused by older formulas.
A prospectus is available on the company website (http://www.neurovive.com) and the Aktietorget stock exchange homepage (http://www.aktietorget.se). A brief NVP company profile is found at Google Finance (http://finance.google.com/finance?q=STO:NVP).
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