Vancouver, Canada. July 5, 2019 – NervGen Pharma Corp. (TSX-V: NGEN) (OTCQX: NGENF) (“NervGen” or the “Company”), a regenerative medicine company dedicated to creating innovative solutions for the treatment of nerve damage and neurodegenerative diseases, today announced the Company has agreed to amend the terms of an investor relations services agreement dated January 16, 2019 with Mr. Huitt Tracey of Vancouver, Canada.
Mr. Tracey is being granted an additional option to purchase up to 50,000 common shares in the capital of the Company in accordance with the Company’s stock option plan, exercisable at a price of CA$1.40 per common share for a period of five (5) years from the date of grant with 25% vesting every quarter until fully vested. Additionally, the monthly fee for services is being increased from CA$2,500 per month to CA$5,000 per month effective July 1, 2019. Mr. Tracey’s equity holdings in the Company includes 107,000 common shares and a previously granted option to purchase up to 50,000 common shares.
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 both spinal cord injury and multiple sclerosis.
NervGen plans to initiate a Phase 1 human clinical trial for its lead compound, NVG-291, in early 2020 under an Investigational New Drug application with the U.S. Food and Drug Administration. NervGen is advancing NVG-291 for the treatment of spinal cord injury and multiple sclerosis as the Company believes these indications are significant opportunities in the market, and have a dramatic impact on quality of life and a high cost burden to the healthcare system. The Company believes NVG-291 as a therapy could alleviate or improve upon the symptoms and conditions associated with spinal cord injury and MS, and empower these patients to live more active and productive lives.
For further information, please contact:
Huitt Tracey, Corporate Communications
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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, including, without limitation, statements regarding advancement of NVG-291 toward clinical development and commercialization, the timing of human trials and regulatory approval, the potential efficacy of the Company’s products and technology, and the potential to identify, evaluate and develop other drug candidates. 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 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 the Company believes are appropriate and reasonable in the circumstances. Many factors could cause the Company’s 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, 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 Prospectus, financial statements and Management Discussion and Analysis which can be found on SEDAR.com.
Readers should not place undue reliance on forward-looking statements made in this document. Furthermore, unless otherwise stated, the forward-looking statements contained in this document are made as of the date of this document, and the Company has no intention and undertakes 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 document are expressly qualified by this cautionary statement.