NervGen Pharma recently announced an underwritten public offering of 24 million common shares.
The shares, being sold at a public offering price of US$2.50 each, includes an accompanying warrant with an exercise price of US$3.68 per common share that is immediately exercisable from the date of issuance with a five years expiry.
The Vancouver-based clinical-stage biopharmaceutical company is developing neuro-reparative therapeutics for spinal cord injuries.
The B.C. firm intends to use net proceeds from the offering, combined with existing cash and equivalents (as of April, $17M), to advance its lead therapeutic candidate, NVG-291, through clinical studies and for general corporate and working capital purposes.
NVG-291 is a subcutaneously administered peptide designed to target the inhibitory CSPG-PTPσ pathway. The peptide has received Fast Track designation from the U.S. Food and Drug Administration and Orphan Drug designation from the European Medicines Agency for the treatment of spinal cord injuries.
NervGen, which trades on the NASDAQ as NGEN after voluntarily delisting from the TSX-V earlier this year, “is now firmly in execution mode,” according to chief executive officer Adam Rogers.
Rogers says NervGen is developing solutions for “the individuals living with SCI who today have no pharmacologic options capable of enabling meaningful recovery of function, independence, or quality of life.”
“The progress we are making, including activating study sites and expanding our senior leadership team, reflect the necessary steps to advance a therapy of this magnitude toward potential approval,” he stated earlier this month.
The leadership expansion includes appointments of Keith Vendola as Chief Financial Officer, Shamim Ruff as Chief Regulatory Affairs Officer, and Christine McSherry as Senior Vice President of Patient Advocacy & Clinical Affairs.
Shares in NervGen are down 60% in 2026.
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