NervGen Provides Quarterly "At-The-Market" Equity Program Update

Rhea-AI Summary

NervGen Pharma (OTCQB: NGENF) has provided an update on its at-the-market (ATM) equity program for Q1 2025. During the quarter ending March 31, 2025, the company, through its agent Stifel Nicolaus Canada, issued and sold 564,500 common shares at a weighted average price of $2.91 per share.

The ATM Program, which was launched on December 19, 2024, generated aggregate gross proceeds of $1,639,761. After paying cash placement fees of $32,796 to the agent, the company secured net proceeds of $1,606,965.

Positive

• Raised $1.6M in additional capital through ATM program
• Successful execution of ATM program with average share price of $2.91

Negative

• Dilution of existing shareholders through issuance of 564,500 new shares

Vancouver, British Columbia--(Newsfile Corp. - April 9, 2025) - NervGen Pharma Corp. (TSXV: NGEN) (OTCQB: NGENF) ("NervGen" or the "Company"), a clinical-stage biotech company dedicated to developing neurorestorative therapeutics, today provided a quarterly update with respect to the Company's previously announced at-the-market equity program (the "ATM Program") launched on December 19, 2024. The ATM Program allows the Company to issue and sell common shares in the capital of the Company (the "Common Shares") to the public from time to time through Stifel Nicolaus Canada Inc. (the "Agent"), at the Company's discretion and subject to regulatory requirements.

During the quarterly period ended March 31, 2025, the Company issued and sold 564,500 Common Shares under the ATM Program at a weighted average price of $2.91 per Common Share, for aggregate gross proceeds of $1,639,761. The Company paid cash placement fees of $32,796 to the Agent, resulting in aggregate net proceeds of $1,606,965.

About NervGen
NervGen (TSXV: NGEN) (OTCQB: NGENF) is a clinical-stage biotech company dedicated to developing innovative treatments to promote nervous system repair in settings of neurotrauma and neurologic disease. The Company is testing the clinical efficacy of its lead molecule, NVG-291, in a Phase 1b/2a clinical trial in spinal cord injury and has initiated preclinical evaluation of a new development candidate, NVG-300, in models of ischemic stroke and spinal cord injury. For more information, visit www.nervgen.com and follow NervGen on X, LinkedIn, and Facebook for the latest news on the Company.

Contacts

Huitt Tracey, Investor Relations
htracey@nervgen.com
604.537.2094

Bill Adams, Chief Financial Officer
info@nervgen.com
778.731.1711

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to, the Company's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, or any other future events or developments constitute forward-looking statements, and the words "may", "will", "would", "should", "could", "expect", "plan", "intend", "trend", "indication", "anticipate", "believe", "estimate", "predict", "likely" or "potential", or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements include, without limitation, statements relating to: the issuance, sale and distribution of Common Shares under the ATM Program.

Forward-looking statements are based on estimates and assumptions made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. In making forward-looking statements, we have relied on various assumptions, including, but not limited to: that the Company will receive the necessary regulatory approvals for the ATM Program; that the Company will be able to use the proceeds from the ATM Program as anticipated; our ability to obtain future funding on favourable terms or at all; the accuracy of our financial projections; obtaining positive results in our clinical and other trials; our ability to obtain necessary regulatory approvals; our ability to arrange for the manufacturing of our product candidates and technologies; and general business, market and economic conditions.

Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including without limitation, the Company being unable to use the proceeds from the ATM Program as anticipated, failure to receive the requisite regulatory approvals for the ATM Program, a lack of revenue, insufficient funding, reliance upon key personnel, the uncertainty of the clinical development process, competition, and other factors set forth in the "Risk Factors" section of the company's most recently filed prospectus supplement, short form base shelf prospectus, annual information form, financial statements and management discussion and analysis all of which can be found on NervGen's profile on SEDAR+ at www.sedarplus.ca. All clinical development plans are subject to additional funding.

Readers should not place undue reliance on forward-looking statements made in this news release. Furthermore, unless otherwise stated, the forward-looking statements contained in this news release are made as of the date of this news release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248004

FAQ

How many shares did NervGen Pharma (NGENF) sell through its ATM program in Q1 2025?

NervGen sold 564,500 common shares through its ATM program during Q1 2025.

What was the average share price for NGENF's ATM program sales in Q1 2025?

The weighted average price was $2.91 per common share.

How much net proceeds did NGENF raise from its ATM program in Q1 2025?

NGENF raised net proceeds of $1,606,965 after paying agent fees of $32,796.

When did NervGen Pharma (NGENF) launch its ATM equity program?

NervGen launched its ATM equity program on December 19, 2024.