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CEO Chris Moreau also mentioned that 50% of the bought shares from PP were from "institutional investors" - that's about 3.5 million raised capital from banks, investment firms etc.
Bodes well and shows confidence in what Algernon is doing. Should be getting some news soon regarding FDA IND submission, Australian ethics approval - lots to look forward to.
Regarding your third point about IPF and CC trial in Australia. The company did make mention that enrollment for this would start in late June.
And in regards to FDA submission:
“The Algernon team is working hard to finalize the U.S. FDA IND application and will be updating the market on its progress shortly.”
This was stated in today's news release.
Also thanks to AMG for the sound breakdown and bringing the real facts as always.
Hope everyone is well.
Nice eye TCM. Looks like preparation of U.S FDA submission is in the works too.
Pretty soon Ifenprodil COVID 19 trials for:
South Korea
Canada
Australia
USA
That's soon to be 4 separate trials in 4 countries committed to the effort of repurposing this drug to treat COVID 19. An international endeavor so pending positive data the drug would be widely accepted internationally - if this is not indicative of Algernon's faith in the drug I don't know what is. What I find very interesting is the fact they are getting multiple trials underway without awaiting data from 1 trial first. Running 4 trials is not cheap and that seems like a lot of money to be committing towards a drug on simply just a "hunch".
My interpretation is that they know more than they can say without actual scientific data to support their claim. Hence they are all in and it shows.
GLTA and DYODD
May I kindly request that we keep the posts here thoughtful and relavent to the company. Let's also try using current facts as a basis for discussion if possible.
Creating new aliases just to post here or to have conversations with yourself. Cluttering the board with nothing to offer other than "I'm selling" or "fake news". Asking questions and receiving answers to your questions then moving on to posting other random articles in an effort to try and discredit a stock is not proper etiquette.
Algernon is releasing news and updating shareholders with regards to repurposing Ifenprodil for IPF, CC and now COVID 19. This drug has existed since the 70's so of course you will find older material regarding its study.
If you have something of value to add great let's keep the dialogue open. If you have no vested interest in the company and are only here to antagonize posters who are actually here to seek out real relevant information behind this company then I suggest you do something more constructive with your time. Let's try and conduct ourselves accordingly and be respectful of one another.
No it's not there but Novotech tweeted this back on March 23rd.
BioSpace: #Algernon Appoints #Novotech as #CRO For Phase 2 #Coronavirus Ifenprodil Trial in Asia-Pacific #covid19 #biotech #clinicaltrials https://t.co/n6Wxis2cel pic.twitter.com/QOEH0KGJwp
— Novotech (@novotechCRO) March 24, 2020
+1 Well said
Makes sense. Well the exact figure is $861,849 so that would be roughly 14.36% which aligns with your 15% figure.
Either way good sign imo.
Also let's touch on this over allotment for a moment.
They were only supposed to raise 6 million. Ended up raising 6.8 million. What this tells me is there were alot of investors eager to be part of this and they had no trouble filling it. Just my perspective.
I'm confused Shell. Are you implying that the purpose of the private placement was so friends and family could gather their shares back?
See it was my understanding they were trying to raise capital to commence multiple clincal trials. Just trying to understand clearly.
An extra 800K as the over allotment option was exersised - so as per my old post here. The person who tried to subscribe to the PP through his broker and was unable to do so due to it being "oversubscribed" was in fact correct.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=155491674
Article from major BC media outlet The Province
https://theprovince.com/news/covid-19-four-b-c-groups-part-of-health-canadas-fight-to-find-a-treatment/wcm/7b54c2e5-19a6-4374-b0cb-d1864572e371
Health Canada Covid 19 Trial List
https://www.canada.ca/en/health-canada/services/drugs-health-products/covid19-clinical-trials/list-authorized-trials.html
Just going to leave this here again.
Silence is golden. God speed AGNPF.
Algernon Trial Outline
https://trialbulletin.com/lib/entry/ct-04382924
And as I mentioned a few posts ago Algernon received a mention from a very credible Canadian news source alongside with other companies who have already recieved C19 grant funding from the government. 2020 vision. We are coming to heal the world :) - 4 weeks to Korean data pending no delays and phase 2b Canadian trials soon to be announced once PP closes. Talk to you in June.
EOM
Algernon recieves a recent mention in The Province. Which is one of two major daily newspapers in British Columbia:
https://theprovince.com/news/covid-19-four-b-c-groups-part-of-health-canadas-fight-to-find-a-treatment/wcm/7b54c2e5-19a6-4374-b0cb-d1864572e371
This is formal acknowledgement from a credible source that we are very much a part of this fight. GLTA
Okay thanks for that. Hope all is well. I hope we continue to progress and AMG makes his triumphant return to the board in due course.
In the interim, latest news on the COVID 19 front from South Korea:
https://www.aa.com.tr/en/asia-pacific/south-korea-detects-new-covid-19-cluster/1833619
https://ca.finance.yahoo.com/amphtml/news/latest-china-touts-assistance-fighting-063235548.html
Obviously not a massive reason to be alarmed nor is it a good thing but with the health department there now on high alert the timing of this for Algernon appears to be in their favour. This small but new cluster happening simultaneously as Algernon's first patient enrollment there.
