Vancouver, Canada. November 19, 2020 – NervGen Pharma Corp. (TSX-V: NGEN) (OTCQX: NGENF) (“NervGen” or the “Company”), a biotech company dedicated to creating innovative solutions for the treatment of nerve damage and neurodegenerative diseases, today reported its financial results for the third quarter ended September 30, 2020.

Paul Brennan, NervGen’s President & CEO, stated, “During this past quarter, we continued working to complete the IND enabling studies necessary to initiate Phase 1 clinical trials for NVG-291 in healthy volunteers. We expect the Phase 1 trial to commence in the first quarter of 2021 and, if all goes well, we expect to start the Phase 2 clinical trial in spinal cord injury in the fourth quarter of 2021 and the start of the Phase 2 clinical trial in multiple sclerosis will now be in the first half of 2022.”

Mr. Brennan added, “We also continue to build our team having secured the services of a new member of our Board and several key consultants to help drive our programs forward. Dr. Randall Kaye was appointed to our Board of Directors and brings over 25 years of industry experience in developing pharmaceuticals in high unmet medical need disease areas. Michael Davis, MD, FACS, FRCS (Hon.), Colonel (Ret.), formerly Director of the U.S. Combat Casualty Care Research Program, was engaged to help us identify, prioritize and secure sources of non-dilutive funding for developing our lead compound, NVG-291, with an emphasis on finding support for important non-core indications. Dr. George Perry, a noted Alzheimer’s disease expert, was retained to provide independent strategic advice to guide development of NVG-291 in the treatment of Alzheimer’s disease. We have also engaged LifeSci Advisors and renewed Brian McAlister’s consulting contract to provide financing and strategic capital markets advice.”

Operational Highlights for Q3 2020 and Subsequent Events

 

Financial Highlights

 

About NervGen

NervGen is restoring life’s potential by creating innovative solutions for the treatment of nerve damage and neurodegenerative diseases. The Company is developing drugs for the treatment of multiple sclerosis, spinal cord injury and Alzheimer’s disease. NervGen’s platform technology targets protein tyrosine phosphatase sigma (“PTPσ”), a neural receptor that impedes nerve repair. Inhibition of the PTPσ receptor has been shown to promote regeneration and remyelination of damaged nerves, as well as improvement of nerve function in animal models for various medical conditions.

For further information, please contact:

Huitt Tracey, Corporate Communications
htracey@nervgen.com
c: 604.537.2094

Corey Davis Ph.D., LifeSci Advisors LLC
cdavis@lifesciadvisors.com

Follow NervGen on Twitter (@NervgenC) and LinkedIn (NervGen Pharma Corp.) for the latest news on the Company.

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: the clinical development of NVG-291 for multiple sclerosis and spinal cord injuries, including the timing of our Phase 1 and Phase 2 studies; steps taken to minimize the impact of the COVID-19 pandemic on our operations; our belief that securing the services of a new member of our Board and several key consultants will help to drive our programs forward; our ability to identify and secure non-dilutive funding for our current programs as well as for important non-core indications; PTPσ and its benefits in treating spinal cord injuries, multiple sclerosis, peripheral nerve injury and cardiac ischemia; and our research for a solution for Alzheimer’s disease and other neurodegenerative applications.

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, the Company has relied on various assumptions, including, but not limited to: the Company’s ability to manage the effects of the COVID-19 pandemic; the accuracy of the Company’s financial projections; the Company obtaining positive results in its clinical and other trials; the Company obtaining necessary regulatory approvals; 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, a lack of revenue, insufficient funding, the impact of the COVID-19 pandemic, 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 Annual Information Form, Amended and Restated Prospectus Supplement, financial statements and Management Discussion and Analysis which can be found on SEDAR.com. 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.