Algernon NeuroScience Appoints Validcare as CRO for its Phase 2a DMT Human Stroke Trial and Announces Validcare’s USD $170K Equity Investment
Rhea-AI Summary
Algernon NeuroScience has appointed Validcare as the Contract Research Organization (CRO) for its upcoming Phase 2a DMT stroke trial in Europe. The study, involving 40 stroke patients, is set to begin enrollment in Q3 2025. As part of the agreement, Validcare will invest US $170,000 in AGN Neuro through equity stakes, with investments staged throughout the study's progress.
The trial will be randomized, double-blind, and placebo-controlled. Validcare's CEO highlighted promising pre-clinical data showing DMT's effectiveness in reducing ischemic stroke damage and restoring motor function. Notably, approximately 85% of ischemic stroke patients are currently unable or ineligible for interventional treatment, emphasizing the potential significance of DMT in promoting neuroplasticity and brain recovery post-injury.
Additionally, AGN Pharma has cancelled 684,000 previously granted stock options with exercise prices between $1.03 to $8.75 and expiry dates from February 2025 to August 2027.
Positive
- Partnership with established CRO Validcare secured for Phase 2a trial
- Additional US $170,000 funding through Validcare's equity investment
- Pre-clinical data shows promising results in stroke damage reduction and motor function restoration
Negative
- Cancellation of 684,000 stock options indicates potential internal restructuring
- Trial enrollment not starting until Q3 2025, indicating extended timeline for results
News Market Reaction 1 Alert
On the day this news was published, AGNPF gained 10.98%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, British Columbia, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Algernon Pharmaceuticals Inc. (the “Company” or “AGN Pharma”) (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF), a Canadian clinical stage pharmaceutical development company, is pleased to announce that its wholly owned subsidiary, Algernon NeuroScience (AGN Neuro), has appointed Validcare as the contract research organization (“CRO”) for the Company’s upcoming randomized, double-blind, placebo-controlled Phase 2a DMT study of 40 stroke patients in Europe. The study is expected to begin enrolling patients in Q3 of 2025. Validcare is a leading U.S. based full service CRO with experience across a wide range of therapeutic indications.
AGN Neuro is also pleased to announce that as part of being appointed the CRO, Validcare has agreed to invest US
Validcare CEO Patrick McCarthy said, “We are very excited to be working with Algernon Neuro on their upcoming, ground-breaking Phase 2a DMT stroke study and we are very pleased to become an investor, as it aligns incentives for us to finish our work on-time, on-budget and with high data integrity. The pre-clinical data shows that DMT is very effective in reducing the damaged area caused by an ischemic stroke as well as restoring almost full motor function and we look forward to observing whether animal data will translate in the upcoming human study.”
“We are very pleased to have appointed Validcare for this very important study, welcome their investment support, and look forward to finalizing our study plans,” said Christopher J. Moreau, CEO of Algernon. “About
AGN Pharma also announces that it has cancelled an aggregate of 684,000 stock options previously granted to officers, directors and consultants. These stock options have fully vested and had exercise prices ranging between
About Validcare
Validcare is a high-performance Contract Research Organization (CRO) uniquely skilled at de-risking the execution of clinical studies for pharma, biotech and medical device companies, spanning all therapeutic areas. Its revolutionary approaches give sponsors unmatched visibility and control to complete studies on time, on budget, and with high data integrity. Founded by experts with more than 30 years of executive-level industry experience, Validcare is a trusted advisor and strategic business counsel to its sponsor clients, helping to bring life-changing products to market.
For more information, visit: https://validcare.com/
About Algernon Pharmaceuticals Inc.
Algernon Pharmaceuticals is a Canadian clinical stage pharmaceutical development company investigating multiple drugs for unmet global medical needs. Algernon Pharmaceuticals is also the parent company of a private subsidiary called Algernon NeuroScience, that is advancing a psychedelic program investigating a proprietary form of sub-psychedelic DMT for stroke and traumatic brain injury.
CONTACT INFORMATION
Christopher J. Moreau
CEO
Algernon Pharmaceuticals Inc.
604.398.4175 ext 701
info@algernonpharmaceuticals.com
investors@algernonpharmaceuticals.com
www.algernonpharmaceuticals.com.
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Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
CAUTIONARY DISCLAIMER STATEMENT: No Securities Exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to the closing of a private placement, product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
FAQ
When will Algernon's (AGNPF) Phase 2a DMT stroke trial begin enrollment?
How much is Validcare investing in Algernon NeuroScience (AGNPF)?
How many patients will be included in AGNPF's Phase 2a DMT stroke trial?
What percentage of ischemic stroke patients could potentially benefit from AGNPF's DMT treatment?
How many stock options did AGNPF cancel and at what price range?
