The Company intends to use the net proceeds of the Offering to fund the clinical development of its lead product NeuroRelease™, a novel, non-addictive neurological drug delivery system for post-operative pain. The PPM sold 3.6 million shares issued at a price of $2.00 per share. Each common share will receive one warrant as part of the financing, which in aggregate represents 3.6 million warrants to purchase 3.6 million shares of PixarBio common stock. The warrants have a seven-year term and an exercise price equal to $4.50 per share, so the warrants are "in the money" now. The Company's Offering was made pursuant to Sections 4(a)(2), 4(a)(5), and/or Rule 506(b) of Regulation D promulgated under the Securities Act of 1933, as amended, and/or other applicable federal and state law exemptions from registration. The Offering closed on or about October 31, 2016, subject to customary closing conditions."We are delighted to announce that PixarBio began trading last week on the OTC Markets under stock symbol PXRB which will enable our shareholders to hold and trade our common stock on an accredited exchange. We view this as a significant step forward for the Company in advance of our application to list on the Nasdaq Stock Market. We view this as yet another important accomplishment in building a world-class Pharmaceutical and Biotech company," PixarBio CEO Frank Reynolds concluded. The NeuroRelease™ Platform: Non-Addictive and Non-opiate Treatment of Pain NeuroRelease™ 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 NeuroRelease™
- 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
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 public company traded on the OTC markets under the stock symbol PXRB. PixarBio is a specialty pharmaceutical/biotechnology company focused on pre-clinical and clinical commercial development of novel neurological drug delivery systems for post-operative pain. PixarBio researches and develops targeted delivery systems for drugs, devices, 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 corporate headquarters at 200 Boston Ave, Suite 1875 in Medford, MA 02155.