November 24, 2025 — Leads & Copy — NervGen Pharma Corp. (TSXV:NGEN) (OTCQB:NGENF) has announced financial results and business updates for the third quarter ending September 30, 2025, including expanded data from its CONNECT SCI Study demonstrating improvement in function, independence and quality of life for individuals with chronic spinal cord injury (SCI). In September, the company completed a Type C meeting with the U.S. Food and Drug Administration (FDA), which confirmed that multiple regulatory routes are available to support approval of NVG-291 as a pharmacologic treatment for SCI.
NervGen completed a US$10 million non-brokered private placement to support an anticipated Nasdaq listing, with participation from both long standing and new mission-driven investors, including SCI Ventures. NVG-291-R demonstrated statistically significant functional recovery in U.S. Department of Defense sponsored preclinical models of traumatic hearing loss and peripheral nerve injury, reinforcing NVG-291’s therapeutic potential.
Adam Rogers, MD, Interim Chief Executive Officer at NervGen Pharma, said that the expanded CONNECT SCI Study data further strengthens the company’s conviction in NVG-291. Rogers stated that the data showed NVG-291 can restore clinically meaningful function and drive real-world improvements in independence and quality of life, even well beyond the 12-week treatment period, and that participants reported durable improvements in both upper and lower body function, as well as across key quality of life domains, including strengthened bladder control and reduced muscle spasticity.
At Week 16, four weeks after the end of daily NVG-291 treatment, participants demonstrated durable and continuing functional improvements, as exhibited by a 2.6-fold greater mean improvement in GRASSP Total Score and a 3.7-fold greater mean improvement in GRASSP Quantitative Prehension compared to placebo.
CONNECT SCI Study participants were assessed up to 364 days after the conclusion of the study period. Participants dosed with NVG-291 reported greater overall improvement compared to placebo, with 75% of NVG-291 participants reporting “much” or “very much” improved symptoms compared to 33% on placebo. NVG-291 participants were also more likely than placebo to report sustained improvements across key quality of life domains, including reduced reliance on medications or mobility aids, and greater physical activity tolerance. Furthermore, 67% of NVG-291 participants reported improved bladder control compared to 22% on placebo, and 56% of NVG-291 participants reported reduced muscle spasticity compared to 22% on placebo. The biological basis for NVG-291’s clinical efficacy is supported by statistically significant reductions of hyperactive reticulospinal signaling in the upper and lower limbs.
The FDA confirmed that multiple regulatory pathways are available to support approval, given the significant unmet medical need among individuals living with SCI and the lack of any approved pharmacologic treatments. The Company anticipates an End-of-Phase 2 meeting in early 2026 to further align with the FDA on the development and registration pathway for NVG-291.
On November 19, 2025, NervGen completed a non-brokered private placement of 4,785,674 units at US$2.10 per Unit for aggregate gross proceeds of US$10,049,915. The financing included participation from new and existing investors, including SCI Ventures and the Paul and Phyllis Fireman Charitable Foundation. Each Unit consisted of one Common Share and one-half of one Common Share purchase warrant. The Warrants are valid for 36 months and each Warrant is exercisable into one Common Share at an exercise price of US$2.65.
In July 2025, Adam Rogers, MD, was appointed Interim Chief Executive Officer and Randall Kaye, MD, as Chief Medical Advisor.
NervGen had cash and investments of $11.4 million as of September 30, 2025, which does not include the proceeds from the non-brokered private placement completed on November 19, 2025, compared to $17.3 million as of December 31, 2024. R&D expenses were $4.4 million for the three months ended September 30, 2025, compared to $4.4 million in the same period in 2024. G&A expenses were $1.7 million for the three months ended September 30, 2025, compared to $2.8 million for the same period in 2024. For the three months ended September 30, 2025, net loss was $4.2 million, or $0.06 per basic and diluted common share. For the three months ended September 30, 2024, net loss was $5.3 million, or $0.08 per basic and diluted common share.
NervGen holds exclusive worldwide rights to NVG-291, a first- and potential best-in-class therapeutic peptide enabling the nervous system to repair itself. NervGen has received Fast Track designation from the FDA and Orphan Designation from the EMA for NVG-291 in individuals with spinal cord injury.
Adam Rogers, MD, Interim Chief Executive Officer, htracey@nervgen.com, 604.537.2094
David Schull or Ignacio Guerrero-Ros, Ph.D., Media, Russo Partners, David.Schull@russopartnersllc.com, Ignacio.Guerrero-Ros@russopartnersllc.com, 858.717.2310
Bill Adams, Chief Financial Officer, info@nervgen.com, 778.731.1711
Source: NervGen Pharma Corp.
