NervGen Pharma (NervGen Pharma Stock Quote, Chart, News, Analysts, Financials TSXV:NGEN) has appointed board chair Dr. Adam Rogers as interim CEO after Mike Kelly stepped down on July 17. Rogers, who represents NervGen’s largest shareholder, previously served as interim president from September 2022 to April 2023 and owns 17.7% of the company.
The Vancouver-based biotech is developing NVG-291, a peptide drug for spinal cord injury now in Phase 1b/2a trials. Research Capital analyst Andre Uddin projects U.S. sales could reach $1.9 billion by 2033 if the drug is approved by 2029. In a July 17 update he maintained a “Speculative Buy” rating and a price target of $14.60.
NervGen recently announced topline results from the chronic cohort of the ongoing proof-of-concept study involving patients with cervical-level spinal cord injuries.
“The trial met its primary endpoint by achieving statistical significance on one of its two pre-specified co-primary endpoints, demonstrating increased electrical connectivity between the brain and hand muscle,” Uddin said. “The first co-primary endpoint showed that subjects receiving NVG-291 increased the strength of motor connectivity 3 fold for an important hand muscle (first dorsal interosseus), as measured by change in the normalized motor evoked potentials (MEP) amplitude.”
Uddin said he remains confident that NVG-291 will continue to advance in development, targeting a serious condition with significant market potential.
NervGen’s new CEO said the company is grateful to Kelly for his leadership during a pivotal time for the company.
“Under Mike’s guidance, the company advanced NVG-291 through landmark proof-of-concept topline results from the chronic cohort of the CONNECT SCI study,” Rogers said. “Mike’s leadership established the organizational framework needed for future growth and set a clear strategic direction to position NervGen one step closer to addressing its mission of transforming the lives of individuals living with spinal cord injury.”
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