Algernon Pharmaceuticals Inc (AGNPF)

[Money $hot]

Fund Triples Holding of Drug Repurposing Firm
Streetwise Reports (1/20/22)

The Quick Take

AlphaNorth Partners Fund more than tripled its position in Algernon Pharmaceuticals in December.

The fund bolstered its Algernon holding at the average purchase price of $4.61 per share, which indicated a "very compelling" $7.8 million valuation, AlphaNorth noted.

AlphaNorth noted that 2022 should be a catalyst-rich year for

Algernon, with the:

Launch of a clinical trial evaluating the psychedelic compound DMT as a treatment for patients after a stroke.

Q2/22 data readout from Algernon's Phase 2 trial of Ifenprodil in idiopathic pulmonary fibrosis/chronic cough.
Advancement of additional drug candidates into the clinic this year.

Algernon is well cashed-up with more than $2 million on the balance sheet.

The 2021 return of AlphaNorth Partners Fund was about 22%, above the 7.3% return of the TSX Venture Exchange index.

http://www.thelifesciencesreport.com/article/2022/01/20/fund-triples-holding-of-drug-repurposing-firm.html