NurExone Biologic Inc. is thrilled to announce that the Company has been awarded a 1M New Israeli Shekels (NIS) (~CAD$350K) grant by the Israel Innovation Authority (“ IIA ”) as part of the Israel-Canada bilateral Eureka program.
TORONTO and HAIFA, Israel, Oct. 11, 2023 (GLOBE NEWSWIRE) -- NurExone Biologic Inc. (TSXV: NRX) (FSE: J90) (NRX.V) (the “Company” or “NurExone”), a biopharmaceutical company developing biologically-guided exosome therapy (“ExoTherapy”) for patients with acute spinal cord injuries (“SCI”), is thrilled to announce that the Company has been awarded a 1M New Israeli Shekels (NIS) (~CAD$350K) grant by the Israel Innovation Authority (“IIA”) as part of the Israel-Canada bilateral Eureka program.
The grant is for a collaboration with Canada-based Inteligex Inc. (“Inteligex”) to develop an innovative hybrid therapy tailored for the complex chronic spinal cord injury market. This endeavor combines Inteligex’s established expertise in stem cell treatments with NurExone’s ExoTherapy drug delivery platform. Currently, NurExone is in the process of developing the ExoPTEN product specifically for acute spinal cord injuries. This collaborative effort opens the possibility for the Company to expand its focus to chronic spine injuries.
In acute injuries, immediate cell damage occurs, while chronic injuries trigger a secondary injury cascade in the days, weeks, and months following the initial injury. Chronic injuries involve inflammation, cell death, and the formation of a cavity within the spinal cord, encased by scar tissue that disrupts nerve signal flow. Consequently, recovering motor function after paralysis induced by chronic injury is exceptionally challenging, and a hybrid therapy may have potential for a significant step forward in this field.
The 1M NIS grant for the first year is expected to cover a significant part of the Company’s total first year project budget of 2.45M NIS (~CAD$850K). The two-year collaborative partnership with Inteligex has an overall budget of 1.69M Euros.
Dr. Lior Shaltiel, CEO of NurExone, expressed his excitement about this prestigious grant, stating, “NurExone aims to lead in functional recovery for both acute and chronic segments of the multi-billion-dollar spinal cord injury market. We are honored to receive the IIA grant after a rigorous project review and are grateful for the support and trust they have placed in us and our excellent partner Inteligex. This funding will enable us to make strides toward realizing our vision of helping every spinal cord injury patient in need.”
Dr. Paul Bradshaw, CEO of Inteligex, stated that he views tremendous synergy between the NurExone targeted drug delivery system and the experimentally proven stem cell therapy developed by Inteligex. He added that the collaborative alliance has the potential to revolutionize how chronic SCI is treated.
This strategic cooperation underscores NurExone’s commitment to global leadership in the field of exosomes for spinal cord injury and paves the way for expansion of the Company’s product portfolio. Beyond the substantial patient potential, the grant brings a significant financial injection which will accelerate the research in the field.
About NurExone Biologic Inc.
NurExone Biologic Inc. is a TSXV listed pharmaceutical company that is developing a platform for biologically-guided ExoTherapy to be delivered, non-invasively, to patients who suffered traumatic spinal cord injuries. ExoTherapy was conceptually demonstrated in animal studies at the Technion, Israel Institute of Technology. NurExone is translating the treatment to humans, and the company holds an exclusive worldwide license from the Technion and Tel Aviv University for the development and commercialization of the technology.
About Inteligex
Inteligex is a regenerative medicine company, based in Toronto, Canada, focused on improving clinical outcomes for patients with conditions affecting the Central Nervous System (“CNS”). Inteligex has developed a novel targeted human stem cell platform for the treatment of CNS disease that replaces key cell types lost due to traumatic injury or neurodegeneration. Inteligex is tasked with bringing this novel human stem cell platform to market and clinic for diseases such as Multiple Sclerosis, Traumatic Brain Injury, Stroke, Amyotrophic Lateral Sclerosis and its lead indication SCI. Inteligex is built on a foundation of over 15 years of stem cell research and 30 years of research into SCI and conditions of the CNS conducted at the Krembil Research Institute within the University Health Network.
For additional information, please visit www.nurexone.com or follow NurExone on LinkedIn, Twitter, Facebook, or YouTube.
For more information, please contact:
Dr. Lior Shaltiel
Chief Executive Officer and Director
Phone: +972-52-4803034
Email: info@nurexone.com
Thesis Capital Inc.
Investment Relation - Canada
Phone: +1 905-347-5569
Email: IR@nurexone.com
Dr. Eva Reuter
Investment Relation - Germany
Phone: +49-69-1532-5857
Email: e.reuter@dr-reuter.eu
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” that reflect the Company’s current expectations and projections about its future development. When used in this press release, forward-looking statements can be identified by the use of words such as “may,” or by such words as “will,” “intend,” “believe,” “estimate,” “consider,” “expect,” “anticipate,” and “objective” and similar expressions or variations of such words. Forward-looking statements are, by their nature, not guarantees of the Company’s future development or financial performance and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. No representation or warranty is intended with respect to anticipated future results, or that estimates, or projections will be sustained.
Forward-looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions, and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements in this press release include, but are not limited to, statements relating to the development project with Inteligex and the ability to treat chronic spinal cord injury.
In developing the forward-looking statements in this press release, we have applied several material assumptions, including the general business and economic conditions of the industries and countries in which we operate, the general market conditions, the ability to secure additional funding for the collaboration with Inteligex and our ability to work collaboratively with Inteligex.
Many risks, uncertainties, and other factors could cause the actual results of the Company to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to, the following: those risk factors identified under the heading “Risk Factors” pages 29 to 36 of the Company’s Annual Information Form dated March 30, 2023, a copy of which is available under the Company’s SEDAR+ profile at www.sedarplus.ca, and other similar factors that may cause the actual results, performance or achievements to differ materially from those expressed or implied in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the press release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities law.
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