CSBio partners with regenerative pharma company NervGen
CSBio invests $1,500,00 USD in NervGen, a regenerative medicine company dedicated to creating innovative solutions for the treatment of nerve damage.
CSBio has entered into an agreement to issue 1,500,000 common shares at a price of US$1.00 (CA$1.3231 equivalent) per common share on a private placement basis for a deemed value of US$1,500,000 with its peptide manufacturing partner, CSBio of Menlo Park, California. The investment will be applied in its entirety as the initial deposit for the Company's US$3,000,000 order from CSBio of NVG-291 that will be used in the clinical development programs scheduled to start in early 2020.
"As a leading peptide manufacturing company providing custom and cGMP peptides to pharmaceutical companies worldwide, we are impressed by the potential of NervGen's peptide technology," stated Grant Boldt, Chief Operating Officer of CSBio. "CSBio is delighted to have this opportunity to invest in NervGen and to support the development of their potentially revolutionary technology."
"NervGen and CSBio have been working closely together in the past year to successfully implement the processes to scale up the manufacturing of NVG-291 for clinical trials," stated Dr. Ernest Wong, NervGen's President & Chief Executive Officer. "This investment by CSBio is a strong endorsement of our technology platform by an experienced industry partner and it will allow us to focus more of our resources on the clinical development of the spinal cord injury and multiple sclerosis indications and the research of the Alzheimer's disease indication."
All securities issued pursuant to the private placement will be subject to a four month hold period and the transaction remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Act"), and may not be offered or sold within the United States ("U.S.") or to or for the account or benefit of U.S. persons without registration or an applicable exemption from the registration requirements of such Act.
CSBio is a leading peptide and instrumentation manufacturing company located on the edge of Silicon Valley in Menlo Park, California. Since 1993, CSBio has been providing high quality custom peptides, Good Manufacturing Practice ("GMP") peptides and automated peptide synthesizers to the global biotech community. Their peptide products and instrumentation can be found in production laboratories and pharmaceutical companies worldwide.
NervGen is restoring life's potential by creating innovative solutions for the treatment of nerve damage and neurodegenerative diseases. The Company is developing drugs for spinal cord injury, multiple sclerosis and Alzheimer's disease. The Company plans to initiate a Phase 1a human clinical trial on healthy subjects in 2020 and an expansion to a Phase 1b in spinal cord injury patients. The Company is embarking on a research initiative to advance its proprietary therapeutic technology platform to generate new treatments for Alzheimer's disease.
CSBio is a leading peptide and instrumentation manufacturing company located on the edge of Silicon Valley in Menlo Park, California.
CSBio provides nonGMP and cGMP peptides, peptide APIs, research scale peptide synthesizers, commerical scale peptide synthesizers, DNA/RNA oligonucleotide synthesizers, and preparative HPLC purification equipment.