Full Press Release Details
Announces Name Change to "Channel Therapeutics Corporation"
and Provides Therapeutic Program Updates
November 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:
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
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:
Managing Director, LifeSci Advisors, LLC