Looking forward to a swift and successful trials there as we prepare to get underway here in Canada as well. Have a great weekend everyone :)
The PP might be now closed.
Was sifting through the trash at Stockhouse lol
One guy said he tried to add to the amount of the PP that was allotted to him through his broker and was informed he no longer has access to do so and that the PP was "oversubscribed" - I know I know it's SC but he seemed serious about it. Not sure what he'd have to gain by saying that either. Again this is all just speculative rumour but we may have an announcement of its closure soon.
I don't think it's going to be a buckle up day Smoki - just going to be the normal trading fluctuations. It's all good patience is a virtue here.
First patient dosing will bring about more attention definitely but again nothing will move this other than actual real life data. Step by step. One foot in front of the other as we continue
Great article drt! Thanks for sharing that. Looks like we are garnering some hometown exposure in B.C. Awesome
Better luck next time stockgroup cashbling stocksnbonds etc or whoever else shows up here with one liners. Nobody falling for your click bait :)
Anyways lol hope everyone on the board is having a lovely day.
Refreshing to hear about the IPF and CC ethics approval in Australia. Enrollment begins in June. Another trial in the works with high potential to yield valuable data. Currently no CC drug on the market and only Bellus Health has a drug in phase 2 trials. Their trials are currently on hold for obvious reasons. Everything is going swimmingly and things continue to unfold for Algernon.
Cash on deck to ensure funding is there without waiting on grants or government handouts. I would take a private placement and ensure we keep our timelines every day of the week than to slow down our progress and wait for governments to see our true potential and give us funding. The latter is way too risky in losing momentum in this fight. Positive phase 2 COVID 19 data readouts in multiple countries? You better believe that if and when that happens money will be thrown and hurled at us from a myriad of directions.
Go Chris and Mark! Keep up the solid work. We are on the home stretch here guys.
While I can understand some of the sentiment here shared regarding the Bullrun history and wounds still not fully healed from the Breathtec days. I was around for those times to an extent but was never fully invested then so I understand probably to a degree higher than the masses here.
Those were dark times indeed. I, on the other hand believe that we have emerged past those times and our future is still bright. Obviously there are still remnants of share manipulation to drum up some of those old feelings I truly believe we are transcending towards something greater.
The fact that we are all pointing to Kal as the reason for the amendment to the PP is still sheer speculation. For all we know Mackie called up the guys and offered more money but on slightly better terms and management reluctantly accepted. I mean an extra million right before trials get underway couldn't hurt the balance sheet.
The timing of the PP from an investment firm perspective is really like a last chance to get in at these levels before we begin to get a slew of good news releases to drive up the price. And yes, us investors may undergo some further dilution because of it but if that sacrifice is made to acquire multi billion dollar data and save lives globally is that not worth it? End of day Algernon is not doing these trials to make us money. They are doing it to save lives and aid the world. That's why they are working around the clock. Not for our benefit. Saving lives globally would equate to money in our pockets but I don't want to lose sight of why I am here.
I am here because I feel as though Algernon is onto something truly great and life altering. Should that path lead me to financial abundance so be it but at least I can say I was part of the effort to fight this pandemic.
I understand the frustration here. I really do. And I have learned much from alot of you. So thank you. I hope we can get back to the positive vibes on the board and help manifest a real life treatment into existence.
Peace and much love y'all!
Thanks GG. Very good post and I can appreciate your analogy about the train. I believe I will crack that beer right about now lol - Cheers!
May 8th. EOM
Listen to your gut then. There's the door lol matter fact let me hold it open for you
Someone also made mention that Mackie probably wanted them to amend the deal and Algernon was obviously willing to play ball.
Another million in cash to fund trials? Sure no problem. From management perspective could not hurt to have more cash on hand to get us to the finish line and Mackie clearly wanted a bigger slice of the pie.
Whose willing to throw 6 million around in unstable economic times. Someone who knows something is brewing that's who.
GLTA
Meh.. this will all be of no consequence once SK trials underway, announcement of Canadian phase 2B trials date, US FDA phase 2 trial submission etc etc - you guys can see it for yourself. We are on a very short list for Health Canada regarding COVID 19 trials. This is not a hoax. It's interesting how 5 cents can shake a lot of people's resolve with regards to their belief in Algernon's goal here.
Maybe this is a ploy for insiders to gain back their shares. If so, who cares? They clearly want them back for a reason. And with the increase in attention AGN has been garnering over the past weeks they know that will bring about a lot of flakey investors trying to wave ride. Easy prey lol. It's all good. PP will be filled. If you sold at these levels congrats. Someone successfully fleeced you of your shares and when they drop news of first patient dosing this is back to all time highs lol.
Don't get lost in the sauce. Spaghetti on the menu.
https://ca.finance.yahoo.com/amphtml/news/gilead-covid-19-drug-may-142824478.html
Interesting read. An estimate on Remdesivir would be 2 billion dollars in sales and that's without a shroud of any sufficient data that the drug actually helps aid Covid 19.
