NurExone Biologic Inc. Reports Q2 2024 Financial Results
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NurExone Biologic Inc. Reports Q2 2024 Financial Results
NurExone Biologic Inc. (TSXV: NRX) (OTCQB: NRXBF) (Germany: J90), a pioneering biopharmaceutical company specializing in regenerative medicine therapies, has released its financial results and corporate updates for the three and six months ended June 30, 2024. This report captures the highlights of the financial performance and significant operational developments.
Key Business Highlights
In April, NurExone entered into a contract research organization services agreement with Vivox Ltd. This agreement is for animal experiments as part of the preclinical testing for the investigational new drug (IND) application submission to the FDA. The aim is to assess the safety and efficacy of the ExoPTEN drug prior to clinical trials involving human subjects, expected to initiate in 2025. This agreement follows a pre-IND meeting with the FDA regarding ExoPTEN, NurExone's first ExoTherapy product.
Moreover, on April 25, 2024, the Company’s common shares began trading on the Pink Sheets platform operated by OTC Markets Group Inc. under the symbol "NRXBF". Subsequently, on May 6, 2024, an uplisting to the OTCQB Venture Market was achieved, maintaining the same symbol and marking a significant milestone in enhancing the Company’s presence in the financial community, including in the United States. In addition, NurExone secured Depository Trust Company (DTC) eligibility, improving the trading efficiency and liquidity of its shares for investors.
On June 11, 2024, NurExone announced the expansion of its ExoPTEN patent coverage with an allowance of a patent application in Japan, which broadens the potential market reach for the Company.
In alignment with its strategic objectives, NurExone signed an amending agreement with BullVestor Medien GmBH on June 11, 2024, which extends investor relations services to the Company until May 15, 2025. Moreover, the entry into a consulting agreement with Dr. Yona Geffen on June 21, 2024, adds significant expertise to the Company’s preclinical and clinical activities, further bolstering operational efficiency.
Growth Outlook for 2024
Dr. Lior Shaltiel, Chief Executive Officer, indicated that NurExone is making substantial regulatory progress, including the successful transfer of critical manufacturing processes to a good manufacturing practice-compliant facility. This step is essential for the upcoming clinical trials and commercial production. Strengthened by the input of Dr. Yona Geffen, an expert with over two decades in clinical and drug development, the Company is well-positioned for sustained growth.
In collaboration with the Goldschleger Eye Institute at Sheba Medical Center, NurExone is studying ExoPTEN for its potential in the lucrative glaucoma market, with encouraging preliminary results reported.
Second Quarter Fiscal 2024 Financial Results
The financial performance for the second quarter of 2024 includes several significant metrics:
- Research and development expenses net totaled US$0.51 million, rising from US$0.46 million in Q2 2023, primarily due to increased subcontractor and material costs.
- General and administrative expenses rose to US$0.81 million from US$0.60 million in the prior year, driven mainly by higher professional and legal service costs.
- Finance expenses recorded US$0.01 million, a decrease from income of US$0.02 million in the same period last year.
- Overall, the net loss for the quarter was US$1.33 million, compared to a loss of US$1.04 million in Q2 2023.
As of June 30, 2024, cash and cash equivalents reached US$2.39 million, a significant increase from US$0.54 million at the end of 2023. Working capital improved to US$2.24 million from US$0.07 million, primarily fueled by a successful private placement in January 2024 and warrant exercises in March 2024. However, these inflows were partially offset by operational cash outflows amounting to US$2.57 million.
By June 30, 2024, NurExone reported an accumulated deficit of US$16.30 million, up from US$14.06 million as of December 31, 2023.
Eran Ovadya, Chief Financial Officer, emphasized the Company’s ongoing commitment to advancing research and development initiatives and preparing ExoPTEN for clinical trials and commercial manufacturing.
About NurExone Biologic Inc.
NurExone Biologic Inc. is listed on the TSX Venture Exchange and is developing innovative, biologically-guided exosome-based therapies for non-invasive delivery to patients with Central Nervous System injuries. The Company’s flagship product, ExoPTEN, has shown the ability to restore motor function in a significant percentage of laboratory rats and has received Orphan Drug Designation from the FDA.
For further information, interested parties can contact: Dr. Lior Shaltiel, Chief Executive Officer, at +972-52-4803034; or via email at info@nurexone.com.
Frequently Asked Questions
What are NurExone's recent key achievements?
NurExone has successfully entered key agreements for preclinical testing and expanded its patent coverage while achieving uplisting to the OTCQB Venture Market.
How has NurExone's financial situation changed?
As of June 30, 2024, NurExone's cash reserves increased significantly, demonstrating improved working capital and reduced operational cash outflow despite reported net losses.
What is ExoPTEN?
ExoPTEN is NurExone's proprietary product for treating spinal cord injuries, which has shown promising efficacy in preclinical studies.
Who is leading NurExone's clinical development efforts?
Dr. Yona Geffen is consulting for NurExone, bringing extensive experience in biotechnology and clinical development.
Where can I find more information about NurExone Biologic Inc.?
For comprehensive details, visit NurExone's official website or contact their investor relations team.
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