600k refundable tax credit AustraliaVANCOUVER, British Columbia, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Algernon Pharmaceuticals Inc. (CSE: AGN) (FRANKFURT: AGW) (OTCQB: AGNPF) (the Company or Algernon), a clinical stage pharmaceutical development company, is pleased to announce that it has recently received approximately $600,000 CDN in the form of a refundable tax credit from its clinical research work in Australia. The expenses being refunded are from the Companys Ifenprodil IPF and chronic cough Phase 2 clinical study program. Since the Phase 2 trial is still in progress, the company plans to submit additional eligible expenses for reimbursement from the tax refund program, in due course. Algernons unique business model of drug repurposing includes conducting as much clinical research as possible in Australia in order to take advantage of the Australian Governments 41% refundable tax credit program, said Christopher J. Moreau CEO of Algernon Pharmaceuticals. This refund, while expected, is an important part of our capital efficient R&D plan to drive value for our shareholders by keeping our research costs to an absolute minimum as we conduct early clinical investigations into the efficacy of our re-purposed compound targets.