Chromocell Announces Name Change to “Channel Therapeutics Corporation” and Provides Therapeutic Program Updates

Rhea-AI Summary

Channel Therapeutics (NYSE American: CHRO), formerly Chromocell, announced its name change and reincorporation in Nevada. The company focuses on developing non-opioid pain treatments through sodium channel modulation, specifically targeting NaV1.7. The company provided updates on three therapeutic programs: Depot Program for postoperative nerve blocks showing 96-hour sustained release in animals with pending efficacy results; Eye Pain Program with well-tolerated animal studies and expected Phase II human trials in Q2 2025; and a Chronic Pain program planned for Q1 2025 pending program-specific financing.

Positive

• Successful demonstration of 96-hour sustained drug release in animal studies for Depot Program
• Eye drops showed good tolerance in animal studies
• Phase II human trials for Eye Pain Program scheduled for Q2 2025
• Expected lower tax rates through Nevada reincorporation

Negative

• Chronic Pain program development dependent on securing additional financing

Insights

Medical Research Analyst

The name change to Channel Therapeutics and program updates signal significant strategic positioning in the non-opioid pain treatment market. The focus on NaV1.7 sodium channels is particularly noteworthy, as this target has strong genetic validation for pain treatment. The company's multi-program approach includes:

• A depot program for postoperative nerve blocks showing promising 96-hour sustained release
• An eye pain program advancing toward Phase II trials in Q2 2025
• A chronic pain program seeking specific financing

The reincorporation in Nevada suggests improved financial efficiency through lower tax rates and enhanced strategic flexibility. With multiple data readouts expected in the near term, particularly from the eye pain program by end of 2025, these developments could significantly impact the company's market position in the $128 billion global pain management market.

• “Channel Therapeutics” reflects the Company’s focus on developing therapeutics to treat pain utilizing sodium channel blockade and modulation
• New name is in advance of multiple near-term data readouts

FREEHOLD, N.J., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Chromocell Therapeutics Corporation, (NYSE American: CHRO), a pioneer in the development of non-opioid pain treatment therapeutics, today announced that on November 18, 2024 it had changed its name to Channel Therapeutics Corporation (“Channel” or the “Company”), along with reincorporating in the State of Nevada. The Company believes the name change better reflects its focus on developing therapeutics based on sodium channel modulation and blockade for the treatment of pain.

“The specific sodium channel we are targeting, NaV1.7, is the most genetically validated of the different sodium channels and we have demonstrated efficacy in a broad array of animal models. We believe the name change better reflects our multi-pronged approach towards targeting pain reduction, said Frank Knuettel II, CEO of Channel.

“Additionally, our team continues to make progress across our multiple non-opioid based pain therapeutic programs, and we eagerly look forward to sharing the efficacy results for both of the eye pain and depot programs as they could be important milestones in Channel Therapeutics’ growth and valuation,” concluded Knuettel.

Commensurate with the change in the Company’s new name, Channel has also reincorporated in the State of Nevada, by way of a merger into a wholly owned Nevada subsidiary. The Company expects to experience lower tax rates and more flexibility in its strategic and licensing pursuits.

Therapeutic Program Update:

• Depot Program for Postoperative Nerve Blocks – the Company showed a sustained release of drug over a 96-hour period in animals and is currently performing efficacy studies in animals, with results expected imminently.
  
• Eye Pain Program – the eye drops were well tolerated in an animal study and the Company is performing efficacy studies in animal models of eye pain with toxicology studies starting shortly. The results of the efficacy studies are expected in the coming weeks and the toxicology data is expected in late Q1 2025. The Company expects to commence Phase II human proof of concept studies in Q2 2025, with a readout by the end of 2025.
  
  
• Chronic Pain – the Company is exploring program-specific financing for this program with expectations that the program will be kicked off in Q1 2025.
  

About Channel

Channel Therapeutics Corporation is a clinical-stage biotechnology company focused on developing and commercializing novel, non-opioid, non-addictive therapeutics to alleviate pain. The Company’s initial clinical focus is to selectively target the sodium ion-channel known as NaV1.7 for the treatment of various types of chronic pain, acute and chronic eye pain and post-surgical nerve blocks. For company updates and to learn more about Channel, visit www.channeltherapeutics.com or follow us on social media.

Forward-Looking Statements

This press release contains forward-looking statements regarding the Company’s current expectations. These forward-looking statements include, without limitation, references to the Company’s expectations regarding (i) the Company’s belief that its name change better reflects the Company’s focus on developing therapeutics based on sodium channel modulation and blockade for the treatment of pain and therefore its multi-pronged approach towards targeting pain reduction, (ii) the Company’s belief that the efficacy results for the Company’s eye pain and depot programs could be important milestones in the Company’s growth and valuation, and (iii) the Company’s ability to experience lower tax rates and more flexibility in its strategic and licensing pursuits as a result of reincorporating in the State of Nevada. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those set forth in such forward-looking statements include, but are not limited to, risks and uncertainties related to there being no guarantee that the trading price of the Company’s Common Stock will be indicative of the Company’s value or that the Company’s Common Stock will become an attractive investment in the future. These and other risks and uncertainties are described more fully in in our filings with the U.S. Securities and Exchange Commission. The information in this press release is provided only as of the date of this press release, and we undertake no obligation to update any forward-looking statements contained in this press release based on new information, future events, or otherwise, except as required by law.

Channel Media and Investor Inquires:

For Investor Inquiries:
Mike Moyer
Managing Director, LifeSci Advisors, LLC
mmoyer@lifesciadvisors.com

FAQ

Why did Chromocell (CHRO) change its name to Channel Therapeutics?

The company changed its name to better reflect its focus on developing therapeutics based on sodium channel modulation and blockade for pain treatment, specifically targeting the NaV1.7 sodium channel.

When will Channel Therapeutics (CHRO) release results from its Eye Pain Program?

The company expects to release efficacy study results in the coming weeks, with toxicology data expected in late Q1 2025 and Phase II human trial results by the end of 2025.

What are the main therapeutic programs under development at Channel Therapeutics (CHRO)?

Channel Therapeutics is developing three main programs: a Depot Program for postoperative nerve blocks, an Eye Pain Program, and a Chronic Pain program scheduled to begin in Q1 2025.