PixarBio Corp. Closed Placement Offering Totaling $23.4MM Plus a $10MM Line of Credit

11/8/16

CAMBRIDGE, Mass.--(BUSINESS WIRE)--PixarBio Corporation, (OTC:PXRB) inventors of NeuroRelease™, a novel morphine replacement, non-opiate/opioid, non-addictive pain treatment, today announced that it has completed the closing of the sale of common shares and warrants in a private placement transaction resulting in expected proceeds of approximately $23.4 million from its private placement memorandum financing plus a $10MM line of credit. The PPM closed $7.2 million in cash, and warrants as exercised worth $16.2 million.

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

Therefore, patients will maintain two-point discriminate touch, control of their locomotion nerve fibers so they control voluntary movement to enter rehabilitation quickly with a non-addictive morphine replacement. PixarBio’s NeuroRelease™ pain platform also includes 4-8 hour, 3-day, 7-day, 14-day and 90-Day pain treatments all have expected FDA approvals in 2020. NeuroRelease™ is biodegradable, and it's non-toxic so NeuroRelease™ can be re-injected to extend treatment timelines.

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.