CHITOGENX REPORTS ITS THIRD QUARTER 2023 RESULTS
posted on
Dec 29, 2022 08:04AM
Chitogenx is in the regulatory lead for regenerative products + signs MOU with major Medical Institute
Canada NewsWire
MONTREAL, Dec. 29, 2022
MONTREAL, Dec. 29, 2022 /CNW/ - ChitogenX Inc., (CHGX: CSE) (CHNXF: OTCQB) ("ChitogenX" or the "Company"), a clinical-stage orthobiologics company focused on the development of novel soft tissue repair regenerative technologies, today reported its financial results and highlights for the third quarter of the 2023 fiscal year ended on October 31, 2022.
"The Company continued to deliver on its business strategy of expanding its technology platform applications beyond the orthopedic field during the third quarter. From the pursuit of medical grade chitosan sales as a non-dilutive revenue source to the signing of collaborative development agreements with world-renowned medical innovation institutes, ChitogenX is advancing initiatives that will help realize the full value of our proprietary technology", said Philippe Deschamps, President, and CEO. "Given the versatile properties and functionality of our Chitosan-PRP hybrid biologic implant, we are confident that even more opportunities will be brought forward to help address many other significant unmet medical needs".
Commenting on the third quarter 2023 results, Luc Mainville, ChitogenX' Senior Vice-President, and Chief Financial Officer, said; "Restructuring our balance sheet and decreasing our short-term liabilities was a priority for the Company. The accelerated conversion of existing debentures testifies to our investors' confidence in our strategy. With this portion of the plan completed, we now look forward to delivering more phase I/II clinical trial and corporate milestones".
Third Quarter 2023 ORTHO-R Program Highlights
Third Quarter 2023 Corporate Highlights
Third Quarter 2023 Subsequent Events
Third Quarter 2023Financial Statements and MD&A
ChitogenX's financial statements and Management's Discussion and Analysis for the three and nine-month periods ended October 31, 2022, are available on SEDAR at www.sedar.com.
About ChitogenX Inc.
ChitogenX Inc. (formally Ortho Regenerative Technologies Inc.) is a clinical stage regenerative medicine company dedicated to the development of novel therapeutic tissue repair technologies to improve tissue healing. The Company is committed to the clinical development of its proprietary RESTORE technology platform, a muco-adhesive CHITOSAN based biopolymer matrix, specifically designed to deliver biologics such as platelet-rich plasma (PRP) or bone marrow aspirate concentrate (BMAC), to enhance healing in various regenerative medicine applications.
Other formulations are being developed to leverage the technology's performance characteristics such as tissue adhesion, pliability, and ability to deliver biologics or therapeutics to various tissues damaged by trauma or disease. Further information about ChitogenX is available on the Company's website at www.chitogenx.com and on SEDAR at www.sedar.com.
Forward-Looking Statements
This news release may contain certain forward-looking statements regarding the Company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Ortho Regenerative Technologies Inc.
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Contact:
Company: Philippe Deschamps, President and Chief Executive Officer, 614-596-2597, deschamps@chitogenx.com or Luc Mainville, Senior Vice-president and Chief Financial Officer, 514-693-8854, mainville@chitogenx.com; Investors: Frederic Dumais, Director Communications and Investor Relations, (514) 693-8847, dumais@chitogenx.com