NERVGEN PHARMA CORP - NGENF STOCK NEWS

NervGen Pharma (TSXV: NGEN, OTCQB: NGENF), a clinical-stage biotech firm focused on nervous system damage treatments, announced the outcomes of its Annual General Meeting (AGM) on June 4, 2024. All resolutions were approved.

Glenn Ives was elected Chair of the Board, and John Ruffolo was appointed Chair of the Audit Committee. The re-elected board members include Brian Bayley, Harold Punnett, Randall Kaye, Krista McKerracher, Craig Thompson, Adam Rogers, John Ruffolo, and Michael Kelly.

KPMG LLP was appointed as the auditors for the next year. Shareholders also approved amendments to the stock option plan, increasing the number of shares reserved for issuance.

NervGen Pharma (TSXV: NGEN, OTCQX: NGENF) will present two posters at the American Spinal Injury Association's 51st Annual Scientific Meeting from May 20-23, 2024, in Puerto Rico. Chief Medical Officer, Dr. Daniel Mikol, will present on May 20 about preclinical and clinical data suggesting motor evoked potentials (MEPs) as efficacy biomarkers in spinal cord injury (SCI) trials. On May 21, he will update on the baseline demographics of subjects in an ongoing Phase 1b/2a trial at Shirley Ryan AbilityLab, evaluating NVG-291's efficacy in chronic and subacute SCI patients using MEPs as biomarkers. This single-center trial aims to reduce variability in measurements, with initial results potentially supporting future Phase 2/3 trials.

NervGen Pharma (TSXV: NGEN, OTCQX: NGENF) reported its Q1 2024 financial results and operational updates. Key highlights include progress in the NVG-291 Phase 1b/2a clinical trial for spinal cord injury (SCI), though recruitment has been slower than expected. Enrollment targets for the chronic cohort have shifted to Q3 2024, with protocol amendments for the subacute cohort to enhance feasibility. The company completed a CA$23 million financing deal in March 2024, extending its cash runway to Q3 2025.

Financially, NervGen had $30.3 million in cash and investments as of March 31, 2024, up from $11.7 million at the end of 2023. The net cash burn for Q1 2024 was $3.3 million, offset by $21.4 million in net proceeds from financing and $0.6 million from exercised options. R&D expenses remained steady at $3.0 million, while G&A expenses increased to $2.0 million from $1.7 million in Q1 2023. The net loss for Q1 2024 was $2.3 million, or $0.04 per share, compared to a $4.7 million loss in Q1 2023.

NervGen Pharma Corp. (TSXV: NGEN) (OTCQX: NGENF) announced the filing of its Management Information Circular for the upcoming 2024 Annual General Meeting of Shareholders on June 4, 2024. Bill Radvak, the current Chairman, will transition to a Board Advisor role and will not stand for re-election. The Company is appointing a new chairperson and seeking a new board candidate. The Circular includes details on voting, board elections, auditor appointment, and Stock Option Plan revisions.

NervGen Pharma Corp. has engaged Russo Partners for public relations services. The agreement is for a minimum of three months with a cash compensation not exceeding US$200,000 in the first twelve months. Russo Partners will provide media and public relations services for NervGen, a biotech company focused on nervous system damage treatment.

NervGen Pharma reported its 2023 year-end financial results and operational updates, highlighting the completion of enrollment for the Phase 1b/2a clinical trial, CA$23 million financing, and Fast Track designation by the FDA for NVG-291 in spinal cord injury. The company aims to demonstrate the potential of NVG-291 in repairing nervous system damage, with plans to fund clinical trials and research activities through Q3 2025.

NervGen Pharma Corp. (NGENF) has been recognized as a 2023 Top 50 Company by the TSX Venture Exchange. The company's strong performance on the TSX Venture Exchange is attributed to market capitalization, share price appreciation, and trading volume. NervGen's President & CEO, Mike Kelly, expressed gratitude for the recognition and highlighted the advancements made in 2023, including the progression of NVG-291 into clinical trials and receiving Fast Track designation for NVG-291 in individuals with spinal cord injury.

NervGen Pharma Corp. grants incentive stock options to employees, including 505,200 to Officers at $3.48 per share for 10 years, vesting every six months over two years, in line with TSX Venture Exchange policies.

NervGen Pharma Corp. is on track to complete enrollment of the chronic cohort in Q2 2024 and expects data readout in Q3 2024 for its Phase 1b/2a clinical trial of NVG-291 for spinal cord injury. The company plans to offer NVG-291 to placebo-treated subjects post-cohort completion.