CNS Pharmaceuticals Announces it Has No Exposure to Silicon Valley Bank Issues

Rhea-AI Summary

CNS Pharmaceuticals, Inc. (NASDAQ: CNSP) announced it has no financial exposure to Silicon Valley Bank (SVB), which the Federal Deposit Insurance Corp. took control of due to liquidity concerns. CNSP confirmed that it does not hold any deposits or investments at SVB, reassuring investors about its financial stability. The company focuses on developing innovative treatments for primary and metastatic cancers in the brain and central nervous system. Its lead drug candidate, Berubicin, is designed to treat serious brain cancer, including glioblastoma multiforme (GBM).

Positive

• CNSP has no financial exposure to Silicon Valley Bank.
• This announcement reassures investors about the company's financial stability.

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• None.

HOUSTON, March 13, 2023 /PRNewswire/ -- CNS Pharmaceuticals, Inc. (NASDAQ: CNSP) ("CNS" or the "Company"), a biopharmaceutical company specializing in the development of novel treatments for primary and metastatic cancers in the brain and central nervous system, today announced that it is aware that the Federal Deposit Insurance Corp. has taken control of Silicon Valley Bank ("SVB") due to liquidity concerns. The Company does not hold any deposits or investments at SVB.

About CNS Pharmaceuticals, Inc.

CNS Pharmaceuticals a clinical-stage pharmaceutical company developing a pipeline of anti-cancer drug candidates for the treatment of primary and metastatic cancers of the brain and central nervous system. The Company's lead drug candidate, Berubicin, is a novel anthracycline and the first anthracycline to appear to cross the blood-brain barrier. Berubicin is currently in development for the treatment of a number of serious brain and CNS oncology indications including glioblastoma multiforme (GBM), an aggressive and incurable form of brain cancer.

For more information, please visit www.CNSPharma.com, and connect with the Company on Twitter, Facebook, and LinkedIn.

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SOURCE CNS Pharmaceuticals, Inc.

FAQ

What did CNS Pharmaceuticals announce regarding Silicon Valley Bank?

CNS Pharmaceuticals announced it has no financial exposure to Silicon Valley Bank, which was taken over by the Federal Deposit Insurance Corp.

Does CNS Pharmaceuticals have any deposits with Silicon Valley Bank?

No, CNS Pharmaceuticals confirmed it does not hold any deposits or investments at Silicon Valley Bank.

What is the lead drug candidate of CNS Pharmaceuticals?

The lead drug candidate of CNS Pharmaceuticals is Berubicin, which is under development for treating brain and CNS cancers.

What type of cancers is CNS Pharmaceuticals targeting with its treatments?

CNS Pharmaceuticals specializes in developing treatments for primary and metastatic cancers of the brain and central nervous system.