I agree. When people read the email sent to shareholders yesterday and the latest a few news releases are indicating the direction of the company which is very positive.
Approval of this patent by FDA with japanese approval is the game changer and I believe Canada, Europe and China will approve the same patent soon this will make drug manufacturers(big Pharma) lined up to sign up a deal.
People who are affected by these disease need this drug and FDA knew that.
We are not even talking about other developments at the company.
Shares outstanding: 19.51m
Insiders own 22%
There was almost none insider purchase previously.
I believe Christopher Moreau owned only .0049% in the last a few years.
Now, 3.9%?
An other positive big news was a few weeks ago.
———-
“VANCOUVER, British Columbia, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Algernon Pharmaceuticals Inc. (the “Company” or “Algernon”) (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF), a Canadian clinical stage pharmaceutical development company, is pleased to announce that it has signed a Letter of Intent (“LOI”) with Seyltx Inc. (“Seyltx”), a privately owned U.S. based drug development company, to acquire Algernon’s NP-120 (“Ifenprodil”) research program for USD $2M cash and a 20% common share equity position in Seyltx. The transaction is subject to certain conditions including, inter alia, Seyltx financing and the negotiation and execution of a definitive agreement, which is expected to occur within the next 90 days.
Seyltx plans to conduct an Ifenprodil Phase 2b chronic cough study as soon as possible. As stated in the LOI, Algernon’s clinical management team will be available to provide support, oversight and management of the study.
Ifenprodil is an N-methyl-D-aspartate (“NMDA”) receptor antagonist specifically targeting the NMDA type subunit 2B (GluN2B), which prevents glutamate signaling. Ifenprodil is Algernon’s lead research program and represents a novel first-in-class potential treatment for chronic cough. It is thought to interfere with central signalling in the brain, suppressing the urge to cough.
“We are very pleased to have signed this LOI with Seyltx,” said Christopher J. Moreau, Algernon’s Chief Executive Officer. “With the U.S. FDA advisory panel recently voting 12 – 1 against approving Merck’s chronic cough drug candidate gefapixant, citing a lack of efficacy, it is very important to continue moving Ifenprodil forward as a potential global treatment of chronic cough.”
—————
—————-
Yes, I purchased today at the offer after seeing insider buys.
I could not wait for better deal because with only 19.51 million shares outstanding and insider participation at the same time some loyal share holders are holding. This can be very interesting when and if anything further develops.
========
Note: this is not a recommendation to buy hold or sell the stock, do your own DD.
AI
