Algernon Pharmaceuticals (CSE: AGN) (OTCQB: AGNPF) a small cap company we have put on alert for investors lately, closed at a new all high today of $0.50 cents as shares rose 72% due to AGN announcing some phenomenal updates in regards to its novel treatment of the coronavirus.
Today, Algernon announced that it has received positive feedback from the U.S Food and Drug Administration (FDA) for AGN’s planned Phase 2 human trial for COVID-19 in using the company’s repurposed drug NP-120 (Ifenprodil). As a result of the positive news AGN received from the FDA, Algernon will be working on submitting an investigational New Drug (IND) application to the FDA. Investors should keep a close on these developments as further positive news from the Food and Drug Administration (FDA) will most probably send shares of AGN soaring as we witnessed today. The CEO of AGN Christopher J. Moreau was quoted “We are very pleased with the expedited response we received from the FDA on our pre-IND application,”. Mr. Moreau further stated, “This is the first time Ifenprodil has been presented to the FDA in a formal process and their response was very encouraging.”
On April 9th 2020, AGN announced that the company has submitted a regulatory application to the South Korean Ministry of Food and Drug Safety for Phase 2 human trials of AGN’s NP-120 (Ifenprodil). The company states that initial human trials will consist of 40 patients and is geared to test the effectiveness of (Ifenprodil) in patients infected with COVID-19 who suffer of severe pneumonia. The first test will consist of measuring oxygen levels in the blood and second tests will include the effects of a patients cough and breathlessness, a common side effect of COVID-19, along with mortality and rates of mechanical ventilation.
Once Algernon receives approval from the South Korean Ministry of Food and Drug Safety, AGN will work with their partners CRO Novotech and physician-investigators to begin in enrolling patients so studies may begin.
We first alerted AGN to investors when shares of Algernon Pharmaceuticals were trading at $0.17 cents per share on March 16th 2020 on our article titled “2 Coronavirus Stocks To Watch”, and since then shares have increased 194% as shares closed today at 50 cents. If you have participated on this great run, congrats! If not, you may want to wait for a pull back to confirm a new possible base to be formed, however, with additional news that seems to be on the horizon, and the frequency at which AGN has been delivery news to investors, it might not last too long especially if more news on government approvals are announced and Phase 2 trials are set to begin!
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