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.
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.
Algernon Pharmaceuticals Inc. (CSE: AGN, OTCQB: AGNPF) announced a four-for-one forward share split effective March 3, 2023, aimed at increasing liquidity. The current total of 2,413,431 Common Shares will rise to approximately 9,653,724 following the split. The CUSIP number will remain unchanged, and shareholders of record as of March 6, 2023, will receive DRS statements for the additional shares. Algernon is focused on drug development for unmet medical needs, with active programs in areas like chronic cough, chronic kidney disease, and innovative psychedelic research for neurological injuries.
Algernon Pharmaceuticals (CSE: AGN, OTCQB: AGNPF) announces a new clinical research program for Traumatic Brain Injury (TBI) using DMT (AP-188). The company aims to be the first to test DMT for TBI in humans, with a Phase 2 trial slated for Q4 2023. AGN Neuro has an ongoing Phase 1 DMT study in the Netherlands, having received positive safety assessments to move ahead. Key decisions for this program leverage DMT's neuroprotective qualities, with a focus on improving recovery in TBI patients. The company has appointed TBI expert Dr. Andrew Maas as a medical advisor to lend expertise to the research initiative, signaling commitment to addressing unmet needs in TBI treatment.
Algernon Pharmaceuticals Inc. (CSE: AGN) announced the successful completion of the first cohort dosing in its Phase 1 clinical study of intravenous AP-188 (DMT) at the Centre for Human Drug Research in the Netherlands. The safety review committee approved advancing to the next cohort due to no reported safety issues. This study aims to evaluate the safety, tolerability, and pharmacokinetics of DMT, a psychedelic compound, over an unprecedented 6-hour infusion. Following this phase, the subsequent study will involve dosing 60 healthy volunteers. Algernon is developing a sub-psychedelic DMT application for acute stroke treatment.
Algernon Pharmaceuticals has announced the initiation of a Phase 1 clinical trial for its intravenous formulation of AP-188 (DMT) in the Netherlands, aimed at evaluating its safety and pharmacokinetics. The trial, conducted at the Centre for Human Drug Research, involves up to 60 healthy volunteers and explores the potential neuroregenerative effects of DMT, particularly its role in stroke recovery. The study will assess biochemical markers and neuroplasticity-related measures. Data from this trial is anticipated by Q3 2023, which will inform the subsequent Phase 2 studies targeting ischemic stroke patients.
Algernon Pharmaceuticals Inc. (OTCQB: AGNPF) has appointed Dr. Peter Dicpinigaitis as a medical consultant for its chronic cough research program. Dr. Dicpinigaitis, an authority on cough management and the founder of the Montefiore Cough Center, will advise on a planned Phase 2b study involving 180 patients for NP-120 (Ifenprodil). The global chronic cough market is anticipated to grow from USD $6.15 billion in 2021 to USD $11.38 billion by 2029, indicating significant potential for effective treatments in this area.
Algernon Pharmaceuticals has announced a 180-patient Phase 2b clinical study of Ifenprodil for chronic cough, set to begin in Q3 2023. This novel treatment targets NMDA receptor subunit 2B to suppress cough urges. The decision follows positive Phase 2a data showing significant reductions in cough counts. The trial will assess Ifenprodil's efficacy and safety, with results expected to inform future regulatory pathways. The global chronic cough market could grow from USD $6.15B in 2021 to USD $11.38B by 2029, indicating strong potential for Ifenprodil.
Algernon Pharmaceuticals Inc. (OTCQB: AGNPF) has launched a new wholly-owned subsidiary, Algernon NeuroScience, to focus on its psychedelic DMT stroke program, valued at USD $20M. An asset transfer and management agreement for the DMT assets has been completed, with plans to raise up to USD $10M through a Reg A+ offering, selling 37.5% of AGN Neuro's shares. AGN Neuro aims to commence a Phase 1 and 2a DMT stroke study in Q4 2023, with potential future IPO plans contingent on study outcomes. AGN Pharma will continue to update on its broader research strategies shortly.