Algernon Pharmaceuticals (CSE: AGN) (OTCQB: AGNPF) is a little clinical stage pharmaceutical company based in Vancouver, British Colombia that has been making big waves lately. Shares of Algernon have rocketed 244% since March 05th as shares shot up from $0.09 cents to closing up 55% on the day with shares closing at $.31 cents on March 11th, 2020. Algernon has been gaining significant traction lately due to the recent outbreak of Coronavirus (COVID-19) that has been affecting global economies and spreading to over 100 countries worldwide and as a result, shares of AGN have been the most active stock on the CSE for four (4) straight days in a row.
The company began gaining traction on March 6th 2020 as AGN announced that the company was exploring the potential of using NP-120 (Ifenprodil) as a novel treatment for COVID-19, or more commonly known as Coronavirus. According to the company’s press release, an independent study concluded that Ifenprodil significantly reduced acute lung injury (ALI) and improved the survivability in test mice that were infected with H5N1. CEO of Algernon Pharmaceuticals Christopher J. Moreau stated “The Company has begun a process to review the potential of Ifenprodil as a novel treatment option for coronavirus”. Mr. Moreau further stated “Ifenprodil is a known, and approved safe drug that has been on the market in Japan for over 20 years and could be repurposed quickly to help in the treatment of the disease.” Algernon has since filed new intellectual property rights for NP-120 for treating respiratory diseases.
Algernon further made headline on March 09th 2020 when AGN announced that the company is preparing to begin production of its NP-120 with a long acting oral release formulation and new injectable form as the company is gearing up for clinical trials in the US for COVID-19 and acute lung injury (ALI). Mr. Moreau CEO of AGN was quoted ““The Company believes strongly in the potential of Ifenprodil to treat patients who have a severe acute lung injury, including people who have various forms of respiratory infections including COVID-19 (coronavirus) and influenza,”. On this news, shares of AGN soared from $.175 to $.35 cents for a total gain of 77% on the same trading day.
More recently, on March 09th 2020, AGN announced that BioPub, a biotech investment discussion platform hosted an interview with Algernon Pharmaceuticals and Dr. KSS MD PhD. Investors may want to take a look at the 35-minute interview as it provides more insight into AGN’s recent developments in regards to Algernon’s path for the use of its NP-1220 as a possible treatment for coronavirus.
Investors may want to keep AGN on their radar as the coronavirus outbreak continues to spread around the world and dominate headlines as the World Health Organization declares coronavirus a pandemic on March 11th 2020.
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