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Grey Matters Health Inc., formerly Algernon Health Inc. and Algernon Pharmaceuticals Inc., reports healthcare developments tied to its shift toward Alzheimer’s disease diagnostics and dedicated brain PET imaging. News for AGNPF has centered on NovaScan Neuroimaging Clinics, U.S. brain PET scanning center plans, CareMiBrain™ scanner technology, beta-amyloid detection, and clinical uses across dementia and other neurologic conditions.
Company updates also cover capital-structure actions, including name changes and share consolidation, equipment financing, service partnerships, clinic leases, and shareholder or governance matters. The company has also described Algernon NeuroScience’s regulated botanical wellness program involving a proprietary form of DMT and its equity interest in Seyltx, which is advancing Ifenprodil for chronic cough.
Algernon Pharmaceuticals (AGNPF) has received a USPTO notice of allowance for patent application 17/255,364 covering its lead chronic kidney disease (CKD) drug NP-251 (Repirinast). The patent, valid through 2038, covers Repirinast's use alone or combined with telmisartan for treating renal fibrosis or kidney disease.
The company already holds corresponding patents in Japan and China, with pending applications in Europe and Canada. The CKD market is projected to grow from $84.85 billion in 2025 to $109.95 billion by 2030, with a 5.32% CAGR.
Preclinical data showed Repirinast reduced fibrosis by 50.6% at 90 mg/kg dose, outperforming telmisartan (32.6% reduction) and cenicriviroc (31.9% reduction). The combination of Repirinast (30 mg/kg) with telmisartan (3 mg/kg) achieved a 54.2% fibrosis reduction with statistical significance.
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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