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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. 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.
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