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Algernon Pharmaceuticals Inc. (symbol: AGNPF) is a Canadian clinical stage pharmaceutical development company dedicated to advancing treatments for unmet global medical needs. The company operates multiple research programs targeting chronic kidney disease, chronic cough, and non-alcoholic steatohepatitis (NASH). Algernon is also the parent company of Algernon NeuroScience, a subsidiary focused on the investigation of a proprietary form of psychedelic DMT for stroke and traumatic brain injury.
Recently, Algernon has achieved significant milestones, such as receiving a notice of intention to grant a patent from the Chinese Patent Office for its antifibrotic drug candidate NP-251 (Repirinast). This patent, which will be valid through 2038, enhances the global protection of the company's intellectual property. Another notable development includes the sale of its NP-120 (Ifenprodil) research program to Seyltx Inc. for USD $2 million and a 20% equity stake in Seyltx. Ifenprodil targets chronic cough by inhibiting NMDA receptors, and Seyltx is set to advance it through a Phase 2b clinical trial.
Algernon is also making strides with its DMT stroke research program under Algernon NeuroScience. The company plans to proceed with a Phase 2a study investigating the neuroplasticity effects of DMT in stroke patients. This program represents a pioneering effort to explore the potential of psychedelics in promoting brain recovery post-stroke.
Financially, Algernon has secured multiple patents in various markets, including Japan, Canada, Europe, and the United States, for its lead candidates. The company's forward-looking strategy involves robust intellectual property protection, strategic partnerships, and focused clinical trials.
In addition to its clinical advancements, Algernon has engaged ICP Securities Inc. for automated market making services to enhance liquidity and market presence. The company actively communicates with investors and stakeholders, as evidenced by planned special CEO interviews and Q&A sessions.
Algernon Pharmaceuticals is committed to developing effective treatments through rigorous research and strategic collaborations, positioning itself as a leader in innovative pharmaceutical solutions.
Algernon Pharmaceuticals Inc. (CSE: AGN, OTCQB: AGNPF) has closed its non-brokered private placement, raising gross proceeds of $408,000. The offering consisted of units priced at $0.12 per unit. Notably, company insiders participated in the offering, contributing $77,760. This insider participation is considered a 'related party transaction' under MI 61-101, but the company is exempt from certain requirements due to the transaction's size. Algernon paid $5,376 in cash finder's fees and issued 44,800 finder's warrants. The company plans to use the proceeds for working capital purposes.
Algernon Pharmaceuticals (CSE: AGN, OTCQB: AGNPF) has increased its non-brokered private placement from $250,000 to $408,000. The offering consists of units priced at $0.12, each comprising one common share and one purchase warrant. Warrants are exercisable at $0.24 per share for 2 years, subject to acceleration if the stock price exceeds $0.36 for 20 consecutive trading days. The closing date is set for August 1, 2024. Proceeds will be used for working capital. The company may pay cash finder's fees and issue finder's warrants up to 8% of the proceeds and units for introduced investors. Securities will have a 4-month hold period and are not registered under the U.S. Securities Act.
Algernon Pharmaceuticals (CSE: AGN, OTCQB: AGNPF) reports significant results from a study on ifenprodil for cough suppression. The multi-dose study, conducted by Seyltx, showed a 93% reduction in median cough count in guinea pigs. Seyltx, which acquired Algernon's ifenprodil research program for $2M USD and a 20% equity position, plans to begin patient enrollment for the SILINDA Phase 2b study in early 2025.
Ifenprodil, an NMDA receptor antagonist, achieved near-complete cough suppression at a 30 mg/kg dose. The upcoming SILINDA Phase 2b study will evaluate ifenprodil's efficacy in approximately 240 adults with refractory chronic cough (RCC), with expected treatment arms of 40 mg, 80 mg, and 120 mg TID. Topline data from SILINDA are anticipated by the end of 2026.
Algernon Pharmaceuticals (CSE: AGN, OTCQB: AGNPF), a Canadian clinical-stage pharmaceutical company, has engaged ICP Securities Inc. to provide automated market making services using its proprietary algorithm, ICP Premium™. ICP will be paid CDN $7,500 per month for a three-month initial term, automatically renewing monthly unless canceled with 30 days' notice. ICP will manage supply and demand imbalances of AGNPF shares without third-party funding. Additionally, Algernon has granted 425,000 restricted share units (RSUs) to an employee and a consultant, vesting immediately upon grant and subject to regulatory approval.
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