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In this new podcast, TDR Founder Shadd Dales interviewed Algernon Pharmaceuticals (OTC:AGNPF) CEO, Christopher Moreau. We dove into the company’s recent announcement involving a study trialing AP-188 (N,N-Dimethyltryptamine or DMT) for the treatment of Traumatic Brain Injury (TBI), which could demonstrate the drug’s healing effects by supporting recovery through the rewiring of brain functions.
(1/2) NEWS RELEASE: Algernon Pharmaceuticals is pleased to announce that its subsidiary, Algernon NeuroScience, has completed dosing of the first cohort in its Phase 1 clinical study of an intravenous formulation of DMT. pic.twitter.com/wBWcB6kgGE
— Algernon Pharmaceuticals (@AlgernonPharma) February 16, 2023
In regards for funding to advance AP-188 through the clinical trial process, Algernon has a credible plan to see it through. According to Mr. Moreau, the company plans on raising up to $10 million dollars through its subsidiary, Algernon Neuroscience, which in turn plans to raise via Tier-2 Regulation ‘A’ financing in the U.S.
Tier-2 Regulation ‘A’ financing refers to a type of offering of securities under Regulation A of the Securities Act of 1933. It provides an exemption from registration requirements for smaller offerings of securities, and Tier-2 offerings are a type of offering that allows for larger fundraising amounts.
Under Tier-2, issuers can raise up to $75 million in a 12-month period through the sale of securities to both accredited and non-accredited investors. These securities can include equity, debt, and convertible debt instruments. Issuers must provide offering circulars that are subject to SEC review and approval, and must also comply with ongoing reporting and disclosure requirements.
In addition, Algernon’s repurposes existing drugs which have already been approved for other indications, rather than starting anew. This approach can save time and money in the drug development process, as the safety profile of the drug has already been established.
One of its main drug candidates is called Ifenprodil, which is a repurposed drug that has been used for decades to treat circulatory disorders. Algernon Pharmaceuticals believes that Ifenprodil has potential therapeutic benefits for a range of pulmonary disorders, including Idiopathic Pulmonary Fibrosis, a lung disease that occurs when lung tissue becomes damaged and scarred.
Ifenprodil is also the most advanced of its pipeline drug candidates in the clinical trial process, with a Phase 2 pilot study completed and readout data expected in calendar Q3.
In addition, the company has two more drug candidates of note: NP-251 (Repirinast), a repurposed drug for the treatment of chronic kidney disease; and the aforementioned compound AP-188, its DMT version drug targeting stroke indications.
Posted In: AGNPF
