(RTTNews) - NervGen Pharma Corp. (NGEN), a clinical-stage biopharmaceutical company, priced the public offering of 24 million shares and accompanying warrants to purchase up to 24 million shares at $2.50 per unit (common share and accompanying warrant). The gross proceeds from the offering are expected to be approximately $60 million.

NervGen intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, to advance NVG-291, its lead investigational candidate, through clinical studies and for general corporate and working capital purposes.

Each accompanying warrant has an exercise price of $3.68 per common share, and will be immediately exercisable from the date of issuance, and will expire five years from the date of issuance.

The offering is expected to close on May 26, 2026, subject to customary closing conditions.

Leerink Partners and TD Cowen are acting as joint bookrunning managers for the offering.

NervGen focuses on developing neuroreparative therapeutics for spinal cord injury and other neurotraumatic and neurologic conditions.

NVG-291 is a subcutaneously administered neuroreparative peptide and has received Fast Track designation from the U.S. Food and Drug Administration and Orphan Drug designation from the European Medicines Agency for the treatment of spinal cord injury.

NGEN has traded between $1.50 and $6.30 over the last year. The stock closed Thursday's trade at $3.68, down 1.60%.

In the overnight market, NGEN is down 20.38% at $2.93.

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