Algernon Pharmaceuticals Inc (AGNPF)

[Money $hot]

Follow up in regards to previous post: "A blockbuster cocktail?"

As rivals — including Intercept, Genfit, Madrigal and NGM Bio, which is partnered with Merck — crowd in, Gilead has been picking up early-stage assets in pursuit of a sustaining franchise. In fact, cilofexor came from the buyout of Phenex Pharma and you might remember firsocostat as GS-0976, which Gilead paid Nimbus $600 million for.

The real story regarding Phenex Pharma (a private company) is they were not bought out by Gilead as the article suggests. Phenex Pharma maybe did one better. They effectively sold their drug/development candidate for $470M US$. To my knowledge cilofexor (FXR agonist PX20606) reduced fibrosis by 43% (see link below). Barely half as much as Algernon's 84.4% result. Here's what Phenex Pharma had to say about thier bought deal(s):

“This is a major event for us”, says Dr. Claus Kremoser, CEO of Phenex. “Apart from the revenues, this milestone is a landmark for us since it shows that we can deliver drug candidates that meet the expectations of industry leaders. We look forward to working with Gilead‘s research and development team to continue to advance the FXR program.”

Thomas Hoffmann, CFO of Phenex, adds: “The revenues from this milestone further secure our strong cash position and allow us to invest further into our own new pipeline. We have sold our two main development projects to leading pharmaceutical companies, the RORg project to Janssen, the FXR project to Gilead. Both deals yielded sufficient income to please our investors on one end and still provided years of financial runway for Phenex on the other hand. In both cases, the pharma partners elected compounds that were generated by us as development candidates. This clearly demonstrates our capabilities to identify new exciting targets early on and deliver appropriate starting points for new therapeutics.”

Phenex can expect further financial milestones up to three digit millions US$ from the GS-9674 development program.

https://www.phenex-pharma.com/pdf/Phenex_Gilead_Phase_I_milestone_Feb2016.pdf

In addition, the widely accepted STAM™ mouse model from SMC Laboratories used by Algernon Pharmaceuticals is also used by Phenex Pharma.

https://smclab.co.jp/news/466/

https://www.sciencedirect.com/science/article/pii/S0168827816307103

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