Cambridge, Massachusetts (October 20, 2016): PixarBio Corporation, inventors of NeuroReleaseTM, a novel morphine replacement, non-opiate/opioid, non-addictive pain treatment, is pleased to announce that due to oversubscription, we have increased our Private Placement Memorandum offering from $30,000,000 to $40,000,000, and in order to allow investor diligence we are extending the closing date of our private placement memorandum (PPM) to close on Friday October 28, 2016. We expect to finalize our merger with BMP Holdings on October 28, 2016 and for public trading of the new stock for PixarBio Corporation to begin the following week under the stock symbol PXRB.
PixarBio Corporation is also pleased to announce the promotion of Ken Stromsland to Vice-President, CIO & External Communications. Ken has served as Chief Information Officer of PixarBio since December 2015, and he’s enabled us to grow our geographic footprint while scaling personnel. In addition to his responsibility as the company CIO, for the last six months Ken has also lead investor and public relations. “These are the most exciting times of our careers and Ken has proven himself to be a key contributor in the executive suite, and that he can do both jobs, so he deserves both titles” said PixarBio CEO Frank Reynolds.
Ken will continue to report to Frank Reynolds, the company’s founder and Chief Executive Officer. In his ever expanding role Ken will lead the hiring of staff under his domain, as well as manage external relationships with investors, and communications partners. Ken will develop, and execute a globally integrated external communications plans that demonstrates PixarBio’s revolutionary science and innovative culture. Responsibilities align to the company’s growing leadership infrastructure, and in maintaining momentum toward the commercialization of NeuroRelease™, PixarBio’s Morphine replacement, non-opiate/opioid, non-addictive pain treatment™, with expected FDA approvals in late 2018.
“I met Ken over 14 years ago when we were students at The Wharton School: University of Pennsylvania. Ken’s success in marketing, technology, and operations make him the perfect fit to add value to PixarBio. We have tapped into his talents and we are expanding his role in our company. As we prepare for public trading, in the next two weeks, Ken’s role will be instrumental to PixarBio’s long-term success” said PixarBio CEO Frank Reynolds
The NeuroReleaseTM Platform: Non-Addictive and Non-opiate Treatment of Pain
NeuroReleaseTM is a morphine replacement, and non-addictive pain platform for the surgical/hospital setting, for the battlefield, or for acute and chronic pain. First product FDA approval for the platform will be for a 14-day post-surgical pain treatment and it is expected in late 2018.
Major Benefits of NeuroReleaseTM
- Effects only sensory signals
- No effect on locomotion nerve fibers, so patients can enter physical therapy quickly
- Maintains two-point discriminate touch so patients can function
- No effect on proprioception so no effect on a person feeling of well-being
Therefore, patients will maintain two-point discriminate touch, control of their locomotion nerve fibers so they control voluntary movement to enter rehabilitation quickly with a non-addictive morphine replacement. PixarBio’s NeuroReleaseTM pain platform also includes 4-8 hour, 3-day, 7-day, 14-day and 90-Day pain treatments all have expected FDA approvals in 2020. NeuroReleaseTM is biodegradable, and it’s non-toxic so NeuroReleaseTM can be re-injected to extend treatment timelines.
PixarBio Corporation was awarded the Boston Business Journal’s “2016 Best Places to Work”. The award recognizes PixarBio as one of the region’s best firms, offering the greatest professional opportunities and work environments to innovate.
About PixarBio Corporation
PixarBio is a specialty pharmaceutical/biotechnology company focused on pre-clinical and commercial development of novel neurological drug delivery systems for post-operative pain. PixarBio researches and develops targeted delivery systems for drugs, cells, or biologics to treat pain, epilepsy, Parkinson’s disease, and spinal cord injury. Our lead product platform, NeuroRelease™, has achieved sustained therapeutic release of non-opiate drugs for post-operative, acute and chronic pain in pre-clinical models. For more information, visit www.pixarbio.com.
Safe Harbor Statement
This announcement includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of PixarBio’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of Biotech and medical device industry regulation and health care legislation in the United States and internationally; global trends on cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; PixarBio’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of PixarBio’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.
PixarBio Corp undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be obtained through PixarBio’s Corp HQ at 200 Boston Ave, Suite 1875 in Medford, MA 02155. PixarBio Corp is a private corporation.