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  • NervGen will issue an aggregate of up to 3.25 million units at C$1.55 per unit for aggregate gross proceeds of up to approximately C$5 million
  • The offering will be completed pursuant to an agency agreement between NervGen, iA Private Wealth Inc. and Paradigm Capital Inc.
  • NervGen has granted the agents an over-allotment option to purchase up to an additional 15 per cent of the number of units sold in the offering
  • NervGen will pay the agents a cash commission equal to 6.0% of the gross proceeds
  • The offering is expected to close during the week of May 12, 2021
  • NervGen Pharma Corp. is a biotech company dedicated to creating innovative solutions for the treatment of nerve damage and neurodegenerative diseases
  • NervGen Pharma Corp. (NGEN) is down 11.49 per cent, trading at C$1.54 per share at 2 pm ET

NervGen Pharma Corp. (NGEN) has priced its previously announced overnight, "best efforts" marketed public offering of units.

NervGen will issue an aggregate of up to 3.25 million units at C$1.55 per unit for aggregate gross proceeds of up to approximately C$5 million.

Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant is exercisable for one common share at a price of C$2.10 for a period of 2 years following the closing of the offering.

The offering will be completed pursuant to an agency agreement between NervGen, iA Private Wealth Inc. and Paradigm Capital Inc., as co-lead agents.

Under the terms of the agency agreement, NervGen has granted the agents an over-allotment option to purchase up to an additional 15 per cent of the number of units sold in the offering for up to 30 days after the closing.

NervGen will pay the agents a cash commission equal to 6.0% of the gross proceeds, including the over-allotment option and issue broker warrants equal to 6.0 per cent of the number of units sold.

Each broker warrant can be exercised to purchase one common share for an amount equal to the offering price.

Net proceeds will fund the continued work on their lead drug candidate, NVG-291, and for general corporate purposes.

The offering is expected to close during the week of May 12, 2021.

NervGen Pharma Corp. is a biotech company dedicated to creating innovative solutions for the treatment of nerve damage and neurodegenerative diseases. 

NervGen is developing drugs for the treatment of multiple sclerosis, spinal cord injury, and Alzheimer's disease. 

NervGen Pharma Corp. (NGEN) is down 11.49 per cent, trading at C$1.54 per share at 2 pm ET.

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