Imagine what a valuation for a real treatment with legit scientific data showing efficacy would look like?
IPF and CC aside and using Remdesivir as a potential US barometer. Pending successful trials Ifenprodil should theoretically be worth more than Remdesivir. Big Pharma will be willing to pay a hefty price for NP-120. One would think? Hope everyone is having a great evening :)
LMAO - I thought the exact same thing. Anything outside of NP-120 seems like filler imo lol
Algernon now officially on the list:
https://www.canada.ca/en/health-canada/services/drugs-health-products/covid19-clinical-trials/list-authorized-trials.html
It's also a pretty short list as well!
It's not a claim. Remember this board is also open to opinion and to share opinions on how the situation may or may not play out. Hence I said I think they should find sufficient amount of sick patients to dose. One would argue, you using current COVID 19 numbers in South Korea is also not sufficient evidence to suggest otherwise either.
6 days away from first patient dosing! Of course things are trending in the right direction.
I do not think they will have trouble finding 40 patients to complete trials in SK. I think it is a testament to their amazing healthcare system and how well they have handled the pandemic. Certainly. But all in all there are definitely 40 people in the country whose lungs or health has been impacted by the virus and will benefit from the use of Ifenprodil (one would think).
As it has been mentioned, highly likely Remdesivir is smoke and mirrors. US government appear to be more focused on making money and less about helping the people. Interesting yes one would wonder how many higher ups hold shares in Gilead. But that's neither here nor there. No data released for scientific minds to assess? Even the head medical professor at Yale sentiment 'a treatment? Great! Let us see the data?'. I mean it sounds like opinion but if one uses their intuition it seems its all there to be decoded for those who can see through the fog.
Algernon continues to plug away towards the main goal with real life data on the way. I see no signs of slowing down here. 5 million ready to go (more than likely to commence North American trials). 5 million to help pay for multi billion dollar data seems like a good deal to me and probably to Mackie as well. Getting ready for the ride of our lives.
Just another day, some more cash on hand and getting closer to the end goal. Results! Happy Friday everyone :)
AMG, I tend to agree with your sentiment here. Acknowledging that Pennyland antics can be a frustrating set of circumstances. And a private placement may indeed cause possible volatility of the stock but I mean overall the price did increase today. Maybe not to the moon but slow and steady we are getting there.
I agree that this must have been a necessary move with Mackie to ensure funding is secured without waiting on handouts or a pie in the sky to further along the process. They have already worked so hard to get to this point. Why slow down now and wait when institutional investors are calling the phone. Onward. IMO positive trial data will generate all the future funding Algernon could ever need later on. Use what you have at your disposal NOW and get it done. Bottom line as you mentioned is Mackie is putting up money. Millions. They are an investment firm and their business is making money so I'm sure they have have a strong indication this will ultimately turn them a profit.
As the scenario evolves sometimes you have to make decisions on the fly to see it to the finish line. I trust managements decision here to get these trials underway and completed. These guys know what they're doing and as far as I'm concerned the facts are still the facts.
I definitely get that side of it. It's a pretty bumpy ride to say the least but again as you mentioned the end result here could very likely be big pharma buyout. Even with the markets lack of enthusiasm for news of such magnitude this is huge news in Canada. My guess is Algernon could get nation wide news coverage here in the very near future when this really starts to circulate.
https://www.canada.ca/en/institutes-health-research/news/2020/03/government-of-canada-funds-49-additional-covid-19-research-projects-details-of-the-funded-projects.html
If you look at this the Canadian government has already issued about 55 million in grant funding for the first wave of Covid 19 efforts with a total alloted budget of 275 million. Now with formal go ahead from Health Canada I anticipate formal financial backing as well. I mean it would not make sense to expedite and approve a formal application within 1 week and not ask them if they need financial assistance to get this going even faster.
When money is involved the market will react. If Algernon releases news of any cash injection in the millions of dollars from grant funding. That's going to show the world that Canada believes in what they're doing and that's going to cause a serious wave of support. I think it's on the way my friend. Lets see how it goes!
I was anticipating a slightly bigger pop but it's all good. Now that we have the Health Canada green light we theoretically should now have access to a myriad of grant options. Even as Chris Moreau mentioned in the webinar yesterday it's possible that the Canadian government will step up and assist them on their quest. We have formal approval and validation of support from them.
Any substantial government cash injection is going to send this into the dollars range and that could happen sooner rather than later.
Hope all is well fellow Algernauts. Found an interesting read on South Korean Covid trials. Sponsored by Novotech.
The South Korean Ministry of Food and Drug Safety (MFDS) has announced its “GO-expedite” program whereby it is expediting the review process for COVID-19 treatment and vaccine trials with specific timelines.
"A biotech’s COVID-19 trial was just approved in less than nine days in South Korea."
Possibly talking about Algernon? It took about 9 business days.
https://www.pharmaceutical-technology.com/accelerating-clinical-trials/biotechs-testing-for-covid-19-in-asia-pacific-benefit-from-new-fast-track-review-processes