TORONTO and HAIFA, Israel, March 27, 2024 (GLOBE NEWSWIRE) -- NurExone Biologic Inc. (TSXV: NRX) (Germany: J90) (the “Company” or “NurExone”), is pleased to announce that, the Company completed a combined exercise and expiration of 12,682,340 common share purchase warrants issued pursuant to a private placement of units that closed on June 15, 2022.
Following the Acceleration Event, as defined and further detailed in its press release dated September 28, 2023, 9,684,993 warrants were exercised at the cash exercise price of C$0.38, for gross proceeds of C$3,680,297 while the remaining 2,997,347 warrants expired unexercised. The Company exercised its right to accelerate the expiry date of the warrants in the event that the Company’s common shares exceeded C$0.475 for ten consecutive trading days on the TSXV. Notice was provided to warrant holders that the Acceleration Event had transpired, resulting in the acceleration of the expiry date to thirty days following the Acceleration Event.
Furthermore, in addition to the warrants subject to acceleration, the Company garnered gross proceeds of C$276,591 following the exercise of warrants not under acceleration from two distinct groups:
- 556,818 warrants stemming from a private placement that concluded in September 2023, with an exercise price of C$0.34; and
- 181,818 warrants from another private placement that also wrapped up in September 2023, featuring an exercise price of C$0.48.
Eran Ovadya, NurExone’s CFO, expressed appreciation to the Company's investors who have demonstrated steadfast confidence in both the Company and its ExoPTEN drug, which is being developed for patients with acute spinal cord injuries. "We are pleased to note the exercise of both accelerated and non-accelerated warrants, resulting in gross proceeds of approximately C$4 million for the Company."
"The new funds received, will boost NurExone’s development and commercial efforts, including the engaging of biopharma collaborators for new indications. We are pleased to move closer, to realizing our goal of innovative solutions for nerve regeneration for patients in need," stated Dr. Lior Shaltiel, CEO of NurExone.
About NurExone Biologic Inc.
NurExone Biologic Inc. is a TSXV listed pharmaceutical Company that is developing a platform for biologically-guided exosome-based therapies to be delivered, non-invasively, to patients who have suffered Central Nervous System injuries. The Company’s first product, ExoPTEN for acute spinal cord injury, was proven to recover motor function in 75% of laboratory rats when administered intranasally. ExoPTEN has been granted Orphan Drug Designation by the FDA. The NurExone platform technology is expected to offer novel solutions to drug companies interested in noninvasive targeted drug delivery for other indications.
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
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements in this news release include statements relating to: warrant cancellation and exercise transactions, including the timing and anticipated benefits of each, and the anticipated closing date of each and the effects of such transactions on the Company.
Forward-looking information in this press release are based on certain assumptions and expected future events, namely: the Company’s ability to realize upon the benefits, terms, and scope of the strategic agreement; the Company’s ability to keep its ongoing commitment of the Company to further therapies for SCI; that an independent and detailed analysis will corroborate and expand upon the encouraging results observed in numerous laboratory experiments; the ExoPTEN therapy has the ability to be a significant promise as a potential treatment for SCI; the Company’s ability to realize upon the stated goals for accelerating the development and regulatory path of ExoPTEN; and the Company’s ability to realize upon its expectation of the NurExone platform technology to offer novel solutions to drug companies interested in noninvasive targeted drug delivery for other indications.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to realize upon the benefits, terms, and scope of the strategic agreement; the Company’s inability to keep its ongoing commitment of the Company to further therapies for SCI; that an independent and detailed analysis will not corroborate and expand upon the encouraging results observed in numerous laboratory experiments; the ExoPTEN therapy will not be a significant promise as a potential treatment for SCI; the Company’s inability to realize upon the stated goals for accelerating the development and regulatory path of ExoPTEN; and the Company’s inability to realize upon its expectation of the NurExone platform technology to offer novel solutions to drug companies interested in noninvasive targeted drug delivery for other indications.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
