ChitogenX Inc (CSE:CHGX, OTCQB:CHNXF) provided highlights for its third quarter of fiscal year 2024, which included the reduction of operating losses by 73% fiscal year to date compared with the previous year.
The clinical-stage regenerative medicine company also said it improved its working capital by $3.6 million since fiscal 2023 year end.
''We launched a highly promising skin repair development program targeting $19B in unmet medical needs," ChitogenX CEO Philippe Deschamps said in a statement.
"This follows several important development milestones in the orthopedic field, with the completion of enrollment in our Phase I/II rotator cuff repair trial as well as demonstrated protection against osteoarthritis in a pivotal large animal meniscus study," he added.
Deschamps also noted that ChitogenX is now prioritizing development programs with faster regulatory pathways in key markets such as the US.
He added that leveraging the company’s Polytechnique partnership and non-dilutive research grants will help ChitogenX pursue and secure strategic development partnership agreements going forward without having to commit material financial resources.
As well, ChitogenX stated that in September 2023, it received a notice of allowance for a key patent in the US and Canada, which make the Chitosan based biopolymer scaffold proprietary without the need for it to be combined with plasma rich platelets or other blood products as was previously the case.
ChitogenX is a clinical-stage regenerative medicine company dedicated to the development of novel therapeutic tissue repair technologies to improve tissue healing.