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Case Western start-up’s IPO raises $7.5 million to advance spinal cord injury therapy

By Jesse Schwartz
Published: March 20th, 2019

A Case Western Reserve University (CWRU) start-up has raised roughly $7.5 million to commercialize a novel regenerative medicine technology.

NervGen Pharma Corp. is based on a technology that could lead to new therapies for spinal cord injury and other conditions where scar tissue blocks the regenerative process.

The two-year old start-up recently issued 10 million common shares on the Canadian TSX Venture Exchange, under the symbol “NGEN,” at $1 Canadian per share. It plans to use the $7.5 million raised to advance its lead product NVG-291 toward clinical development to treat spinal cord injury.

“I am really impressed with the progress that NervGen has been able to make in such a short period of time,” says Michael Haag, executive director of technology management at the CWRU Technology Transfer Office. “NervGen is a great regional success story, and it highlights the power of collaborative science and translational research support.”

Although the company will initially focus on clinical trials for NVG-291 — which it plans to begin next year — NervGen says the technology may also be applied to other medical conditions where scar tissue blocks nerve growth, including stroke, multiple sclerosis, peripheral nerve injury, and heart attack.

Jerry Silver, a professor at CWRU and co-inventor of the NervGen technology, comments, “This is an especially exciting time, not only for the future of NervGen but for me personally, since this fledging company has now opened a door to the real possibility of bringing more than 30 years of my research on the basic mechanisms that can robustly enhance nerve regeneration in animal models of spinal cord injury all the way to human patients.”

Source: Crain’s Cleveland Business

Posted under: Tech Transfer e-News

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