InvestorsOur goal is to become a leader in the discovery and development of new medicines for the treatment of central nervous system disorders. Our technology is based on the N-methyl-D-aspartate (NMDA) receptor blocker and its role in treating major depression, neuropathic pain, ischemia and other disorders, like schizophrenia and Parkinson’s disease. As a privately held company, we seek investors and collaborators that share our commitment to CNS drug development.

Bristol-Myers Squibb Collaboration

In March 2010, we announced our drug discovery collaboration with Bristol-Myers Squibb Company focused on the development of our proprietary, NR2B-subunit, NMDA receptor antagonists for use in the treatment of major depression and other central nervous system disorders.

Under the terms of the agreement, Bristol-Myers Squibb paid us a $1.5 million licensing fee. They will also fund the research collaboration through December 2012, with the option to extend it beyond that date. NeurOp may receive up to $74 million in milestone payments and additional royalties for the successful development and commercialization of a compound in major depression.

Funding

To date, we have raised $11.6 million in funding from Bristol-Myers Squibb, investors, and government and industry sources. In July 2011, the NIH awarded us a $3 million grant to support our ischemia treatment research, making it our third, funded research program.

The State of Georgia Seed Capital Fund, administered by the Advanced Development Technology Center, has invested alongside Bluegrass Angel Network, Ariel Savannah Angel Partners, Mario Family Partners, and accredited independent investors.

Letters to Shareholders