Vancouver-based NervGen Pharma Corp., which has licensed regenerative medicine technology from Case Western Reserve University, raised about $7.5 million from an initial public offering on the Toronto Stock Exchange. The company subsequently said it plans to raise another $500,000 in a private placement.
The technology developed in the CWRU laboratory of Jerry Silver, co-inventor and professor of neurosciences. He is a scientific advisor to NervGen.
In its IPO, NervGen issued 10 million common shares at $1 per share (Canadian) on March 13. Proceeds will be used to advance development of NVG-291 toward clinical development to treat spinal-cord injuries.
“I am really impressed with the progress that NervGen has been able to make in such a short period of time,” Michael Haag, executive director for technology management in the university’s Technology Transfer Office said in a statement. “NervGen is a great regional success story, and it highlights the power of collaborative science and translational research support.”
NervGen and CWRU signed a licensing agreement to develop and commercialize technology that could provide new therapies for spinal-cord injury and other conditions where scar tissue blocks regeneration.