Friday, February 17, 2023
Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Grant awarded for $3.472 million (C$). ChitogenX yesterday announced the award. The Company had applied for the grant, through its partnership with Polytechnique Montréal, in third quarter 2022. The grant was received from The Natural Sciences and Engineering Research Council of Canada (NSERC) and Prima Québec. The NSERC is Canada’s largest supporter of innovation, funding explorers searching for scientific and technical breakthroughs. Prima Québec is an advanced materials research and innovation hub.
Uses of the grant. The 4-year grant will be used to advance development, expand indication possibilities, develop new regenerative medicine biomaterials and accelerate the Company’s ORTHO-R commercial readiness. These potential indications and applications include not only tendinopathies like tennis elbow and Achilles heel injuries, but possibly also areas like cardiology, wound healing and oncology. In the first year of the grant, ChitogenX plans to focus on potential applications that deliver other biologic products using their chitosan biopolymer matrix.
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