ALGERNON PHRMCTCLS A INC - AGNPF STOCK NEWS

Algernon Pharmaceuticals' subsidiary, Algernon NeuroScience, has completed dosing of the third and final cohort in its Phase 1 study of an intravenous formulation of AP-188 (DMT). The highest dose maintained plasma DMT concentrations at targeted levels without safety issues. The company plans to publish the data and move on to a Phase 2 study for stroke and traumatic brain injury.

Algernon Pharmaceuticals Inc. has received a Notice of Allowance from the USPTO for its patent application 17/258,402, which pertains to the treatment of Non-Alcoholic Steatohepatitis (NASH) using its lead drug, NP-251 (Repirinast). This significant allowance covers compositions and methods for treating non-alcohol fatty liver disease, supported by data showing Repirinast reduced hepatic fibrosis by 57% and NAFLD scores significantly. The company emphasizes that Repirinast is also a candidate for chronic kidney disease due to its efficacy in reducing fibrosis. In addition, Algernon aims to protect its intellectual property through international patent applications. This is a milestone for Algernon's drug repurposing program, according to CEO Christopher J. Moreau.

Algernon Pharmaceuticals has completed dosing the second cohort in its Phase 1 clinical study of an intravenous DMT formulation, AP-188. The study aims to assess safety, tolerability, and pharmacokinetics of DMT when administered via prolonged infusion. Following safety review committee approval, the final cohort will begin dosing soon. The study plans to include up to 60 volunteers, both experienced and inexperienced with psychedelics. The company is also collaborating with experts to prepare for Phase 2 trials aimed at treating brain injuries. Algernon has patented new formulations of DMT for potential stroke-related applications.

On April 3, 2023, Algernon Pharmaceuticals announced that its subsidiary, Algernon NeuroScience, qualified its Form 1-A offering statement with the SEC for a Tier II Regulation A+ offering. AGN Neuro plans to offer up to 37.5% of its common shares, primarily to fund its Phase 1 DMT study and upcoming Phase 2a studies for stroke and traumatic brain injury. Shares will be priced at USD $1 each, with various bonus share incentives for larger investments. The DMT program is valued at USD $20 million, based on market comparisons. A digital marketing campaign for the offering is expected to launch in early May 2023.

Algernon Pharmaceuticals Inc. is conducting a rights offering to raise approximately $2,416,747. Shareholders will receive 9,666,988 rights based on a ratio of one right per share held as of the record date of March 29, 2023. Each right allows the purchase of one unit at $0.25, which includes one share and one warrant exercisable at $0.52 for 18 months. The offering is aimed at providing existing shareholders a significant discount to incentivize participation. Trading of rights is set to commence on March 28, 2023, with an expiration on April 27, 2023. Proceeds will be allocated for working capital and general corporate expenses.

Algernon Pharmaceuticals Inc. (CSE: AGN) (OTCQB: AGNPF) announced the appointment of Dr. David L. Brody as a consultant for its Traumatic Brain Injury (TBI) clinical research program involving DMT (AP-188). Dr. Brody, a board-certified neurologist with extensive experience in TBI, previously served at Washington University and was involved in the NFL's neurological player care program. His collaboration aims to enhance the understanding and treatment of TBI, focusing on neuroplasticity amidst the lack of approved pharmacological options. Algernon NeuroScience, a subsidiary of Algernon, is seeking to raise up to $10 million for advancing its DMT research through a Tier II Regulation A+ offering.