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NervGen Raises $23 Million in New 'Bought Deal' Financing to Fund Ongoing Clinical Trials of Nerve Regenerating Drug
Wednesday, April 3, 2024Company Profile | Follow Company
Vancouver, BC, April 3, 2024--(T-Net)--NervGen Pharma Corp. (TSXV: NGEN) announced the closing of its public offering for aggregate gross proceeds to the Company of $23.01 million.
The Offering was made pursuant to an underwriting agreement entered into with a syndicate of underwriters led by Stifel Canada and including Canaccord Genuity Corp. and PI Financial Corp..
Mike Kelly, President and Chief Executive Officer, NervGen Pharma Corp.
"I want to take this opportunity to thank the investors, in particular The Paul & Phyllis Fireman Charitable Foundation, who lead this round, for providing NervGen with funds for the continued development of our lead drug candidate, NVG-291," said Mike Kelly, President and CEO. "Proceeds from this financing will be used toward our Phase 1b/2a clinical trial treating subjects with spinal cord injury as well as continued development and manufacturing activities for NVG-291."
The Company intends to use the net proceeds of the Offering for the ongoing Phase 1b/2a clinical trial for NVG-291 as well as development and manufacturing activities for NVG-291, working capital and general corporate purposes.
About NervGen
NervGen (TSXV: NGEN) is a clinical stage biotech company dedicated to developing innovative treatments that enable the nervous system to repair itself following damage, whether due to injury or disease. NervGen's lead drug candidate, NVG-291, is being evaluated in a Phase 1b/2a clinical trial. The Company's initial target indication is spinal cord injury. For more information, go to www.nervgen.com and follow NervGen on Twitter , LinkedIn , and Facebook for the latest news on the Company.
Additional Details on Financing Announcement Pursuant to the Offering, the Underwriters purchased, on a "bought deal" basis, and the Company issued 9,792,250 units (the "Units") at a price of C$2.35 per Unit including the full exercise of the Underwriters' over-allotment option. Each Unit was comprised of one common share of the Company (the "Common Shares") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable to acquire one Common Share in the capital of the Company (a "Warrant Share") for a period of 36 months following the closing of the Offering at an exercise price of C$3.00 per Warrant Share. [ MORE ] |
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 may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States 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: our development programs, including the development of NVG-291; our research for the treatment of spinal cord injury, multiple sclerosis, Alzheimer's disease and other neurodegenerative applications; and the use of proceeds of the Offering. [ MORE ] |
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