Mr. Bill Adams reports

NERVGEN PHARMA ANNOUNCES PROPOSED AMENDMENT TO WARRANTS

Nervgen Pharma Corp. intends to amend 5,075,000 common share purchase warrants that were issued pursuant to a private placement of units that closed on July 13, 2022. The proposed amendment solely changes the denomination of the exercise price of the 2022 warrants from $1.75 (U.S.) to the Canadian equivalent of $2.44 (Canadian) to align with the company's functional currency and simplify the accounting treatment thereof. All other terms and conditions of the 2022 warrants remain unchanged. The amended 2022 warrant terms remain subject to acceptance by the TSX Venture Exchange.

About NVG-291

Nervgen holds exclusive worldwide rights to NVG-291, a first and potential best-in-class therapeutic peptide enabling the nervous system to repair itself. NVG-291's technology is licensed from Case Western Reserve University and is based on academic studies that demonstrated the preclinical efficacy of NVG-291-R, the rodent variant of NVG-291, in animal models of spinal cord injury. These studies implicated multiple potential molecular and cellular mechanisms by which NVG-291-R promotes neurorepair and functional improvement in both central and peripheral nervous system injury models. The implicated mechanisms include the promotion of neuronal sprouting, or plasticity, remyelination and promotion of a non-inflammatory phenotype in the microglial cells. Nervgen has received fast-track designation from the U.S. Food and Drug Administration (FDA) and orphan designation from the European Medicines Agency (EMA) for NVG-291 in individuals with spinal cord injury.

About Nervgen Pharma Corp.

Nervgen is a clinical-stage biopharmaceutical company dedicated to developing innovative therapies that enable the nervous system to repair itself in settings of neurotrauma and neurologic disease. The company is evaluating the clinical efficacy of its first and potential best-in-class lead candidate, NVG-291, in the phase 1b/2a Connect SCI study in spinal cord injury.

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