Vancouver, British Columbia--(Newsfile Corp. - February 24, 2020) - NervGen Pharma Corp. (TSXV: NGEN) (OTCQX: NGENF) ("NervGen" or the "Company"), a regenerative medicine company dedicated to creating innovative solutions for the treatment of nerve damage, today announced the appointment of Mr. William (Bill) Adams, CPA, CA, to the position of Chief Financial Officer effective immediately. Mr. Adams replaces Mr. Robert Pilz who will continue to formally support the Company as a consultant.

"Bill is a key addition to the NervGen team," stated Paul Brennan, NervGen's CEO. "In his previous companies Bill has been responsible for raising over $250 million in public and private equity financing, including listing on the TSX and NASDAQ, and over $750 million in mergers and acquisitions and technology licensing transactions. His experience in M&A, operations and the capital markets in both Canada and the US will be critical to NervGen as we continue to build a world-leading company creating new therapies for spinal cord injury and neurodegenerative diseases."

"The Board would like to thank Rob for the leadership he has shown in helping build NervGen," stated Bill Radvak, Executive Chairman of the Board. "Rob has played a key role for the Company from its very formation including advancing NervGen through its Canadian IPO and listing on the TSX-V and OTCQX. We are looking forward to Rob's continued support as a consultant."

Mr. Adams has over 25 years of experience in corporate and operational finance having held a number of executive positions within biotech, including CFO roles at Anandia Laboratories Inc., Response Biomedical Corp., CellFor Inc., and AnorMED Inc. where he played a leading role in the sale of AnorMED to Genzyme for $580 million. He was also instrumental in the sale of Anandia in 2018 for $118 million. He is a Chartered Professional Accountant and received a Bachelor of Commerce from the University of British Columbia.

"I look forward to joining NervGen at this exciting time," said Mr. Adams. "The potential of the technology in spinal cord injury and conditions associated with nerve damage, such as multiple sclerosis and Alzheimer's disease, is compelling. I am delighted to have the opportunity to add significant value toward achieving the Company's mission to create innovative solutions that improve the lives of millions of patients suffering from spinal cord injury and nerve-related traumas and diseases."

The Company has granted 800,000 incentive stock options exercisable at a price of $3.13 per share for a period of 10 years. All options, which will vest over two years, have been granted in accordance with the policies of the TSX Venture Exchange and the Company's stock option plan.

About NervGen

NervGen is restoring life's potential by creating innovative solutions for the treatment of nerve damage and neurodegenerative diseases. The Company is developing drugs for the treatment of spinal cord injury, multiple sclerosis and Alzheimer's disease. NervGen's platform technology targets protein tyrosine phosphatase sigma ("PTPσ"), a neural receptor that impedes nerve repair. Inhibition of the PTPσ receptor has been shown to promote regeneration and remyelination of damaged nerves, as well as improvement of nerve function in animal models for various medical conditions.

For further information, please contact:

Huitt Tracey, Corporate Communications

c: 604.537.2094

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Such forward-looking statements and information herein include, but are not limited to, the Company's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, or any other future events or developments constitute forward-looking statements, including, without limitation, statements regarding advancement of NVG-291 toward clinical development and commercialization, the timing of human trials and regulatory approval. The words "may", "will", "would", "should", "could", "expect", "plan", "intend", "trend", "indication", "anticipate", "believe", "estimate", "predict", "likely" or "potential", or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.

Forward-looking statements are based on estimates and assumptions made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances. Many factors could cause the Company's actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including without limitation, a lack of revenue, insufficient funding, reliance upon key personnel, the uncertainty of the clinical development process, competition, and other factors set forth in the "Risk Factors" section of the Company's Prospectus, financial statements and Management Discussion and Analysis which can be found on SEDAR.com. All clinical development plans are subject to additional funding.

Readers should not place undue reliance on forward-looking statements made in this document. Furthermore, unless otherwise stated, the forward-looking statements contained in this document are made as of the date of this document, and the Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

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