TORONTO and HAIFA, Israel, Sept. 28, 2023 (GLOBE NEWSWIRE) -- NurExone Biologic Inc. (TSXV: NRX) (FSE: J90) (NRX.V) (the “Company” or “NurExone”), a biopharmaceutical company developing biologically-guided exosome therapy for patients with traumatic spinal cord injuries, is pleased to announce that it has entered into an investor relations agreement (the “Agreement”) with Dr. Reuter Investor Relations GmbH (“Dr. Reuter”) to assist with investor relations and financial publication services for the European capital markets. The investor relations work focuses primarily on financial press releases in German-speaking countries (Germany, Austria and Switzerland).
The Agreement begins on September 1, 2023, and runs for a minimum of 6 months, until February 29, 2024. Thereafter, the term is extended by a further 6 months automatically, unless terminated by either party on one months’ notice. In consideration for the services, NurExone will pay Dr. Reuter a monthly fee of €3,300. Dr. Reuter does not have any interest, directly or indirectly, in NurExone or its securities, or any right or intent to acquire such an interest. Dr. Reuter and NurExone are at arms-length.
Dr. Reuter Investor Relations, located in Frankfurt, Germany, has been active in the market since 2006. The company specializes in the European capital markets and offers services in the areas of financial press releases, institutional investor relations and retail investor relations. The company has extensive and long-standing experience in building sustainable relationships in capital markets for its clients.
Warrant Amendments
The Company is pleased to announce that the TSX Venture Exchange has approved the amendment of 12,682,340 common share purchase warrants of the Company (the “Warrants”). The amendments (“Amendments”) consisted of: (i) a reduction of the exercise price of all Warrants from $1.20 per common share to $0.38 per common share; (ii) the extension of the expiry date of 1,419,500 Warrants from November 30, 2023 to June 15, 2024; (iii) the extension of the expiry date of 283,322 Warrants from December 30, 2023 to June 15, 2024; and (iv) the addition of an accelerated expiration date to all Warrants (the “Accelerated Expiration”), such that if the closing price of the Company’s common shares trading on the TSX Venture Exchange exceeds $0.475 per common share for any ten consecutive trading days (“Acceleration Event”), the expiration date of the Warrants will be automatically accelerated to the date that is thirty days following the Acceleration Event.
Following the Amendments, each Warrant is exercisable for one common share of the Company at a price of $0.38 per common share at any time prior to June 15, 2024, subject to the Accelerated Expiration.
“The Warrant Amendments are part of our ongoing commitment to optimizing our capital structure and ensuring alignment with the interests of our investors. These Amendments are a result of extensive discussions and feedback from our stakeholders,” said Dr. Lior Shaltiel, CEO of NurExone.
“Our decision to amend the Warrants demonstrates our dedication to creating value and benefit for our shareholders and Warrant holders. The reduced exercise price aims to make Warrant exercise more attractive and potentially bolstering the Company’s balance sheet by up to CAD$4.8 million,” added Eran Ovadya, CFO of NurExone.
About NurExone Biologic Inc.
NurExone Biologic Inc. is a TSXV listed pharmaceutical company that is developing a platform for biologically-guided ExoTherapy to be delivered, non-invasively, to patients who suffered traumatic spinal cord injuries. ExoTherapy was conceptually demonstrated in animal studies at the Technion, Israel Institute of Technology. NurExone is translating the treatment to humans, and the company holds an exclusive worldwide license from the Technion and Tel Aviv University for the development and commercialization of the technology.
For additional information, please visit www.nurexone.com or follow NurExone on LinkedIn, Twitter, Facebook, or YouTube.
For more information, please contact:
Dr. Lior Shaltiel
Chief Executive Officer and Director
Phone: +972-52-4803034
Email: info@nurexone.com
Thesis Capital Inc.
Investment Relation - Canada
Phone: +1 905-347-5569
Email: IR@nurexone.com
Dr. Eva Reuter
Investment Relation - Germany
Phone: +49-69-1532-5857
Email: e.reuter@dr-reuter.eu
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” that reflect the Company’s current expectations and projections about its future development. When used in this press release, forward-looking statements can be identified by the use of words such as “may,” or by such words as “will,” “intend,” “believe,” “estimate,” “consider,” “expect,” “anticipate,” and “objective” and similar expressions or variations of such words. Forward-looking statements are, by their nature, not guarantees of the Company’s future operational or financial performance and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. No representation or warranty is intended with respect to anticipated future results, or that estimates, or projections will be sustained.
Forward-looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions, and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements in this press release include, but are not limited to, statements relating to the Amendments to the Warrants, the capitalization value if the Warrants are exercised, and the investor relations Agreement.
In developing the forward-looking statements in this press release, we have applied several material assumptions, including the general business and economic conditions of the industries and countries in which we operate and the general market conditions.
Many risks, uncertainties, and other factors could cause the actual results of the Company to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to, the following: those risk factors identified under the heading “Risk Factors” pages 29 to 36 of the Company’s Annual Information Form dated March 30, 2023, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca, and other similar factors that may cause the actual results, performance or achievements to differ materially from those expressed or implied in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the press release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities law.
All forward-looking statements contained in the press release are expressly qualified in their entirety by this cautionary statement. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
