ChitogenX Inc (CSE:CHGX, OTCQB:CHNXF) has noted that patient recruitment for its rotator cuff repair Phase I/II trial reached an important milestone in the first quarter to April 30, 2023, while its ORTHO-R soft-tissue residency properties were confirmed in a grant-supported large animal meniscus study.
"During the first quarter, the Company further demonstrated the versatility of its ORTHO-R technology platform with the confirmation of its residency properties in a second indication following the successful completion of its large animal meniscus tear repair study,” Philippe Deschamps, ChitogenX president, and CEO, said in a statement.
"The potential applications of the ORTHO-R technology platform go well beyond orthopedic applications. Judging from the several collaborations and discussions we are currently holding; we see significant possibilities in the field of regenerative medicine and are actively pursuing them. We also reached a milestone with 20 patients recruited for our clinical trial with no significant safety events reported," he added.
In February 2023, the company obtained, in partnership with Polytechnique Montréal, a $3,472,000 grant from The Natural Sciences and Engineering Research Council of Canada and Prima Québec.
After the end of the first quarter, the company also closed a $288,000-second tranche of its previously announced non-brokered private placement offering of units.
Luc Mainville, ChitogenX senior vice-president, and chief financial officer noted that: "During the first quarter we were able to significantly improve the Company's balance sheet and obtained significant grant funding that will contribute to fund our operations going forward".
ChitogenX, formally Ortho Regenerative Technologies Inc, 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