Cereno Scientific’s Board of Directors and Executive Management enter into lock-up agreements
Cereno Scientific (Nasdaq First North: CRNO B) (the “Company”), a pioneering biotech developing innovative treatments for rare and common cardiovascular disease, today announced that its Board of Directors and Executive Management have signed lock-up agreements for their shares and/or other securities in the Company until topline results for the Phase II trial of the Company’s lead asset CS1 in the rare disease Pulmonary Arterial Hypertension (PAH) is presented in Q3, 2024.
The members of the Board of Directors and Executive Management have entered into an agreement not to sell their shares and/or other securities in the Company (“Securities”) in any way, also known as lock-up agreements, during the period from and including July 1, 2024, up to the publication of the topline results for the Phase II trial of the Company’s lead asset CS1 in PAH, but at the latest up to and including October 31, 2024. Cereno Scientific announced on June 28,2024, that the Phase II trial with CS1 is closing for patient recruitment and proceeding to topline, based on a recommendation by the Study Clinical Steering Committee.
The lock-up agreements concern existing holdings of Securities as well as Securities acquired during the period. The lock-up prevents transfer or disposal of Securities, with customary exceptions. The lock-up agreements do not restrict members of the Board of Directors and Executive Management from acquiring shares or other securities in the Company.
"For the second time in the Company’s history – the first being on August 29, 2023, in anticipation of the publication of the data quality control report – the entire Executive Management and Board of Directors have entered into voluntary lock-up agreements. With many important milestones approaching, this lock-up sends a strong message to the market about our commitment to the upcoming journey towards the top-line readout of CS1 in Q3," said Joakim Söderström, Chairman of the Board of Directors, Cereno Scientific.
The following persons in the management and the board of directors have signed lock-up agreements:
- Sten R. Sörensen, CEO and Member of the Board of Directors
- Dr. Rahul Agrawal, CMO and Head of R&D
- Dr. Björn Dahlöf, CSO
- Julia Fransson, Director of Business Development
- Eva Jagenheim, CFO
- Nicholas Oakes, Head of Preclinical Development
- Dr. Michael Holinstat, Director of Translational Research
- Dr. Raymond Benza, Member of Scientific Advisory Board
- Joakim Söderström, Chairman of the Board of Directors
- Dr. Gunnar Olsson, Member of the Board of Directors
- Dr. Anders Svensson, Member of the Board of Directors
- Jeppe Øvlesen, Member of the Board of Directors
“The Cereno team and I are very excited about this upcoming period, as we proceed towards topline data presentation in Q3, a pivotal time in the development of CS1 and for Cereno as a company. To demonstrate the commitment of the Executive Management and Board of Directors, we are entering this voluntary lock-up agreement until the topline results is presented“, said Sten R. Sörensen, CEO, Cereno Scientific.
For further information, please contact:
Henrik Westdahl, Director IR & Communications
Email: [email protected]
Phone: +46 70-817 59 96
Sten R. Sörensen, CEO
Email: [email protected]
Phone: +46 73-374 03 74
About Cereno Scientific AB
Cereno Scientific develops innovative treatments for rare and common cardiovascular disease. The lead drug candidate, CS1, is an HDAC (histone deacetylase) inhibitor that acts as an epigenetic modulator with pressure-reducing, reverse-remodeling, anti-inflammatory, anti-fibrotic and anti-thrombotic properties. A Phase II trial is ongoing to evaluate CS1’s safety, tolerability, and efficacy in patients with the rare disease pulmonary arterial hypertension (PAH). A collaboration agreement with global healthcare company Abbott allows Cereno to use their cutting-edge technology CardioMEMS HF System in the trial. Two initiatives performed during the ongoing Phase II trial have shown positive findings suggesting the potential clinical benefit of CS1 in PAH patients. These initial findings are, however, not a guarantee of the final trial results that are expected in Q3 2024. Since January 2024, we are delighted that the FDA´s Expanded Access Program will enable patients with PAH, a serious life-threatening disease condition, to gain access to CS1 where no comparable alternative therapy options are available. Cereno’s pipeline comprises two additional programs in development through research collaborations with the University of Michigan. Investigational drug CS014 is an HDAC inhibitor in Phase I development as a treatment for arterial and venous thrombosis prevention. The innovative drug candidate represents a groundbreaking approach to antithrombotic treatment. CS014 is a new chemical entity with a multi-fold mechanism of action as an epigenetic modulator – regulating platelet activity, fibrinolysis, and clot stability for the prevention of thrombosis without an increased risk of bleeding as documented in preclinical trials. On 28th of June, 2024, Cereno initiated a first-in-human Phase I trial of CS014. Preclinical candidate CS585 is an oral, highly potent and selective prostacyclin (IP) receptor agonist that has demonstrated the potential to significantly improve disease mechanisms relevant to cardiovascular disease. While CS585 has not yet been assigned a specific indication for clinical development, preclinical data indicates that it could potentially be used in indications like Pulmonary Hypertension and thrombosis prevention without increased risk of bleeding. CS585 was in-licensed from the University of Michigan in 2023. The Company is headquartered in GoCo Health Innovation City, in Gothenburg, Sweden, and has a US subsidiary; Cereno Scientific Inc. Based in Kendall Square, Boston, Massachusetts, US. Cereno is listed on the Nasdaq First North (CRNO B). The Certified Advisor is Carnegie Investment Bank AB, [email protected]. More information is on www.cerenoscientific.com.
