NurExone Biologic Inc. (TSXV: NRX) (OTCQB: NRXBF) (Germany: J90) (the “Company” or “NurExone”), a pioneering biopharmaceutical company developing regenerative medicine therapies, is pleased to announce its financial and operational results for the three months ended March 31, 2024.
On March 1, 2024, the Company commenced the setup of in-house laboratories and offices to bolster its research and development capabilities, subsequent to entering into lease and construction agreements. Completion of these initiatives is anticipated by the end of June 2024.
On March 22, 2024, the Company completed the acceleration of 12,682,340 warrants issued pursuant to a private placement of units that closed on June 15, 2022. Following the acceleration event, the Company received gross proceeds of US$2.92 million (approximately C$4.0 million) from the exercise of 10,423,629 common share purchase warrants, which represented accelerated and non-accelerated warrants of which 9,684,993 warrants were exercised at a price of C$0.38, 556,818 warrants were exercised at a price of C$0.34, and 181,818 warrants were exercised at a price of C$0.48. The Company exercised its right to accelerate the expiry date of certain warrants to thirty days upon the Company’s common shares exceeded C$0.475 for ten consecutive trading days on the TSX Venture Exchange (“TSXV”). “We appreciate the confidence of the investors who exercise their warrants, and the ongoing support of NurExone’s journey,” stated Eran Ovadya, NurExone Chief Financial Officer.