Chromocell changes name to Channel Therapeutics, provides program updates

Chromocell Therapeutics (CHRO) announced that on November 18, 2024 it had changed its name to Channel Therapeutics Corporation, 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. 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. 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.