ChitogenX Inc has reported its financial results for the fourth quarter and fiscal year ended January 31, 2023, highlighting some milestones achieved during the period.
The company successfully completed the initial portion of its US Phase I/II ORTHO-R rotator cuff tear repair clinical trial in November 2022 with no safety issues reported.
Also during the month, the company successfully completed the large animal surgeries for its pre-clinical meniscus repair program mainly funded by the previously announced Axelys grant.
"The company delivered several important corporate milestones during the last fiscal year. Initiation and acceleration of patient enrollment including completion of the initial portion of the US Phase I/II rotator cuff tear repair clinical trial without safety issues, the expansion of the scope of indications with the start of the meniscus development program, and the acceleration of the commercial readiness of the ORTHO-R technology platform are all great examples of such accomplishments,” Philippe Deschamps, president and CEO, said in a statement.
"With several active collaborations and strategic initiatives ongoing, ChitogenX is positioned at the forefront of the rapidly expanding field of regenerative medicine".
In May 2022, the company received a patent related to its ORTHO-R soft tissue repair platform from the US Patent and Trademark Office.
On the corporate side, in December 2022, the company reached an agreement with holders of existing convertible and non-convertible debentures for the accelerated conversion of $2.6 million worth of convertible debentures and the extension of the $3.0 million non-convertible debenture maturity from November 2023 to February 2025.
Also during the month, the company secured $1.2 million to fund operations and support initiatives related to the Phase I/II clinical trial for rotator cuff tear repair.
In October 2022, the company went into partnership with the California Medical Innovations Institute to identify collaborative projects and pursue proof-of-concept research programs utilizing ChitogenX's proprietary regenerative medicine solutions. Additionally, the company decided to pursue sales of medical-grade chitosan as a new near-term commercial revenue initiative.
The company’s name change came in September, from Ortho Regenerative Technologies Inc. to ChitogenX Inc (CSE:CHGX, OTCQB:CHNXF) while CEO Philippe Deschamps assumed his role in March 2022.
In the new fiscal year, the company closed the first tranche of its amended non-brokered private placement offering of units for $3.86 million in May 2023. In April 2023, the company announced a new non-brokered private placement offering of 12,500,000 units of the company at a price of $0.20 each for gross proceeds of $2.5 million, replacing the previously announced private placement pursuant to the listed issuer financing exemption.
The company received, in partnership with Polytechnique Montréal, a $3,472,000 grant from The Natural Sciences and Engineering Research Council of Canada and Prima Québec, in February 2023. The four-year grant will be used to advance scientific development, expand the scope of indications, develop new biomaterials for regenerative medicine and accelerate the commercial readiness of the company's flagship ORTHO-R technology platform.
In February 2023, the company confirmed soft-tissue residency properties of its chitosan/PRP based biopolymer matrix, ORTHO-R, in a grant-supported large animal meniscus tear repair study. Also during the month, it announced a best-efforts private placement of 19,333,333 units of the company at a price of $0.225 each for gross proceeds of up to $4,350,000.
ChitogenX is a clinical-stage regenerative medicine company dedicated to the development of novel therapeutic tissue repair technologies to improve tissue healing.
Contact the author at jon.hopkins@proactiveinvestors.com