Corbus Pharmaceuticals Commences Trading on OTCQB under Ticker Symbol CRBP
NORWOOD, MA--(Marketwired - Oct 28, 2014) - Corbus Pharmaceuticals Holdings, Inc. (OTCQB: CRBP), an emerging drug development company focused on the development and commercialization of its lead product candidate, Resunab™, for the treatment of rare, life-threatening inflammatory diseases, announced today that shares of the Company's common stock have initiated trading on the Over-the-Counter Markets (OTCQB) under the ticker symbol "CRBP."
Yuval Cohen, Ph.D., Chief Executive Officer of Corbus Pharmaceuticals, stated, "We are very pleased to have reached this major corporate milestone so quickly and list as a public company."
Dr. Cohen continued, "The Corbus management team is focused on executing our top priority: the advancement of Resunab into two Phase 2 clinical trials for the treatment of systemic sclerosis ("scleroderma") and cystic fibrosis in 2015. Importantly, the successful launch of these clinical programs brings us a step closer to potentially providing patients and physicians with new therapies that may have a meaningful impact on treating these serious diseases."
Corbus Pharmaceuticals successfully completed a $10.3 million private placement equity financing in June of 2014 to implement the Company's vision of becoming a pharmaceutical company focused on novel therapies for rare, life-threatening inflammatory diseases. Pursuant to the terms of the private placement, Corbus is now a public reporting company following its registration with the Securities and Exchange Commission for resale of shares of common stock and the shares of common stock underlying the warrants sold in the private placement.
Resunab™ is a novel synthetic oral drug with unique anti-inflammatory and anti-fibrotic activity. Pre-clinical and Phase 1 studies have shown Resunab to have a favorable safety profile coupled with promising potency in pre-clinical models of inflammation and fibrosis. Resunab binds to the CB2 receptor of immune cells and triggers a process known as "inflammatory resolution," in effect turning chronic inflammation "off."
About Corbus Pharmaceuticals
Corbus Pharmaceuticals is a clinical stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat rare life-threatening inflammatory-fibrotic diseases with clear unmet medical needs. Our lead product candidate Resunab is a novel oral anti-inflammatory drug scheduled to commence Phase 2 clinical trials for the treatment of cystic fibrosis and diffuse scleroderma in 2015. For more information, please visit www.CorbusPharma.com.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be forward-looking statements. Forward-looking statements include words such as "expects," "anticipates," "intends," "plans," "could", "believes," "estimates" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, the possibility of unfavorable results from studies and clinical trials involving Resunab or other product candidates, our ability to enroll patients in studies and modifications or delays of our studies, our ability to obtain additional capital to meet our liquidity needs on acceptable terms, or at all, the timing, cost and uncertainty of obtaining regulatory approvals; our ability to protect our intellectual property; the loss of any executive officers or key personnel or consultants; competition; changes in the regulatory landscape or the imposition of regulations that affect our products; and the other factors listed under "Risk Factors" in our filings with the SEC from time to time, including our Registration Statement on Form S-1, and our Forms 10-K, 10-Q and 8-K. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this release. Except as may be required by law, the Company does not undertake any obligation to release publicly any revisions to such forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events
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Released October 28, 2014