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Shares of Algernon Pharmaceuticals have been halted at the request of the company pending news! $AGNPF
Algernon Pharmaceuticals Announces up to $5.0 Million Private Placement Offering of Special Warrants $AGNPF
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
VANCOUVER, British Columbia, April 30, 2020 (GLOBE NEWSWIRE) -- Algernon Pharmaceuticals Inc. (CSE:AGN) (AGW.F) (BTHCF) (“Algernon” or the “Company”), a clinical stage pharmaceutical development company, is pleased to announce that it has entered into an agreement with Mackie Research Capital Corporation, as sole agent and sole bookrunner (the "Agent"), in connection with a marketed best efforts private placement offering (the “Offering”) of special warrants of the Company (“Special Warrants”) at a price of $0.40 per Special Warrant, for gross proceeds of up to $5,000,000.
Each Special Warrant shall be exercisable, for no additional consideration at the option of the holder, into one unit of the Company (each, a "Unit"), with each Unit being comprised of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a “Warrant Share”) at an exercise price of $0.60 per Warrant Share for a period of 24 months after Closing (the “Expiry Date”), subject to acceleration of the Expiry Date as described below.
If, at any time after the Qualification Date (as defined below) and prior to the Expiry Date, the volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (the “Exchange”), or other principal exchange on which the Common Shares are listed, is greater than $1.00 for 10 consecutive trading days, the Company may, within 15 days of the occurrence of such event, deliver a notice to the holders of Warrants accelerating the Expiry Date to the date that is 30 days following the date of such notice (the “Accelerated Exercise Period”). Concurrent with the giving of such notice, the Company will also issue a press release disclosing the Accelerated Exercise Period. Any unexercised Warrants shall automatically expire at the end of the Accelerated Exercise Period.
The Company has granted the Agent an option (the "Over-Allotment Option") to purchase up to 15% of the number of Special Warrants issued pursuant to the Offering to cover any over-allotments, exercisable at any time 48 hours prior to the Closing (as defined herein) of the Offering.
The net proceeds raised under the Offering will be used for ongoing research, clinical trials, working capital and general corporate purposes.
As soon as reasonably practicable after the Closing (as defined herein), the Company will use its reasonable commercial efforts to prepare and file with each of the securities regulatory authorities in each of the provinces of Canada, other than Quebec, in which the of Special Warrants are sold (the “Jurisdictions”) and obtain a receipt for, a final short form prospectus (the “Final Prospectus”), qualifying the distribution of the Units underlying the Special Warrants, in compliance with applicable securities law, within thirty five (35) days from the Closing of the Offering.
In the event that the Company has not received a receipt for the Final Prospectus within thirty five (35) days following the Closing, each unexercised Special Warrant will thereafter entitle the holder thereof to receive upon the exercise thereof, at no additional consideration, one-and-one-tenth (1.10) Unit (instead of one Unit) and thereafter at the end of each additional thirty (30) day period prior to the Qualification Date (as defined below), each Special Warrant will be exercisable for an additional 0.02 of a Unit.
All unexercised Special Warrants will automatically be exercised on the day (the “Qualification Date”) that is the earlier of (i) four (4) months and a day following Closing of the Offering, and (ii) the 3rd business day after a receipt is issued for the Final Prospectus.
The Agent will receive an aggregate cash fee equal to 8.0% of the gross proceeds from the Offering, including in respect of any exercise of the Over-Allotment Option, subject to a reduced fee of 4% for up to $500,000 of Special Warrants issued to President’s list purchasers. In addition, the Company will grant the Agent, on date of Closing, non-transferable compensation options (the “Compensation Options”) equal to 8% of the total number of Special Warrants under the Offering (including in respect of any exercise of the Over-Allotment Option), subject to a reduction for President’s list purchasers. Each Compensation Option will entitle the holder thereof to purchase one Unit (a “Compensation Option Unit”) at an exercise price per Compensation Option Unit equal to the Offering Price for a period of 24 months after the Closing Date (as defined herein).
The Company will use commercially reasonable efforts to obtain the necessary approvals to list the Common Shares, Warrant Shares, and Common Shares issuable on the exercise of the Compensation Option Units on the Exchange on the Closing Date and the date of the issuance of the underlying Warrant Shares, respectively.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Exchange, and the entering into of an agency agreement between the Company and the Agents. Closing of the Offering is expected to be on or about the week of May 12, 2020 (the "Closing Date" or “Closing”).
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
About Algernon Pharmaceuticals Inc.
Algernon is a drug re-purposing company that investigates safe, already approved drugs for new disease applications, moving them efficiently and safely into new human trials, developing new formulations and seeking new regulatory approvals in global markets. Algernon specifically investigates compounds that have never been approved in the U.S. or Europe to avoid off label prescription writing.
Algernon has filed new intellectual property rights globally for NP-120 (Ifenprodil) for the treatment of respiratory diseases and is working to develop a proprietary injectable and slow release formulation.
Contact Information:
Christopher J. Moreau
CEO
Algernon Pharmaceuticals Inc.
