NervGen raises $10 million in private placement for drug development

NervGen Pharma Corp. (TSXV: NGEN) (OTCQB: NGENF) completed a non-brokered private placement raising $10,049,915 to advance its NVG-291 clinical development program and support a potential Nasdaq listing.

The Vancouver-based biopharmaceutical company issued 4,785,674 units at $2.10 per unit. Each unit includes one common share and half of one warrant exercisable at $2.65 for 36 months. Investors included SCI Ventures and the Paul and Phyllis Fireman Charitable Foundation.

NervGen develops treatments for spinal cord injury and neurologic disorders. The company holds exclusive worldwide rights to NVG-291, a therapeutic peptide targeting nervous system repair that has received Fast Track designation from the FDA and Orphan Designation from the EMA for spinal cord injury treatment.

PFP Biosciences Holdings LLC, an insider, purchased 1,809,524 units in the offering. Following the transaction, PFP Biosciences and associated entities control 14,708,673 common shares, representing 18.8% of outstanding shares, along with 7,344,335 warrants and 390,000 stock options.

The securities carry a four-month hold period under Canadian securities laws. Company directors and officers also participated in the private placement, constituting a related party transaction under applicable regulations.

NervGen is currently conducting a Phase 1b/2a clinical trial of NVG-291 in spinal cord injury patients, with enrollment ongoing in the subacute cohort for patients 20-90 days post-injury.

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