Vancouver, Canada. June 25, 2021 – NervGen Pharma Corp. (TSX-V: NGEN) (OTCQX: NGENF) (“NervGen” or the “Company”), a clinical stage biotech company dedicated to creating innovative solutions for the treatment of nervous system damage, announced that it has engaged Vorticom Inc. (“Vorticom”), a New York based full-service public relations agency to provide media relations and related services for the Company.
Vorticom was engaged for an initial term of two years on January 16, 2019, which was extended effective September 1, 2020, for a successive 12-month period. Vorticom will receive cash compensation that is paid monthly and is not anticipated to exceed US$100,000 per year over the term of their engagement. The agreement will be automatically extended for twelve months after each subsequent term subject to a 30-day termination notice by either party. In addition, Vorticom was granted 100,000 incentive stock options on January 17, 2019, exercisable at a price of $1.00 per share for a period of five years and that vested 50% upon completion of the Company’s Initial Public Offering on March 13, 2019, and 50% one year thereafter. Vorticom has no other indirect or direct interest in the Company. The appointment of Vorticom as a public relations consultant to NervGen is subject to regulatory acceptance of applicable filings with the TSX Venture Exchange.
Vorticom is an award-winning full-service public relations boutique agency that delivers high impact marketing communications strategy and implementation generating high impact strategic media placements for its clients. Nancy Thompson, President, Vorticom Inc., is a published author of four popular books on Internet communications and has extensive experience securing national and international media visibility for Fortune 500 and emerging companies.
NervGen is restoring life’s potential by creating innovative solutions for the treatment of nervous system injury due to trauma or disease as a result of underlying inflammation and/or neurodegeneration. The Company is initially developing drugs for the treatment of multiple sclerosis, spinal cord injury and Alzheimer’s disease.
NervGen’s lead product, NVG-291, a modulator of downstream activity of highly inhibitory molecules (chondroitin sulfate proteoglycans (“CSPGs”)) present in the central nervous system, has demonstrated the potential to promote repair mechanisms such as axonal regeneration; remyelination; plasticity; autophagy (a cellular self-cleaning mechanism that removes unnecessary or dysfunctional components); and a non-inflammatory phenotype in microglia cells, the innate immune cells of the brain. NVG-291 modulates the inhibitory activity of CSPGs by inhibiting the protein tyrosine phosphatase (“PTPσ”) receptor which has been shown to impede repair following injury to the nervous system, whether as a result of trauma, such as in the case of spinal cord injury or traumatic brain injury, or disease-specific mechanisms, such as multiple sclerosis or Alzheimer’s disease.
A Phase 1 trial of NVG-291 in heathy subjects is ongoing and, upon completion of the multiple ascending dose portion of the trial, NervGen intends to initiate a Phase 1b trial in Alzheimer’s disease patients. Concurrently, the Company also plans to initiate Phase 2 trials in spinal cord injury and multiple sclerosis with each of these trials planned to start in 2022.
For further information, please contact:
Huitt Tracey, Corporate Communications
Nancy Thompson, Vorticom Inc.
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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, and 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 include, without limitation, statements relating to: the expected compensation payable to Vorticom; the future renewal of the Vorticom agreement; the timing, objectives and study design of the ongoing and proposed clinical studies for NVG-291; and the creation of innovative solutions for the treatment of nerve damage and neurodegenerative diseases.
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 we believe are appropriate and reasonable in the circumstances. In making forward-looking statements, the Company has relied on various assumptions, including, but not limited to: the Company’s ability to manage the effects of the COVID-19 pandemic; the accuracy of the Company’s financial projections; the Company obtaining positive results in its clinical and other trials; the Company obtaining necessary regulatory approvals; and general business, market and economic conditions.
Many factors could cause our 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, the impact of the COVID-19 pandemic, 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 Annual Information Form, Prospectus Supplement, financial statements and Management Discussion and Analysis which can be found on SEDAR.com. All clinical development plans are subject to additional funding.
Readers should not place undue reliance on forward-looking statements made in this news release. Furthermore, unless otherwise stated, the forward-looking statements contained in this news release are made as of the date of this news release, and we have no intention and undertake 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 news release are expressly qualified by this cautionary statement.