NurExone Announces Appointment of New Director and Provides Corporate Updates
Toronto, Ontario and Tel Aviv, Israel--(Newsfile Corp. - July 7, 2023) - NurExone Biologic Inc. (TSXV: NRX) (FSE: J90) (NRX.V) ("NurExone" or the "Company") is pleased to announce that, effective July 6, 2023, Dr. Gadi Riesenfeld has been appointed to the board of directors of the Company replacing Mr. Ron Mayron, who resigned for personal reasons.
Dr. Riesenfeld has served on the board of directors and as president of several bio-pharmaceutical companies, including Kamapharm Ltd., Galisar Ltd., and OticPharma. Moreover, he was previously the president of Pharmos Corporation, a publicly traded biotech company listed on NASDAQ. Dr. Riesenfeld holds a Ph.D. degree from the Faculty of Agriculture of the Hebrew University of Jerusalem and held a scientific position, as a post doctorate, at the Cedars Sinai Medical Center in Los Angeles, California.
The Company is excited to have Dr. Riesenfeld on its board of directors and believes his rich corporate experience as well as his knowledge of the pharmaceutical industry will benefit the board and the Company. NurExone thanks Mr. Mayron for his service on the board of directors of the Company.
On June 28, 2023, the Company held its annual and special meeting of shareholders (the "Meeting"). At the Meeting, shareholders approved all proposed resolutions as set out in the management information circular dated May 23, 2023 (the "Circular"), available at the Company's SEDAR profile on www.sedar.com, including the adoption of the Company's omnibus equity incentive plan, as amended (the "Plan"). The text of the Plan as well as a summary of the Plan is contained in the Circular. The maximum number of common shares issuable pursuant to awards granted under the Plan is 7,713,928 common shares, being a fixed amount equal to 18% of the issued and outstanding common shares of the Company as of the date of the Meeting.
The Company also announces that it will make an application to the TSX Venture Exchange to amend the exercise price of 13,815,730 outstanding common share purchase warrants of the Company (the "Warrants"). The Warrants currently have an exercise price of CAD$1.20 per common share and expire on June 15, 2024. The Warrants will be amended to adjust their exercise price to CAD$0.38 per common share. All other provisions of the Warrants will remain the same, including the expiration date. Management believes repricing these "out of the money" Warrants could encourage their earlier exercise, improving the Company's balance sheet. The amendment of the Warrants is subject to the approval of the TSX Venture Exchange.
The Company would like also to announce that a patent covering Nurexone's ExoPTEN technology, including drug composition and methods for non-invasive intranasal administration of exosome-based treatment, has been allowed recently by the Russian Patent Office in a national phase examination. A US patent application, based on the same PCT filing (PCT/IL2019/050355) was granted earlier this year. The applications are part of NurExone's focus on obtaining intellectual property protection in key markets for its central nervous system disease treatment.
About NurExone Biologic Inc.
NurExone Biologic Inc. is a TSX Venture Exchange-listed pharmaceutical company that is developing a platform for biologically-guided ExoTherapy to be delivered, non-invasively, to patients who suffered traumatic spinal cord injuries.
ExoTherapy, utilizing extracellular vesicles or exosomes, was conceptually demonstrated in animal studies at the Technion, Israel Institute of Technology. NurExone is translating the treatment to humans, and the Company holds an exclusive worldwide license from the Technion and Tel Aviv University for the development and commercialization of the technology.
For further information, please contact:
Dr. Lior Shaltiel
Chief Executive Officer and Director
Adv. Head of Communications and Investor Relations
Investor Relations (Canada) Phone: +1 905-347-5569
This press release contains "forward-looking statements" that reflect the Company's current expectations and projections about its future development. When used in this press release, forward-looking statements can be identified by the use of words such as "may," or by such words as "will," "intend," "believe," "estimate," "consider," "expect," "anticipate," and "objective" and similar expressions or variations of such words. Forward-looking statements are, by their nature, not guarantees of the Company's future operational or financial performance and are subject to risks and uncertainties and other factors that could cause the Company's actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. No representation or warranty is intended with respect to anticipated future results, or that estimates, or projections will be sustained.
Forward-looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions, and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements in this press release include, but are not limited to, statements relating to: the composition of our board of directors, the governance of the Company and the approval by the TSX Venture Exchange of the amendment of the Warrants.
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; and our ability to execute on our business strategy.
Many risks, uncertainties, and other factors could cause the actual results of the Company to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to, the following: those risk factors identified under the heading "Risk Factors" pages 29 to 36 of the Company's Annual Information Form dated March 30, 2023, a copy of which is available under the Company's SEDAR profile at www.sedar.com, and other similar factors that may cause the actual results, performance or achievements to differ materially from those expressed or implied in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the press release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities law.
All forward-looking statements contained in the press release are expressly qualified in their entirety by this cautionary statement. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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