NurExone Demonstrates Reproducible, Dose-Dependent Vision Recovery in Preclinical Glaucoma Model
Executive Summary
- NurExone announced pre‑clinical data showing a clear, dose‑dependent therapeutic effect of its lead candidate ExoPTEN in an optic nerve crush (ONC) glaucoma model, with high‑dose treatment restoring retinal function to near‑normal levels.
- The Company accelerated the expiration of 2,515,456 Class B common share purchase warrants issued in September 2023 and 5,653,073 warrants issued in January 2024; if fully exercised, total gross proceeds would be approximately C$3.2 million for general corporate purposes.
- An amendment to the POSITIVE Communications agreement extends its term to July 10 2026 and adds a monthly expense reimbursement of up to NIS 15,000 (plus VAT).
Key Details
- Pre‑clinical study design – Optic nerve crush model in rats; ExoPTEN administered via extrachoroidal injection at low dose (4 × 10⁸ particles) and high dose (4 × 10⁹ particles), each given twice (immediately post‑surgery and 1 week later).
- Functional outcome – Scotopic threshold response electroretinography (STR‑ERG) showed:
- Low‑dose ExoPTEN: measurable STR amplitudes above the 5 µV detection threshold in all treated eyes (n=2).
- High‑dose ExoPTEN: STR amplitudes comparable to uninjured control eyes, indicating near‑complete functional recovery.
- Control groups – PBS (saline) showed no response; naïve exosomes produced minimal or no responses at both dose levels.
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Statistical note – Mean STR amplitude ± SEM presented in Figure 1; high‑dose group matched the mean of uninjured eyes (n=13).
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Warrant acceleration details
- September 2023 Warrants: 2,515,456 warrants, exercise price $0.48 each.
- January 2024 Warrants: 5,653,073 warrants, exercise price $0.35 each.
- Acceleration trigger: TSXV daily VWAP ≥ $0.83 (Sept 2023) and ≥ $0.80 (Jan 2024) for 20 consecutive trading days.
- New expiry: 5:00 p.m. Calgary time on 7 Nov 2025 (30 days from acceleration notice).
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Potential proceeds: Approx. C$3.2 million if all warrants exercised; funds earmarked for general corporate and working‑capital purposes.
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POSITIVE Communications Agreement amendment
- Term extended by nine months to 10 July 2026 (subject to TSXV approval).
- Monthly expense reimbursement increased to a maximum of NIS 15,000 plus VAT, in addition to the existing monthly fee of NIS 15,000 plus VAT.
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Either party may terminate with 30‑day notice; POSITIVE currently holds no securities interest but retains the right to acquire in the future.
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Ownership note – Approximately 89 % of the accelerated warrants are held by U.S.–based investors; shares issued upon exercise will remain restricted under U.S. securities laws.
Notable Quotes
- “Reproducibility is the key challenge in science, and now we have a first validation of the results,” – Prof. Michael Belkin, Scientific Advisor to NurExone.
- “We are seeing a clear, dose‑dependent effect of ExoPTEN in the eye… This dose‑response data marks an essential step toward future clinical trials.” – Dr. Tali Kizhner, Director of R&D, NurExone.
Materiality Assessment: Material – Positive (pre‑clinical results substantively advance the therapeutic candidate and warrant acceleration could provide significant financing).