NervGen Pharma (TSXV:NGEN) releases 2020 financial results
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  • NervGen Pharma (NGEN, NGENF) has announced its financial results for 2020
  • Highlights include progress on its lead program, NVG-291, which moved towards clinical trials during 2020
  • The company had cash and investments of C$5.6 million as of December 31, 2020, compared to $4.1 million in 2019
  • Research and development expenses were $6.2 million for 2020, compared to $6.5 million in 2019
  • Additionally, NervGen completed two rounds of financing during the year, one in May for $2.3 million and one in August for $6.45 million
  • Shares of NervGen sat at $1.66 as of 3:45 p.m. EDT, representing a 2.47 per cent increase

NervGen Pharma, a Vancouver-based biotech company, has announced its year-end 2020 financial results.

Over the course of the year, cash and investments totaled $5.6 million compared to $4.1 million in 2019. Cash burn for the year from operating activities was $6.4 million, which was offest by $7.8 million in net proceeds from financing over the year.

The company also made a significant advancements on its lead program, NVG-291, towards clinical trials throughout the yar. The company was able to submit an investigational new rug application early this year and anticipates starting the first Phase of a clinical trial in Australia in Q2 2021.

"We continue to generate encouraging preclinical data to support our programs to bring life-changing hope to many people suffering from nerve damage as a result of injury or neurodegenerative diseases. Pending successful completion of our Phase 1 study, we expect to start Phase 2 trials in spinal cord injury and multiple sclerosis patients and a Phase 1b in Alzheimer's disease patients in the first half of 2022, subject to any further impact by the COVID-19 pandemic on our suppliers' operations, FDA review and financing," Paul Brennan, president and CEO of NervGen, said in a release.

Additionally, research and development expenses were $6.2 million in 2020 compared $6.5 million in 2019. 

The company's lead candidate, NVG-291 is an inhibitor of protein tyrosine phosphatase sigma ("PTPσ"), which aims to reduce clinical effects of nerve damage. This can either be from the result of trauma, such as in the case of spinal cord injury, traumatic brain injury or stroke, or neurodegenerative diseases, such as multiple sclerosis or Alzheimer's disease.

Shares of NervGen sat at $1.66 as of 3:45 p.m. EDT, representing a 2.47 per cent increase.

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