VICTORIA, BC, July 7, 2022
/CNW/ - Eupraxia Pharmaceuticals Inc. ("Eupraxia" or the "Company")
(TSX: EPRX), a clinical-stage biotechnology company with an
innovative drug delivery platform technology, announced today that
it has been awarded The Emerging Life Sciences Company of the Year
Award by Life Sciences British Columbia ("LSBC").
"On behalf of the entire Eupraxia team, I want to thank LSBC for
this award recognizing all that we have accomplished as an
organization over the last year," said Dr. James Helliwell, CEO of Eupraxia. "Following the
successful completion of our initial public offering in
March 2021, we have effectively
advanced our Phase 2 trial in osteoarthritis of the knee, and
further strengthened our balance sheet to ensure we are well funded
beyond the trial's data readout, currently expected in the first
quarter of 2023."
The Emerging Life Sciences Company of the Year Award is
presented to an early stage life sciences company which, although
not yet achieving commercial success, has demonstrated outstanding
performance and realized significant milestones from April 1st, 2021 – March
31st, 2022, and is positioned well for potential future
commercial success.
About Life Sciences British Columbia
Life Sciences British Columbia is a not-for-profit government
industry association that supports and represents the life sciences
community of B.C. through numerous initiatives at the local,
national and international level. They nurture economic development
in the province through leadership, facilitation of investment and
partnering, advocacy and promotion of B.C.'s world-class life
sciences industry.
About Eupraxia Pharmaceutical Inc.
Eupraxia is a clinical-stage biotechnology company focused on
the development of locally delivered, extended-release alternatives
to currently approved drugs. Each of Eupraxia's product candidates
has the potential to address therapeutic areas with high unmet
medical need and strives to provide improved patient benefit by
delivering targeted, long-lasting activity with fewer side
effects.
Eupraxia's lead product candidate, EP-104IAR, is currently in
Phase 2 development for the treatment of pain due to OA of the
knee. In addition to EP-104IAR, Eupraxia is developing a pipeline
of earlier-stage long-acting formulations. Potential pipeline
candidates include a range of drugs for indications such as
postsurgical pain (EP-105), and post-surgical site infections
(EP-201), each designed to improve on the activity and tolerability
of approved drugs. For further details about Eupraxia, please visit
the Company's website at: www.eupraxiapharma.com.
Notice Regarding Forward-looking Statements and
Information
This news release includes forward-looking statements and
forward–looking information within the meaning of Canadian
securities laws. Often, but not always, forward–looking information
can be identified by the use of words such as "plans", "is
expected", "expects", "scheduled", "intends", "contemplates",
"anticipates", "believes", "proposes" or variations (including
negative and grammatical variations) of such words and phrases, or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved. Forward
looking statements in this press release include statements
regarding the Company's business strategies and objectives,
including current and future plans and opportunities, expectations
and intentions; statements regarding the Company's Phase 2 clinical
trial; the ability of the Company to execute on its business
strategy; the Company having sufficient resources, including
anticipated funding from its current cash runway; the expansion of
enrollment in the Company's Phase 2 clinical trial; the potential
of Eupraxia's product candidates; the Company's expectations
regarding its product designs, including with respect to targeted
shelf life, storage and ease of integration; the results gathered
from studies of Eupraxia's product candidates; the potential for
the Company's technology to impact the drug delivery process; the
competitive advantages of the Company's technology; the benefits to
patients from the Company's drug platforms; the translation of the
Company's technologies and expansion of its offerings into clinical
applications; the Company's estimation of potential product
markets; and the demand and market acceptance for products
developed by the Company. Such statements and information are based
on the current expectations of Eupraxia's management, and are based
on assumptions, including but not limited to: future research and
development plans for the Company proceeding substantially as
currently envisioned; industry growth trends, including with
respect to projected and actual industry sales; the Company's
ability to obtain positive results from the Company's research and
development activities, including clinical trials; and the
Company's ability to protect patents and proprietary rights.
Although Eupraxia's management believes that the assumptions
underlying these statements and information are reasonable, they
may prove to be incorrect. The forward–looking events and
circumstances discussed in this news release may not occur by
certain dates or at all and could differ materially as a result of
known and unknown risk factors and uncertainties affecting
Eupraxia, including, but not limited to: the Company's limited
operating history; the Company's novel technology with uncertain
market acceptance; if the Company breaches any of the agreements
under which it licenses rights to its product candidates or
technology from third parties, the Company could lose license
rights that are important to its business; the Company's current
license agreement may not provide an adequate remedy for its breach
by the licensor; the Company's technology may not be successful for
its intended use; the Company's future technology will require
regulatory approval, which is costly and the Company may not be
able to obtain it; the Company may fail to obtain regulatory
approvals or only obtain approvals for limited uses or indications;
the Company completely relies on third parties to provide supplies
and inputs required for its products and services; the Company
relies on external contract research organizations to provide
clinical and non-clinical research services; the Company may not be
able to successfully execute its business strategy; the Company
will require additional financing, which may not be available; any
therapeutics the Company develops will be subject to extensive,
lengthy and uncertain regulatory requirements, which could
adversely affect the Company's ability to obtain regulatory
approval in a timely manner, or at all; the impact of the COVID-19
pandemic on the Company's operations; and other risks and
uncertainties described in more detail in Eupraxia's public filings
on SEDAR (www.sedar.com). Although Eupraxia has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward–looking statements and information, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward–looking statement or
information can be guaranteed. Except as required by applicable
securities laws, forward–looking statements and information speak
only as of the date on which they are made and Eupraxia undertakes
no obligation to publicly update or revise any forward–looking
statement or information, whether as a result of new information,
future events or otherwise.
SOURCE Eupraxia Pharmaceuticals Inc.