- Algernon Pharmaceuticals Inc (CSE:AGN) has received positive feedback from the US Food and Drug Administration regarding its phase two clinical trial of ifenprodil
- The company hopes the drug can alleviate respiratory stress in COVID-19 patients and therefore potentially limit deaths from the disease
- While progressing its US-based trial, the company is currently conducting trials through Health Canada, as well as organising human trials in South Korea
- The drug was initially developed 50 years ago to help with circulatory issues and has been shown to improve survival rate in mice infected with avian flu
- Algernon Pharmaceuticals Inc (AGN) is down 13 per cent, with shares trading for C$0.44 and a market cap of $31.2 million
Algernon Pharmaceuticals Inc (CSE:AGN) has received positive feedback from the US Food and Drug Administration, regarding its COVID-19 clinical trial.
The company is currently organising a phase two trial of its ifenprodil drug in the US and received the feedback while processing its application.
The company hopes the drug can alleviate respiratory stress in COVID-19 patients and therefore potentially limit deaths from the disease.
At the same time as applying for the US trial, the company is currently conducting trials through Health Canada, as well as organising human trials in South Korea.
In a recent trial on rodents infected with avian flu, the drug was effective at relieving respiratory stress and preventing death.
Ifenprodil was initially developed 50 years ago to help with circulatory issues and is currently only prescribed in Japan and Korea for certain neurological conditions.
CEO of Algernon, Christopher J. Moreau, appears encouraged by early discussions with the FDA.
“We are very pleased with the expedited response we received from the FDA on our pre-IND application. This is the first time Ifenprodil has been presented to the FDA in a formal process and their response was very encouraging,” he said.
In related news, to further the company’s position in the US, Algernon has appointed Howard Gutman to the new Business Advisory Board.
Howard was the former United States Ambassador to Belgium before taking his new position with the company.
“He brings a wealth of knowledge and expertise to his advisory position, which will help prepare Algernon as we advance into the next stage of development,” said Christopher.
Despite the FDA’s positive feedback, Algernon has not yet announced when the US phase two trial is likely to commence.
Algernon Pharmaceuticals Inc (AGN) is down 13 per cent, with shares trading for C$0.44 at 3:47pm EST.