CNS Pharmaceuticals, Inc. (NASDAQ:CNSP) shares traded higher initially Tuesday morning but have since reversed following the company’s announcement that it entered into an exclusive license agreement with Cortice Biosciences.

The Details: CNS secured an exclusive license and the intellectual property rights for TPI 287, a potential treatment for glioblastoma multiforme (GBM).

CNS will pay Cortice 616, 698 shares of the company’s common stock in exchange for the license and intellectual property rights. In addition, there are possible future success-dependent milestone payments of cash or the company’s common stock 

A multicenter Phase 1 study of TPI 287 combined with bevacizumab in recurrent GBM patients showed a progression-free survival (PFS) of 5.5 months and an overall survival (OS) of 13.4 months. In comparison, bevacizumab alone or with chemotherapy showed a PFS of 2-4 months and an OS of 6-9 months.

CNS believes that another one of its drug candidates for the treatment of GBM, Berubicin, could serve as an ideal complementary asset to TPI 287.

The company intends to consult with the U.S. FDA to receive feedback on the design of a study aimed at registering TPI 287 for recurrent GBM, with plans to start the study in 2025.

Related Link: Expert Outlook: Sage Therapeutics Through The Eyes Of 14 Analysts

CNSP Price Action: At the time of publication, CNS shares are trading 60% lower at 41 cents, per data from Benzinga Pro.

Image: Myriams-Fotos from Pixabay

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