Algernon Pharmac Stock Price, News & Analysis

Algernon Pharmaceuticals has appointed James Kinley as the new Chief Financial Officer (CFO), effective December 1, 2021. Kinley, a Certified Professional Accountant with over 15 years of experience, previously served as CFO for Medicure Inc. for nearly a decade. The CEO, Christopher J. Moreau, expressed confidence in Kinley’s expertise to help execute the company's ambitious business plan amid a growing pipeline of research programs. The company also acknowledged departing CFO Mike Sadhra for his contributions.

Algernon Pharmaceuticals has received favorable feedback from the U.S. FDA during its pre-IND meeting for NP-120 (Ifenprodil) aimed at treating small cell lung cancer (SCLC). The company plans to bypass additional pre-clinical research and will proceed with filing an IND application to initiate a Phase 1 clinical study. The FDA's guidance aids in protocol design for the study. Algernon intends to apply for orphan drug designation for Ifenprodil in SCLC treatment, aiming to expedite investigations into this potentially non-toxic cancer therapy.

Algernon Pharmaceuticals Inc. will consolidate its Class A common shares on a 100:1 basis, effective November 24, 2021. Following this consolidation, approximately 1,678,809 common shares will be outstanding. The company aims to meet Nasdaq Capital Market listing requirements, and the listing remains subject to regulatory approval. The name and trading symbol will not change, but new CUSIP and ISIN numbers will be assigned. Shareholder instructions for certificate submissions during the transition will be provided.

Algernon Pharmaceuticals has received positive feedback from the UK MHRA regarding its Phase 1/2a stroke study utilizing AP-188 (DMT). The Company plans to file a Clinical Trial Authorization and is considering DMT for acute stroke treatment. The study aims to investigate DMT's efficacy as both a primary treatment and an adjunct for rehabilitation. Conducted at Hammersmith Medicines Research in London, the trial is scheduled to commence in January 2022.

Algernon Pharmaceuticals announced plans to consolidate its Class A common shares on a 100-to-1 basis, aiming to have approximately 1,678,809 shares outstanding post-consolidation. This move is intended to assist in meeting the listing requirements for the Nasdaq Capital Market, pending approval. The consolidation is subject to acceptance from the Canadian Securities Exchange. A formal letter will be sent to registered shareholders outlining the exchange process for new share certificates. The effective date of the consolidation will be released after CSE approval.

Algernon Pharmaceuticals Inc. (CSE: AGN) (OTCQB: AGNPF) announced the successful results of a preclinical study on DMT, demonstrating a 40% increase in neuron outgrowth at a sub-hallucinogenic dose over a 6-hour treatment period. Conducted by Charles River Laboratories, the study confirmed that DMT outperformed ketamine at similar doses. The final analysis on the mechanisms of DMT's effects is expected by the end of November 2021. Algernon is progressing towards a Phase 1 clinical study for stroke treatment using DMT.

Algernon Pharmaceuticals Inc. (CSE: AGN, OTCQB: AGNPF) announced a CAD$2M cash payment from a refundable tax credit program linked to its clinical research in Australia. This boosts its working capital to approximately CAD$3.5M. Additionally, the company has submitted an application to list its common shares on the Nasdaq Capital Market, pending approval. CEO Christopher J. Moreau highlighted the potential benefits of moving to a U.S. national exchange, which may improve valuation and attract new investors familiar with pharmaceutical development.

Algernon Pharmaceuticals Inc. (CSE: AGN, OTCQB: AGNPF) has filed a scientific advice meeting request with the UK's MHRA for a Phase 1/2a stroke study involving DMT, a psychedelic compound. The planned CTA application is set for Q4 2021. The study aims to assess safety and pharmacokinetics of DMT and its potential as an adjunctive treatment with Constraint-Induced Movement Therapy for stroke patients. Notably, preclinical trials indicated a 40% increase in cortical neuron growth using a sub hallucinogenic dose of DMT.

Algernon Pharmaceuticals Inc. (OTCQB: AGNPF) has filed a pre-IND meeting request with the U.S. FDA for its NP-120 (Ifenprodil) aimed at treating refractory chronic cough. This potential first-in-class treatment shows promising trends from an interim analysis of its ongoing Phase 2 study in Australia and New Zealand. Results revealed a significant reduction in cough counts after 12 weeks. Depending on FDA feedback, the U.S. Phase 2 study could begin in Q2 2022. Chronic cough, affecting 10% of adults, currently has no approved therapies.