NurExone Q1 2024 Financial Results & Corporate Update, Advances with FDA Human Trials

TORONTO and HAIFA, Israel - NurExone Biologic Inc. (TSXV: NRX) (OTCQB: NRXBF) (Germany: J90), a leader in regenerative medicine therapies, has released its financial and operational results for the first quarter ending March 31, 2024.

Key Developments:
- On March 1, 2024, NurExone initiated the establishment of in-house laboratories and offices to enhance its research and development capabilities. These facilities are expected to be operational by the end of June 2024.
- On March 22, 2024, the company accelerated the exercise of 12,682,340 warrants from a private placement that closed in June 2022. This action generated gross proceeds of US$2.92 million (approximately C$4.0 million) from the exercise of 10,423,629 warrants, at different price points.
- On April 1, 2024, NurExone entered a Contract Research Organization agreement with Vivox Ltd. for preclinical animal testing of ExoPTEN, aimed at submitting an Investigational New Drug application to the FDA. This followed a Pre-IND meeting with the FDA, where NurExone received feedback on the development plan for ExoPTEN.
- On April 25, 2024, NurExone secured approval to list on the OTCQB Venture Market, enhancing its visibility and liquidity within the financial community, especially in the USA.

Financial Highlights:
- Research and development expenses for Q1 2024 were US$0.22 million, a decrease from US$0.37 million in Q1 2023. This reduction resulted from a governmental grant and lower stock-based compensation, subcontractor, and materials costs.
- General and administrative expenses rose to US$0.70 million in Q1 2024 from US$0.35 million in Q1 2023, mainly due to costs associated with public and investor relations.
- Finance expenses were US$0.01 million in Q1 2024, compared to finance income of US$0.01 million in Q1 2023, due to interest income from banks.
- Net loss increased to US$0.92 million in Q1 2024 from US$0.70 million in Q1 2023.

As of March 31, 2024, NurExone had cash and cash equivalents of US$3.25 million (up from US$0.54 million on December 31, 2023) and working capital of US$3.31 million (up from US$0.07 million on December 31, 2023). This increase was due to a private placement in January 2024, which raised US$1.49 million, and the exercise of warrants in March 2024, which brought in US$2.92 million.

NurExone ended the quarter with an accumulated deficit of US$14.98 million, up from US$14.06 million at the end of 2023. According to Eran Ovadya, the Chief Financial Officer, NurExone maintains a robust cash position, securing sufficient funding for its operations through year-end.

Dr. Lior Shaltiel, CEO of NurExone, highlighted the company's commitment to advancing regenerative medicine with minimally invasive therapies. The company is preparing for human trials of its first product, ExoPTEN, and aims to enhance its ExoTherapy platform for nanodrug production. In pursuit of strategic collaborations, NurExone has engaged Dr. Ram Petter, Vice President at Teva Pharmaceutical, to assist in developing partnerships with biopharma companies.

About NurExone Biologic Inc:
NurExone Biologic Inc. is a TSXV-listed biopharmaceutical firm developing exosome-based therapies for Central Nervous System injuries. Its lead product, ExoPTEN, demonstrated efficacy in recovering motor function in 75% of lab rats with acute spinal cord injury. ExoPTEN has received Orphan Drug Designation from the FDA. NurExone’s platform technology promises non-invasive, targeted drug delivery solutions for various medical conditions.

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