Tag: CHNXF

ChitogenX Inc. (CHNXF) – Non-Brokered Private Placement 2nd Tranche Closed; Clarification And Revision

Posted on by cpereira@noblefcm.com


Wednesday, June 07, 2023

Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2nd Tranche.  The Company announced Monday they had closed a 2nd tranche for $288,000 (currencies in Canadian $).  This tranche, on the back of the closed $3.86 million 1st tranche announced previously, consisted of gross cash proceeds of $41,250 and $241,141 in convertible debt conversions that had matured May 1, 2023.  In this 2nd tranche, 1.922608 million units at $0.15 per unit were issued.  Each unit consisted of one share of common and one purchase warrant exercisable at $0.35 per share.

Clarification To Company May 5, 2023 Press Release And Correction.  In the Company’s press release Monday June 5, 2023, it was clarified that the $3.86 million non-brokered 1st tranche placement, which closed early May, consisted of $1.267 million in gross cash proceeds and debt conversions of $2.589 million.  While the two tranches remove $2.84 million in liabilities, gross cash proceeds from the tranches totaled approximately $1.31 million. In our prior noted dated June 1, 2023, we indicated ChitogenX raised $5.3 million subsequent to its fiscal January 31, 2023 yearend. However, gross cash proceeds were approximately $3.0 million.


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ChitogenX Inc. (CHNXF) – FY2023 Ending January 31, 2023 Reported

Posted on by cpereira@noblefcm.com


Thursday, June 01, 2023

Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Reported Full Year Fiscal 2023.  Yesterday, ChitogenX reported a loss per share of $0.13 (currencies in Canadian $), versus our expected $0.12 loss per share.  The difference was primarily due to a $768,000 charge on converting the $3 million non-convertible debt into a convertible debenture, taken during the fourth quarter. Operationally, fourth quarter expenses were lower at $1.09 million versus our estimate of $1.29 million, with lower than estimated R&D costs the biggest factor. 

Subsequent News. At fiscal yearend, the Company reported $108,000 in cash and equivalents. Subsequent to the yearend, ChitogenX raised about $5.3 million giving the Company some runway to develop both orthopedic and non-orthopedic applications.  As a reminder, ChitogenX also secured a $3.47 million 4-year grant in February 2023 for regenerative medicine development and to accelerate the commercial readiness of the ORTHO-R platform.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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) – Third Time’s the Charm? Non-Brokered Private Placement Terms Amended Again

Posted on by cpereira@noblefcm.com


Wednesday, May 03, 2023

Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Offering increased to $5 million from $2.5 million. The new amended offering terms adjust the number of share units for a lower price and increased shares being offered for gross proceeds of $5 million (currencies in Canadian $). The original terms were priced at $0.225/unit.  The 1st amendment from early April was priced at $0.20/unit, consisting of a share of common and a purchase warrant excercisable at $0.35 with a 5 year expiration, for expected gross proceeds of $2.5 million.

New terms increase share count.  The new 2nd amended offering prices the share units at $0.15/unit, consisting of one share of common stock and a purchase warrant exercisable at $0.35. The warrants terminate 36 months from the closing date (now expected May 3, 2023). For the maximum $5 million in gross proceeds, the new amended offering consists of 33,333,333 units.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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) – New Private Placement Offering Announced

Posted on by cpereira@noblefcm.com


Thursday, April 06, 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.

Replaces terminated original placement. The original best efforts private placement expected to close near the end of February for gross proceeds up to $4.35 million (currencies in Canadian $), subject to a $3 million minimum, under a listed issuer exemption prospectus, was terminated. The new offering is a non-brokered $2.5 million gross proceeds private placement.  Of the original two parts in the February offering, the non-brokered $1.75 million gross proceeds private placement at $0.225/unit portion has closed.

Offering terms revised slightly. The smaller new offering carries slightly different terms than the originally announced listed issuer exemption offering.  The new offering units are now priced at $0.20/unit (vs. $0.225/unit), with 12.5 million units being offered. Each unit consists of one Class A share of common and one purchase warrant exercisable at $0.35 with a 5 year expiration. After 6 months, if the volume weighted average trading price exceeds $0.50 for 10 consecutive trading days, ChitogenX can accelerate the expiration date. This new offering is expected to close around April 14, 2023.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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) – Grant Awarded to Develop New Opportunities and Indications

Posted on by cpereira@noblefcm.com


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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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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) – Proof of Concept Confirmed in Meniscus Tear Repair Study

Posted on by cpereira@noblefcm.com


Wednesday, February 15, 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.

Proof of concept confirmed. ChitogenX announced yesterday that in the meniscus tear repair study, the ORTHO-R biopolymer showed residency on the tissue more than 24 hours after surgery. In addition, PRP regenerative cells were recruited and aggregated at the surgery site. PRP alone disperses quickly, but the “sticky” PRP/chitosan biopolymer matrix showed extended tissue adherence.

Meniscus tear repair study in sheep. This pre-clinical study, composed of 22 sheep, tested the subjects’ menisci with sutures alone vs. platelet rich plasma (PRP) alone vs. PRP delivered by ORTHO-R biopolymer. This study represents the Company’s second proof of concept for their ORTHO-R drug/biologic in an orthopedic indication.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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) – Offering Announced; Increasing Price Target

Posted on by cpereira@noblefcm.com


Friday, February 10, 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.

Raising up to $6.1 million gross proceeds. Yesterday, ChitogenX announced a two-part equity placement.  The first is a best efforts private placement for up to $4.35 million (currencies in Canadian $) gross proceeds, subject to a $3 million minimum, under a financing prospectus exemption in Part 5A of the Canadian National Instrument 45-106 – Prospectus Exemptions. Second is a non-brokered private placement of up to $1.75 million gross proceeds. The closing of the first offering is conditional upon the closing of the second private placement. The offerings are expected to close on or around February 28, 2023.

Offering terms. Each of the two offerings carry the same terms priced at $0.225 per unit.  Each unit consists of one Class A share of common and one purchase warrant exercisable at $0.35 with a 5 year expiration.  If the volume weighted daily average trading price exceeds $0.50 for 10 consecutive trading days, ChitogenX can accelerate the expiration date. ChitogenX expects to use the net proceeds to complete enrollment of the Rotator Cuff  U.S. Phase I/II clinical trial program, and for working capital and general corporate purposes.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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) – 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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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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) – 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.