“I am pleased to report that we have reached a new pivotal point for our proprietary ExoPTEN drug, primarily in advancing our
In recent months, the Company achieved several milestones in advancing its
Israeli Innovation Authority’s
NurExone was awarded a grant of approximately
Expansion of the
As part of the Company’s strategy to advance its drug development, NurExone appointed Professor
In the third quarter of 2023, the Company appointed
Private Placement
On
Each Unit consists of (i) one common share in the capital of the Company (each, a “Common Share”); (ii) one-half of one class A Common Share purchase warrant (each whole class A Common Share purchase warrant, a “Class A Warrant”); and (iii) one-half of one class B Common Share purchase warrant (each whole class B Common Share warrant, a “Class
Option Grant
The Company also announces that it has granted 129,200 stock options (the “Options”) to its newest director, Dr.
Growth Outlook for 2023 – 2024
The Company remains committed to commercializing its exosome-based technology portfolio as well as expanding its overall business and intends to execute on the following growth initiatives:
- Submit IND application to the
U.S. FDA regarding the development of ExoPTEN by Q4 2024 and initiate Phase 1/2 human clinical studies in 2025. - Advance the scientific development of NurExone’s ExoTherapy platform and exosome-based technology portfolio through preclinical studies.
- Grow its intellectual property by filing new patent applications with the
U.S. Patent and Trademark Office . - Enter new strategic collaborations or partnerships to capitalize on synergistic business opportunities and license NurExone’s exosome-based technology platform.
- Continue to identify siRNA targets in order to expand its portfolio of products and applications.
Third Quarter Fiscal 2023 Financial Results
- Research and development expenses were
US$0.40 million in the third quarter of 2023, compared toUS$0.42 million in the same quarter in 2022. The increase was largely attributable to the research and development efforts towards pre-clinical activity and development of the siRNA- PTEN technology and other siRNA targets. - General and administrative expenses were
US$0.77 million in the third quarter of 2023, compared toUS$0.57 million in the same period in 2022. The increase was driven byUS$0.07 million for share-based compensation as non-cash expenses, andUS$0.15 million for business development activities. - There were no listing expenses incurred in the third quarter of 2023, compared to
US$0.04 million in the same quarter in 2022, mainly associated with legal costs following the completion of the reverse takeover transaction in the second quarter of 2022. - Financial (income) expenses were
(US$0.01) million in the third quarter of 2023, compared toUS$0.02 million in the same period in 2022. The decrease was largely attributable to deposit interest, revaluation of financial derivatives, and exchange rate adjustments. - Net loss was
US$1.16 million in the third quarter of 2023, compared to a net loss ofUS$1.04 million in the same quarter in 2022.
As of
About
For additional information, please visit www.nurexone.com or follow NurExone on LinkedIn, Twitter, Facebook, or YouTube.
For more information, please contact:
Dr.
Chief Executive Officer and Director
Phone: +972-52-4803034
Email: info@nurexone.com
Investment Relation -
Phone: +1 905-347-5569
Email: IR@nurexone.com
Dr.
Investment Relation -
Phone: +49-69-1532-5857
Email: e.reuter@dr-reuter.eu
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements”, that reflect the Company’s current expectations and projections about its future results. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements relating to the Company’s ExoTherapy drug, ExoPTEN, potential first-in-human clinical trial for ExoPTEN, the completion of an IND application regarding the development of ExoPTEN, the potential launch of a product into the U.S. market upon completion of applicable regulatory phases, the growth of the Company’s intellectual property portfolio, and the intention enter into new strategic collaborations and partnerships with other biopharma companies. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
In developing the forward-looking statements in this press release, we have applied several material assumptions, including our ability to retain key personnel, our ability to continue investing in research and development, our ability to secure available funding and to continue as a going concern, the general business and economic conditions of the industries and countries in which we operate, our ability to execute on our business strategy, that there will be certain amount of demand for the Company’s potential product, inflation will remain stable, and that the results of our studies reflect results that can be extrapolated.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the Company’s early stage of development, lack of revenues to date, government regulation, market acceptance for its products, rapid technological change, dependence on key personnel, protection of the Company’s intellectual property, dependence on the Company’s strategic partners and the risks discussed under the heading “Risk Factors” on pages 29 to 36 of the Company’s Annual Information Form dated
Neither
i. https://www.fda.gov/patients/rare-diseases-fda
Source:
2023 GlobeNewswire, Inc., source