- NervGen Pharma (NGEN) reports 2022 year-end results and looks to start a phase 1b/2a clinical trial of NVG-291 in Q3 2023
- Equity proceeds of $22 million raised during the 2022 fiscal year
- Phase 1 clinical trial dosing NVG-291, is complete and data analysis is ongoing
- Phase 1b/2a clinical trial to include individuals with chronic and subacute spinal cord injuries
- NervGen (NGEN) is up 4.58 per cent, trading at $1.60 at 12:17 pm EST
NervGen Pharma (NGEN) reports 2022 year-end operational highlights and looks to start a phase 1b/2a clinical trial in Q3 2023.
The company’s proprietary drug, NVG-291 has been shown to promote repair mechanisms in the nervous system, including axonal regeneration, remyelination, and enhanced plasticity.
“We reached an important milestone when we recently completed the dosing of all subjects in our Phase 1 clinical trial,” stated Bill Radvak, NervGen’s Executive Chairman & Interim CEO.
“Last year, we added Dr. Matvey Lukashev as our VP, Research & Preclinical Development, who brings over 20 years of experience in drug discovery and translational research with a focus on neuroinflammation and neurodegenerative diseases.
According to the company, it is also focusing efforts on its Phase 1b/2a to “include Alzheimer’s disease and multiple sclerosis,” concluded Radvak.
2022 operational highlights
The company continued to advance its Phase 1 trial, completing dosing in both single ascending dose and multiple ascending dose groups.
As for the financial standings for year-end, NervGen’s cash and investments came to $22.5 million whereas in 2021 the amount came in at $16.9 million.
The company also puts a certain amount of funds into research and development.
In 2022 $16.6 million was spent which was around $10 million more than the $6.9 million that was spent in 2021.
Perhaps the saying ‘you have to spend more to earn more,’ rings true as general and administrative expenses also increased.
The end of 2022 amounts to $6.4 million being spent for the year while $5.9 million was spent in 2021.
According to the company, increases in spending were due to a couple of different factors.
Firstly, it was for accrued termination payments owing to its former President and CEO.
As for the second part, an increase in corporate communication services was to blame.
Operational highlights set aside, the company announced its plans for a phase 1b/2a clinical trial for individuals with spinal cord injuries in the third quarter of 2023.
The company holds exclusive worldwide rights to NVG-291.
NervGen (NGEN) is a clinical-stage biotech company dedicated to developing innovative treatments that enable the nervous system to repair itself following damage, whether due to injury or disease.
NervGen (NGEN) is up 4.58 per cent, trading at $1.60 at 12:17 pm EST.
