- NervGen Pharma (NGEN) included an update on phase one of its clinical trial in its financial and operational report for the second quarter of fiscal year 2021
- The company began conducting clinical trials for its NVG-291 in the spring
- At the end of the second quarter, NervGen had cash and investments of $7.4 million
- NervGen Pharma is a biotech company
- NervGen Pharma (NGEN) is currently down 2.93 per cent, trading at $1.99 per share
NervGen Pharma (NGEN) provides a clinical trial update in its financial and operational report for the second quarter of fiscal year 2021.
The company began conducting clinical trials for its NVG-291 in the spring, dosing the first subject in early May.
NVG-291 is a treatment for spinal cord injuries, brain injuries, and diseases such as Alzheimer’s and multiple sclerosis.
The treatment modulates the key receptors that impede repair following injury to the nervous system. It also promotes the cellular self-cleaning mechanisms that remove unnecessary or dysfunctional components from the brain.
At the end of the second quarter, NervGen had cash and investments of $7.4 million, compared to $5.0 million at the end of Q2 2020.
The company also reported a slightly higher net loss for the quarter, $2.7 million compared to $2.6 million in 2020.
In June, the company entered into a research agreement with Sylics Contract Research to study the effects of NVG-291 in mouse models of Alzheimer’s disease.
In total, research and development expenses for the quarter reached $1.6 million, compared to $1.1 million in 2020. This increase was mainly driven by the preclinical studies needed to support the company’s clinical trials.
Paul Brennan, NervGen president and CEO, commented on the results.
“The second quarter of 2021 was pivotal for NervGen as we started our Phase 1 clinical trial with NVG-291,” he said.
“We expect to have topline data to report from the single ascending dose portion of the trial in the fourth quarter of this year,” he added, “while at the same time advancing the trial to test multiple ascending doses.”
NervGen Pharma is a biotech company dedicated to creating innovative solutions for the treatment of nerve damage and neurodegenerative diseases.
NervGen Pharma (NGEN) is currently down 2.93 per cent, trading at $1.99 per share as of 11:26 am ET.