Mr. Bill Radvak reports

NERVGEN PHARMA APPOINTS JOHN RUFFOLO TO BOARD OF DIRECTORS

Nervgen Pharma Corp. has appointed John Ruffolo, founder and managing partner of Maverix Private Equity, to the company's board of directors.

"We very much appreciate John joining our board at this pivotal time as we continue with our landmark phase 1b/2a clinical trial for spinal cord injury," said Bill Radvak, Nervgen's chairman and co-founder. "Not only does he deliver substantial expertise in finance and developing leading-edge technologies, he also brings the very unfortunate experience of surviving a tragic accident which resulted in severe injuries, including a spinal cord injury. John's relentless drive has resulted in a remarkable level of recovery from his injuries as well as gaining an incredible wealth of knowledge on spinal cord injury research and treatments."

"I have been closely following Nervgen and its very important drug, NVG-291, for some time and am excited that it is now being administered to individuals with spinal cord injury in this important clinical trial," said Mr. Ruffolo. "As someone who experiences daily the life-altering impact of a spinal cord injury, it is thrilling to finally see NVG-291 in the clinic with the potential to demonstrate nervous system repair. I look forward to doing my part to drive Nervgen forward and to help realize the potential of this important technology."

Mr. Ruffolo is the founder and managing partner of Maverix Private Equity, a private equity firm focused on innovation-enabled growth and disruption investment strategies. Previously, he founded OMERS Ventures, the venture capital arm of the large Ontario pension fund, where he led early investments in startup success stories such as Shopify Inc. He has also championed Canada's technology industry as a co-founder of the Council of Canadian Innovators, along with former Research in Motion co-chief executive officer Jim Balsillie. As an active board member in the profit and not-for-profit sectors, Mr. Ruffolo currently works with many leading innovative organizations, including AI Partnerships Corp., engineering.com, OneEleven, the Rick Hansen Foundation, the CIBC Foundation, Caldwell's Top 40 Under 40, the Investigative Journalism Foundation and the Dean's Global Council for the Schulich School of Business.

The company also announced that it has granted 150,000 incentive stock options to Mr. Ruffolo exercisable at a price of $1.75 per share for a period of five years, which vest equally every three months over a one-year period. All options have been granted in accordance with the policies of the TSX Venture Exchange and the conditions of the company's stock option plan.

About NVG-291

Nervgen holds exclusive worldwide rights to NVG-291, a first-in-class therapeutic peptide targeting mechanisms that interfere with nervous system repair. NVG-291 is derived from the intracellular wedge domain of the receptor-type protein tyrosine phosphatase sigma (PTPsigma). NVG-291-R, a rodent analog of NVG-291, has been shown to promote nervous system repair and functional recovery in animal models of spinal cord injury (acute and chronic intervention), peripheral nerve injury, multiple sclerosis and stroke, through enhanced plasticity, axonal regeneration and remyelination. Nervgen has initiated a phase 1b/2a placebo-controlled proof-of-concept trial (NCT05965700) to evaluate the efficacy of NVG-291 in two separate cohorts of individuals with cervical spinal cord injury: chronic (one to 10 years postinjury) and subacute (10 to 49 days postinjury), given demonstrated efficacy in preclinical models of both chronic and acute spinal cord injury. Initial results are expected in mid-2024.

About Nervgen Pharma Corp.

Nervgen 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 being evaluated in a phase 1b/2a clinical trial. The company's initial target indication is spinal cord injury.

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