Algernon Pharmaceuticals Inc. (AGN:CSE; AGNPF:OTCQB; AGW:FSE) summarized in a news release its primary clinical and corporate activities of 2020.
As for its COVID-19 clinical research program, the company filed for and received approval of its investigational new drug application from the U.S. Food and Drug Administration for a multinational Phase 2b/3 COVID-19 study of Ifenprodil. Patient enrollment began in early August and was completed by November's end. On Dec. 15, 2020, Algernon "reported, in a descriptive format, positive trending interim data for the Phase 2b part of the Company's Ifenprodil COVID-19 study." Subsequently, on Dec. 24, it announced that the last trial patient was treated and reached the end of the required two-week follow-up period.
In addition, the first patient of Algernon's Phase 2, multisite study of Ifenprodil in idiopathic pulmonary fibrosis and chronic cough was dosed in August in New Zealand, and trial enrollment as of Oct. 15, 2020, was at 25%. The study is ongoing, at three Australia and two New Zealand sites.
"While we have made significant progress this past year aggressively advancing our repurposed drug compound Ifenprodil, by initiating two Phase 2 clinical trials and accomplishing additional related goals and milestones, we are planning for an even more active 2021," CEO Christopher J. Moreau said in the release.
With respect to finances, Algernon most recently, in November, received a refundable CA$600,000 tax credit from its clinical research work in Australia. This covered 40% of allowable expenses refunded from the company's clinical trial.
Earlier, in May, Algernon "closed a private placement offering of special warrants of the Company and issued 19,605,285 warrants at a price of CDN$0.35 each, for aggregate gross proceeds of approximately CDN$6,861,849.00 (the Company filed a prospectus shortly thereafter to qualify the 19,605,285 special warrants issued, with each special warrant converted into one common share and one common share purchase warrant at $CDN.55)." In February, the biopharma closed a nonbrokered private placement in which it issued 18,304,939 units and raised CA$1,555,919 in gross proceeds. "Each Unit was comprised of one Class A common share (a "Share") and one Share purchase warrant. Each whole warrant will entitle the holder to acquire one additional Share at a price of CDN$0.12 per Share," the company reported.
During 2020, Algernon appointed Dr. Jacky Smith and Dr. Mark Swaim to its Medical and Scientific Advisory Board, Howard Gutman to its newly created Business Advisory Board, and CEO Moreau to its board of directors.
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