Mr. Bill Radvak reports

NERVGEN PHARMA ANNOUNCES LEADERSHIP TRANSITION

Nervgen Pharma Corp.'s board of directors and Paul Brennan have mutually agreed that Mr. Brennan will step down as president and chief executive officer and a member of the board, effective immediately. The board of directors has appointed current executive chairman of the board, Bill Radvak, as interim CEO and current board member Dr. Adam Rogers as interim president. Mr. Brennan will serve as a strategic adviser to management and the board during the transition period. The board has initiated a search for a permanent CEO.

• Mr. Radvak, co-founder and executive chairman of the board, appointed interim chief executive officer;
• Dr. Rogers, member of the board of directors, appointed interim president;
• Mr. Brennan to step down as president and chief executive officer and member of the board of directors; will serve as a strategic advisor for a transition period.

Mr. Radvak served as president of Nervgen from January, 2017, to June, 2018. For over 30 years, Mr. Radvak has been the CEO and director of multiple start-up companies. He was a founder and the CEO of Response Biomedical, a publicly listed medical device company that he led from inception into a sales and manufacturing company. Mr. Radvak received a bachelor of applied science degree from the University of British Columbia.

"On behalf of the board of directors and shareholders of Nervgen, I would like to thank Paul for his hard work and many contributions to Nervgen over the past three years," said Mr. Radvak. "Under Paul's leadership, Nervgen has evolved from a preclinical company focused primarily on spinal cord injury to a clinical company with three active clinical development programs under way focused more broadly on repairing nervous system damage from both traumatic injuries and neurodegenerative disease. With a phase 1 safety study actively enrolling patients, multiple phase 2 clinical trials in development with anticipated readouts beginning in 2024 and a cash balance of $25-million, the largest in the company's history, Paul has helped position Nervgen to become a leading player in the emerging central nervous system repair field. We look forward to working with him during this transition period and wish him the best in his future endeavours."

Mr. Brennan commented: "It has been a privilege to serve as president and CEO of Nervgen over the past three years, working hand in hand with a strong dedicated team, the company's board of directors and our scientific founder, Dr. Jerry Silver, and his team through our scientific partnership with Case Western Reserve University. I am excited by the tremendous potential that Nervgen's technology and clinical pipeline offers for patients suffering from damage to their nervous system and am encouraged by the clinical safety data as well as the latest compelling preclinical data generated in important new indications. I look forward to supporting the board and management through this transition."

Dr. Rogers, MD, is a principal of Boston-based PFP Biosciences Holdings and a board-certified ophthalmologist specializing in diseases and surgery of the retina and vitreous. Dr. Rogers co-founded Hemera Biosciences in 2010, a clinical stage gene therapy company targeting dry age-related macular degeneration. He assumed the role of CEO in 2017 and oversaw all aspects of Hemera until it was acquired in December, 2020, by Janssen Pharmaceuticals, a subsidiary of Johnson & Johnson.

Dr. Rogers stated: "I am looking forward to working with Bill and the Nervgen team to accelerate the company's mission of delivering meaningful treatment advances to patients suffering from CNS injury and neurodegenerative disease. I am grateful to be able to leverage my experience leading a biotech company through the development, clinical and regulatory process. As Nervgen evolves into a mid-stage clinical company in areas that desperately need new therapeutic treatment options, I am both optimistic and excited about the future of the company."

About Nervgen Pharma Corp.

Nervgen (TSX-V: NGEN) (OTCQX: NGENF) is a clinical stage biotech company dedicated to developing innovative treatments that enable the nervous system to repair itself following damage, whether due to injury or disease. Nervgen's lead drug candidate, NVG-291, is currently in a phase 1 clinical trial. The company's initial target indications are spinal cord injury, Alzheimer's disease and multiple sclerosis.

About NVG-291

Nervgen holds the exclusive worldwide rights to NVG-291 and is developing a unique new class of drugs around the technology. NVG-291 is a therapeutic peptide that mimics the intracellular domain of the receptor protein tyrosine phosphatase sigma (PTPsigma), a cell surface receptor known to interact with chondroitin sulphate proteoglycans (CSPGs). Both PTPsigma and CSPGs have been shown to inhibit neural repair mechanisms following nervous system damage. NVG-291-R, the rodent form of NVG-291, has been shown to promote functional recovery and enable nervous system repair in a range of animal models, including models of spinal cord injury, peripheral nerve injury, multiple sclerosis and stroke, through enhanced plasticity, axonal regeneration and remyelination.

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