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Algernon (CSE:AGN) approved for SEC Tier II Regulation A+ US$10M offering

Health Care, Market News
CSE:AGN
03 April 2023 11:50 (EDT)

Source: Algernon Pharmaceuticals.

Algernon (AGN) subsidiary, Algernon NeuroScience, has received a new U.S. SEC qualification.

The subsidiary’s Form 1-A offering statement filed with the U.S. SEC has been qualified for a Tier II Regulation A+ offering for up to US$10M.

The subsidiary will allocate the capital to research, development, and program management costs related to its Phase 1 DMT study, which is currently underway, as well as its Phase 2a stroke and traumatic brain injury studies.

Algernon Pharmaceuticals has valued its subsidiary’s psychedelic DMT stroke and traumatic brain injury research program at US$20M.

Under Regulation A+, Algernon NeuroScience will offer up to 37.5 per cent of its common shares, with majority ownership residing with its Algernon parent.

Class A common shares will be offered at US$1 per share with a minimum investment of US$1,000. Bonus shares will be issued on the following basis:

The Reg A+ offering will be marketed in early May 2023.

Algernon Pharmaceuticals is a Canadian clinical-stage drug development company with active research programs for IPF, chronic cough, and chronic kidney disease. Its private subsidiary, Algernon NeuroScience, is advancing a psychedelic program investigating a proprietary form of psychedelic DMT for stroke and traumatic brain injury.

Algernon Pharmaceuticals (AGN) is down by 3.64 per cent trading at $0.265 per share as of 9:59 am EST.

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