- Launch of new skin repair development program targeting
$19B in unmet medical needs - Successful demonstration of protection from joint degeneration and osteoarthritis post meniscal repair surgery in ORTHO-R large animal study
- Conclusion of enrollment of Phase I/II clinical trial for rotator cuff tear repair
- Received Notice of allowance for key patent in the
U.S. andCanada - Reduced operating losses by 73% during YTD-24 compared to prior year
- Closed a
$0.64 million private placement and improved working capital since FY-23 by$3.6 million
''We launched a highly promising skin repair development program targeting
Commenting on the third quarter 2024 results,
- In
September 2023 , the Company concluded subjects' enrolment at 20 in itsU.S. Phase I/II rotator cuff tear repair phase I/II clinical trial. All study activities will be completed byJune 2024 as per clinical trial protocol following completion of the clinical follow-up and safety analysis for the 20 recruited subjects; - In
September 2023 , the Corporation closed the third tranche of its non-brokered private placement offering of units. The third tranche consisted of gross cash proceeds of$0.39 million and$0.25 million in debt conversion from holders of convertible debentures which matured onMay 1, 2023 . The Corporation issued 4,255,138 units at a price of$0.15 per unit for a total consideration of$0.64 million ; - In
September 2023 , the Company received a notice of allowance for a key patent in the US andCanada . The patents make the Chitosan based biopolymer scaffold proprietary without the need for it to be combined with Plasma Rich Platelets or other blood products as was previously the case; and - In
August 2023 , the Company announced the voting results from its Annual General Meeting of Shareholders ("AGM") held via videoconference onJuly 19, 2023 . The following seven (7) nominees were elected as Directors of the Company to hold office until the next Annual Meeting of Shareholders or until their successors are elected or appointed: Mr.Tim Cunningham , Mr.Philippe Deschamps , Mr.Pierre Laurin , Dr.Brent Norton , Mr.Patrick O'Donnell , Mr.Steve Saviuk , and Mr.Howard P. Walthall . Guimond Lavallée,Chartered Professional Accountants Corporation were also appointed as auditor of the Company.
- In
November 2023 , the Company launched a new development program targeting significant unmet medical needs in the burn and skin repair market, currently valued at US$19B and growing at 5% + CAGR through 2032. Proof of concept studies have already been successfully completed and results will be the subject of news releases in the coming weeks; - In
November 2023 , the Company announced that ORTHO-R successfully demonstrated protection from joint degeneration post meniscal repair surgery in a large animal study. The results demonstrated protection from knee joint degeneration and osteoarthritis development post meniscal repair surgery; - In
November 2023 , the Company granted an aggregate of 3,316,667 DSUs and 500,000 Options to Directors and Officers of the Company, in lieu of cash compensation; and - The Corporation reached an agreement to extend the repayment of
$0.33 million of short-term notes (Capital and interest) toFebruary 1, 2025 .
Other formulations are being developed to leverage the technology's performance characteristics such as tissue adhesion, pliability, and ability to deliver biologics or therapeutics to various tissues damaged by trauma or disease. Further information about ChitogenX is available on the Company's website at www.chitogenx.com and on SEDAR at www.sedar.com.
This news release may contain certain forward-looking statements regarding the Company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE
© Canada Newswire, source