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NervGen Pharma raises C$10M in IPO

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NervGen Pharma raises C$10M in IPO

NervGen Pharma Corp. raised C$10 million gross proceeds in an IPO of its common shares.

The Vancouver, British Columbia-based pharmaceutical company issued 10 million common shares at C$1 apiece in the offering.

NervGen's common shares will trade on the TSX Venture Exchange under the NGEN symbol starting March 15.

Net proceeds will be used to further develop NVG‐291, the company's lead drug intended to treat spinal cord injuries. A portion of the proceeds will also go to the advancement of NervGen's patented protein tyrosine phosphatase sigma inhibitor technology for additional indications of nerve damage.

Haywood Securities Inc. acted as the company's agent in respect of the IPO.