By Angela McDaniels
Seattle, March 13 - Neuralstem Inc. raised $5 million in a private placement and plans to file a registration statement with the Securities and Exchange Commission over the next 30 days so it can become a publicly traded company, according to a news release put out by Neuralstem adviser Regal One Corp. Inc.
The placement consisted of 5 million units priced at $1.00 per unit. Each unit including one share of Neuralstem common stock, one-half of an A warrant to purchase one share of common stock at $1.50 and one-half of a B warrant for the purchase one share of common stock at $2.00 per share.
TR Winston & Co. acted as placement agent for the offering, with "significant participation" from SW Bach & Co., according to the release.
In connection with the private placement, Regal One's chairman and chief executive officer, Malcolm Currie, will join the Neuralstem board of directors.
"Regal One whole-heartedly endorses Neuralstem's election to become a public company. We feel it will offer the public an opportunity to participate in one of the most exciting and productive areas in the life sciences today - neural stem cells - with best-of-breed science and important near-term applications," Currie said in the release.
Neuralstem has 24,520,875 common shares issued and outstanding, of which roughly 1.8 million are owned by Regal One, a Los Angeles-based business development company.
Regal One said its board of directors approved a dividend of 500,000 shares of its Neuralstem stock to be distributed to Regal One shareholders after Neuralstem files its SB-2 registration with the SEC.
Neuralstem is a biotechnology company based in Rockville, Md., developing therapeutics for central nervous system diseases that use its patented human neural stem cell technology.
The company plans to complete its ongoing animal studies for its first indication this spring and, on the basis of these studies, file an Investigational New Drug application during the summer of 2006.
| Issuer: | Neuralstem Inc.
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| Issue: | Units of one share, one-half of an A warrant and one-half of a B warrant
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| Amount: | $5 million
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| Units: | 5 million
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| Price: | $1.00
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| Warrants: | One-half A warrant and one-half B warrant
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| Warrant strike price: | $1.50 for A warrant; $2.00 for B warrant
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| Placement agent: | TR Winston & Co.
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| Announcement date: | March 13
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