Channel Therapeutics Corporation Announces Name Change Reflecting Focus on Non-Opioid Pain Therapeutics
Channel Therapeutics Corporation Announces Name Change Reflecting Focus on Non-Opioid Pain Therapeutics
Channel Therapeutics rebrands to focus on sodium channel-based pain treatments, anticipating key efficacy data soon.
Quiver AI Summary
Chromocell Therapeutics Corporation has officially changed its name to Channel Therapeutics Corporation as of November 18, 2024, to better represent its focus on developing non-opioid pain treatments through sodium channel modulation, specifically targeting the NaV1.7 ion channel. The company has also reincorporated in Nevada to benefit from lower tax rates and increased flexibility in strategic and licensing efforts. CEO Frank Knuettel II expressed optimism about upcoming efficacy results from their eye pain and depot programs, viewing them as significant milestones for the company's growth. Current efficacy studies for these programs are ongoing, with results expected soon, while plans for Phase II human trials are anticipated to start in Q2 2025. Channel Therapeutics aims to address various types of pain, including chronic and postoperative pain, through innovative non-addictive therapies.
Potential Positives
- The name change to Channel Therapeutics reflects a clear focus on sodium channel modulation, potentially enhancing clarity in the company's branding and mission.
- The company expects significant near-term data readouts from their eye pain and depot programs, which could result in important milestones for growth and valuation.
- Reincorporating in Nevada is anticipated to lead to lower tax rates and increased flexibility in strategic and licensing pursuits, potentially benefiting the company's financial position.
- The imminent results from ongoing efficacy studies could elevate investor confidence and interest in the company's non-opioid pain therapeutics developments.
Potential Negatives
- The name change to Channel Therapeutics may indicate a perceived need for rebranding, which could suggest an previous identity or focus did not resonate well with stakeholders.
- The press release heavily relies on forward-looking statements, introducing uncertainty about future performance and outcomes related to the Company's clinical programs.
- The mention of exploring program-specific financing for their chronic pain program may indicate potential funding challenges or a lack of guaranteed financial support for that area of research.
FAQ
What is the new name of Chromocell Therapeutics Corporation?
The company has changed its name to Channel Therapeutics Corporation.
Why did the company change its name?
The name change reflects the company's focus on sodium channel modulation and blockade for pain treatment.
What are the key therapeutic programs being developed?
Key programs include the Depot Program for postoperative nerve blocks and an eye pain program.
When does Channel Therapeutics expect to start human trials?
Channel Therapeutics anticipates commencing Phase II human studies in Q2 2025.
What benefits will reincorporating in Nevada provide the company?
The company expects lower tax rates and greater flexibility for strategic and licensing pursuits.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CHRO Insider Trading Activity
$CHRO insiders have traded $CHRO stock on the open market 5 times in the past 6 months. Of those trades, 5 have been purchases and 0 have been sales.
Here's a breakdown of recent trading of $CHRO stock by insiders over the last 6 months:
- KNUETTEL II FRANCIS (CEO, Pres., CFO, Treas & Secty) has traded it 4 times. They made 4 purchases, buying 17,200 shares and 0 sales.
- RICHARD MALAMUT purchased 10,400 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CHRO Hedge Fund Activity
We have seen 5 institutional investors add shares of $CHRO stock to their portfolio, and 3 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ANSON FUNDS MANAGEMENT LP removed 201,030 shares (-100.0%) from their portfolio in Q3 2024
- AVANTAX PLANNING PARTNERS, INC. added 47,205 shares (+inf%) to their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC added 26,061 shares (+inf%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC removed 18,714 shares (-100.0%) from their portfolio in Q3 2024
- WEALTH ENHANCEMENT ADVISORY SERVICES, LLC added 10,400 shares (+inf%) to their portfolio in Q3 2024
- TOWER RESEARCH CAPITAL LLC (TRC) added 253 shares (+4216.7%) to their portfolio in Q3 2024
- UBS GROUP AG removed 186 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
"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
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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
