NervGen Files Management Information Circular and Announces Board of Directors Transition

• Bill Radvak to transition to Board Advisor following decision to not stand for re-election to NervGen's Board of Directors
• Annual General Meeting of Shareholders to be held on June 4, 2024

Vancouver, British Columbia--(Newsfile Corp. - May 7, 2024) - NervGen Pharma Corp. (TSXV: NGEN) (OTCQX: NGENF) ("NervGen" or the "Company"), a clinical-stage biotech company dedicated to developing innovative solutions for the treatment of nervous system damage, announced that its Management Information Circular, in connection with its upcoming 2024 Annual General Meeting of Shareholders to be held on June 4, 2024 (the "Meeting"), is being delivered to shareholders and is available on the Company's website (www.nervgen.com) and SEDAR+ (www.sedarplus.ca).

Bill Radvak, NervGen's current Chairman and Co-Founder, advised that he will not stand for re-election and will transition to a continuing role as an advisor to the Board. The Board will appoint a new chairperson from amongst the directors re-elected at the Meeting. The Company has also initiated a process to identify a new board candidate in the coming months.

"On behalf of the Board and management, I would like to thank Bill for his guidance and dedication in growing NervGen from its inception to currently being in the clinic with our lead drug candidate, NVG-291," said Michael Kelly, NervGen's President & CEO. "Bill has been instrumental in founding NervGen in 2017 and successfully licencing in NVG-291 from Case Western Reserve University. Bill helped steer NervGen through its many successes over the years and we thank him for his continued dedication to our success."

"I appreciate the support from our valuable shareholders over the last six years to allow me to help grow NervGen to its current stage," said Mr. Radvak. "I feel that the Company is now in a strong position, both financially and in clinical development, and that this is the right time for me to transition to a board advisory role knowing the Company is in the hands of an accomplished Board and management. I look forward to my continued involvement with the Company as an advisor to the Board."

The Management Information Circular contains information for shareholders regarding the Meeting, including exercising voting rights on the election of NervGen's Board of Directors, the appointment of the Company's auditor and revisions to the Company's Stock Option Plan.

About NervGen
NervGen (TSXV: NGEN) (OTCQX: NGENF) is a clinical-stage biotech company dedicated to developing innovative treatments that enable the nervous system to repair itself following damage, whether due to injury or disease. NervGen's lead drug candidate, NVG-291, is currently being evaluated in a Phase 1b/2a clinical trial in the Company's initial target indication, spinal cord injury. For more information, visit www.nervgen.com or follow NervGen on X, LinkedIn, and Facebook for the latest news on the Company.

Contacts
Huitt Tracey, Corporate Communications
htracey@nervgen.com
604.362.6209

Bill Adams, Chief Financial Officer
info@nervgen.com
778.731.1711

David Schull or Ignacio Guerrero-Ros, Ph.D.
Russo Partners
david.schull@russopartnersllc.com
ignacio.guerrero-ros@russopartnersllc.com
858.717.2310
646.942.5604

Neither the 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.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Such forward-looking statements and information herein include, but are not limited to, the Company's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, or any other future events or developments constitute forward-looking statements, and the words "may", "will", "would", "should", "could", "expect", "plan", "intend", "trend", "indication", "anticipate", "believe", "estimate", "predict", "likely" or "potential", or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements include, without limitation, statements relating to: the appointment of a new chairperson pending the results of the upcoming Annual General Meeting; the expected contributions of Bill Radvak as an advisor to the Board; the future development of NVG-291; and the development of innovative solutions for the treatment of nervous system damage.

Forward-looking statements are based on estimates and assumptions made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. In making forward-looking statements, the Company has relied on various assumptions, including, but not limited to: the Company's ability to manage the effects of any future pandemics; the accuracy of the Company's financial projections; the Company obtaining positive results in its clinical and other trials; the Company obtaining necessary regulatory approvals; and general business, market and economic conditions.

Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including without limitation, a lack of revenue, insufficient funding, the impact of pandemics such as COVID-19, reliance upon key personnel, the uncertainty of the clinical development process, competition, and other factors set forth in the "Risk Factors" section of the Company's Annual Information Form, Prospectus Supplement, financial statements and Management Discussion and Analysis which can be found on SEDARplus.ca. All clinical development plans are subject to additional funding.

Readers should not place undue reliance on forward-looking statements made in this news release. Furthermore, unless otherwise stated, the forward-looking statements contained in this news release are made as of the date of this news release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208217