604.398.4175 ext 701
info@algernonpharmaceuticals.com
investors@algernonpharmaceuticals.com
www.algernonpharmaceuticals.com
NEW PR: Algernon Pharmaceuticals Announces up to $5.0 Million Private Placement Offering of Special Warrants
https://finance.yahoo.com/news/algernon-pharmaceuticals-announces-5-0-213701355.html
$AGNPF
Not a bad chart here overall. More uptrend coming up. $AGNPF
$AGNPF on my top 3 ones to BUY and HOLD
Its actually nice to get in at these nice low levels before engine really starts to enter power hour $AGNPF
Taking advantage of this dip. It would be bounce back again imo
$AGNPF
This is on my radar BIG time $AGNPF
Looks like $AGNPF is ready for a strong rally here imo
We had HUGE PR yesterday: Algernon Receives Clearance from Health Canada for Ifenprodil COVID-19 Phase 2b/3 Multinational Clinical Trial $AGNPF
https://finance.yahoo.com/news/algernon-receives-clearance-health-canada-190934666.html
gm everyone $AGNPF
GREAT NEWS HERE: Algernon Receives Clearance from Health Canada for Ifenprodil COVID-19 Phase 2b/3 Multinational Clinical Trial https://finance.yahoo.com/news/algernon-receives-clearance-health-canada-190934666.html $AGNPF
Big upside here possible for anyone paying attention. $AGNPF
Just a reminder, Algernon has managed to climb over 200% this year so far. $AGNPF
yupp...on the Next big development we see this go to dollar land. $AGNPF
This has been outstanding biotech play so far! $AGNPF
About BioPub
BioPub.co is a biotech investment discussion website. Our goal is to be the secret weapon and unfair advantage of every subscriber. What you will find is an education including interviews others don't get and presence at meetings others don't bother to attend. We promote what we consider best in class companies and follow them closely to ensure that management is executing their business plan faithfully and that development trials proceed as expected. We leverage the knowledge brought to the table by our professional members to see if the products being brought to market make sense financially in a world whose rules are changing daily.
$AGNPF
“The Science of Ifenprodil” on a special BioPub webcast today April 29th, 2020 hosted by Dr. KSS, MD, PhD at Noon EDT. The Company invites interested shareholders, investors, members of the media and the public to log on for a complimentary webcast of the interview.
$AGNPF
There’s fundamental risk when investing at the early stages of any company, but there is also the potential of GREAT REWARD. $AGNPF
Agree with you joop, this corona play has only just begun to gain exposure. But it won’t stay “unknown” for long imo. $AGNPF
What got me hooked with this biotech play they have a repurposed drug that is already proven safe and has a legit shot at being effective in treating #COVID19. $AGNPF
I'm very pumped to watch this story unfold. They have already submitted their application to Health Canada for Phase 2b/3 Multinational Clinical Trial. $AGNPF
Profit!!! This has all aided in the growing interest around the company as Algernon has managed to climb over 200% this year so far. $AGNPF
all the indicators here point to a strong and sustained rally on the way. $AGNPF
Nice to see the way the market is slowly digesting the news here lately $AGNPF
Everyone needs to mark their calender $AGNPF
Next big development we see this go to $1.50. $AGNPF
This biotech company have begun implementing human trial options for find coronavirus vaccines Great for $AGNPF
$AABB SHARE STRUCTURE
Issued & Outstanding Share: 339,540,968
Restricted Shares: 308,938,667
Free-Trading Shares: 30,602,301
Authorized Shares: 1,000,100,000
good morning
We'll see the fruit of all these recent approval from the Ministry of Food and Drug Safety in South Korea very soon, as well as ethics approval, for an investigator-led, Phase 2 COVID-19 clinical study of its re-purposed drug NP-120 (Ifenprodil). $AGNPF
Keeping this one in my top 3 buys this month $AGNPF
Anything under a buck here should pay off nicely $AGNPF
Stellar news from $AGNPF last week is just starting to permeate market awareness here.
“This first human trial of Ifenprodil in COVID-19 patients is a major step forward with our new acute lung injury clinical research program,” said Christopher J. Moreau CEO of Algernon. “Positive Phase 2 data would be an important milestone as we continue to investigate Ifenprodil’s therapeutic potential as a treatment for COVID-19, in addition to advancing our idiopathic pulmonary fibrosis and chronic cough program.”
added some .34s on a whack $AGNPF
Nice green opening here $AGNPF
GM evil. What this allows the company to achieve is the means to get treatments to the “finish line” potentially sooner than a novel type of treatment. The repurposed compounds typically have a lower risk of failing in human trials as a result of safety issues. It’s also a more capital efficient model as the science behind new therapies can cost hundreds of millions of dollars in many cases. $AGNPF
https://finance.yahoo.com/news/algernon-receives-regulatory-ethics-approval-113010577.html
yahh but we can't denied the force is getting stronger here. next week will be better $AGNPF
the next big development i'm convince we could see this go up to $1.50. $AGNPF