01:18 PM EDT, 06/25/2024 (MT Newswires) -- NervGen Pharma ( NGENF ) was last seen up 5% after the company on Tuesday said it plans to develop a new drug candidate, NVG-300, with a focus on three initial indications: ischemic stroke, amyotrophic lateral sclerosis (ALS) and spinal cord injury (SCI).

NVG-300 is a new biologic molecule discovered at NervGen. If it passes preclinical validation, NVG-300 will be developed under the Biologics License Application regulatory framework providing 12 years of market exclusivity post-approval. NVG-300's composition of matter intellectual property protection is expected to extend beyond 2040.

The company believes that NVG-300 is the first in a pipeline of new molecules addressing high unmet need neurologic indications.

NervGen's lead drug candidate, NVG-291, is currently being evaluated in a Phase 1b/2a clinical trial in the company's initial target indication, spinal cord injury.

The company's shares were last seen up $0.12 to $2.54 on the TSX Venture Exchange

Price: 2.54, Change: +0.12, Percent Change: +4.96