Tag: ChitogenX

ChitogenX Inc. (CHNXF) – FQ3 2023 Reported; Advancing The Opportunities

Posted on by cpatches


Friday, December 30, 2022

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.

FQ3 2023 reported for the period ending October 31, 2022.  As expected, no revenues were reported by the Company yesterday.  Overall, expenses were higher than expectations, with lower than expected G&A and R&D expenses reported. Fair value adjustments in embedded derivatives, higher share based compensation and financing costs accounted for the difference in reported loss per share of $0.04 vs. our expected $0.03 loss per share. Our full fiscal year 2023 loss per share moves to $0.11 from prior $0.10.

ORTHO-R Phase I trial for rotator cuff completed. The initial portion was completed in early November.  There were no safety issues reported, opening up Phase II enrollment at all 10 clinical sites.  Phase II enrollment is now expected to be completed by end of calendar second quarter 2023, although this is a slight slippage from our earlier expectations.  Patient assessment and scoring will occur after 12-month follow-up.


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ChitogenX Inc. (CHNXF) – Meniscus Repair Pre-Clinical Start Announced

Posted on by cpatches


Friday, October 14, 2022

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.

Pre-clinical in meniscus repair officially begins.  ChitogenX announced the second orthopedic indication for ORTHO-R is moving from feasibility studies to formal pre-clinical status, beginning November 2022.  Meniscus repair is needed due to acute trauma tears and degenerative tears, but surgical failure rates are currently in the 20%-40% range, offering substantial opportunity for ChitogenX’s platform technology to improve healing outcomes. 

Meniscus repair program will test 22 sheep.  The sheep will be tested with sutures alone (current standard of care) vs. platelet rich plasma (PRP) alone vs. PRP delivered by ORTHO-R biopolymer.  Repair surgeries are scheduled beginning mid-November and should be completed by first of December. Results are expected approximately in 12 months in fall of 2023.  


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

ChitogenX Inc. (CHNXF) – Expanding Opportunities, FQ2 2023 Reported.

Posted on by cpatches


Tuesday, October 04, 2022

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.

FQ2 2023 reported for period ending July 31, 2022.  As a clinical stage company, ChitogenX reported no revenues in the quarter. Expenses, both G&A and R&D, were lower than our quarter expectations, offset by higher share-based compensation expense. R&D expenses were reduced by a $500,000 (all figures in C$) grant received in May 2022 to advance the meniscus repair indication.  The result was a net loss of $1.363 million vs. expected $1.59 million.  Loss per share was $0.03 vs. expected loss of $0.03.

ChitogenX is pushing well beyond orthopedics.  The rebranding recently instituted was more than a simple name change.  The Company is leveraging its chitosan biopolymer technology expertise to attack a much larger global regenerative medicine market, including areas like oncology, neurology, and cardiology. Regenerative medicines have an inherent inability to stick to repair sites and ChitogenX seeks to resolve the problem with their ChitogenX Biopolymer. We expect the Company to establish partnerships, license the technology, or seek grants in these additional markets.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Ortho Regenerative Technologies Inc. (ORTIF) – Ortho Regenerative Technologies Inc. Is Now ChitogenX Inc.

Posted on by cpatches


Thursday, September 08, 2022

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.

What’s in a name?  The rebranding identifies the Company’s CHITOSAN based regenerative medicine technology while expanding the scope of the technology beyone orthopedics. While the near term pipeline is focused on the repair of orthopedic soft tissue (rotator cuff and meniscus) as initial markets with great need, the Company’s proprietary platform has much broader potential regenerative applications, including in cardiovascular, dermatology, wound healing, oncology and neurology.

Tickers will change.  The corporate rebranding was approved at the last Annual General and Special Meeting of Shareholders held July 21, 2022, following the passing of a special resolution authorizing a name change. Effective on or around September 12th, shares will begin trading on the CSE as CHGX.  Subject to change, it is expected that the OTCQB ticker will also be updated to CHGX.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.