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Algernon Pharmaceuticals Inc. C.AGN

Alternate Symbol(s):  AGNPF

Algernon Pharmaceuticals Inc. is a clinical-stage drug development company. The Company is focused on developing repurposed therapeutic drugs in the areas of non-alcoholic steatohepatitis (NASH), a type of liver disease, chronic kidney disease (CKD), inflammatory bowel disease (IBD), idiopathic pulmonary fibrosis (IPF) and chronic cough as well as advancing a stroke program using N, N-Dimethyltryptamine (DMT). The Company operates through two segments, which includes the development of repurposed therapeutic drugs in Canada and the facilitation of the Company’s lead drug candidates into off-label phase II clinical trials (humans) in Australia. The Company's pipeline includes NP-251 (Repirinast) and AP-188 (DMT). The Company, through its subsidiary, Algernon NeuroScience Inc., is developing AP-188 (DMT) as a potential treatment for stroke and traumatic brain injury (TBI) recovery. Its NP-251 is being developed as a potential treatment for kidney inflammation and fibrosis.


CSE:AGN - Post by User

Comment by Pandoraon Mar 28, 2021 1:51am
183 Views
Post# 32894262

RE:RE:RE:Algernon and Gromax Capital.....just curious ?

RE:RE:RE:Algernon and Gromax Capital.....just curious ?

VANCOUVER, April 28, 2020 /CNW/ - GrowMax Resources Corp. (TSXV: GRO) ("GrowMax" or the "Company") announced that it has received conditional approval from the TSX Venture Exchange (the "TSXV") of the previously announced proposed change of business from mineral exploration to an investment issuer (the "Proposed COB") under the policies of the TSXV. The Proposed COB was announced by GrowMax in a press release issued on July 11, 2019 and further described in its press release issued on August 27, 2019.

Final approval of the Proposed COB by the TSXV remains subject to a number of conditions including the appointment of two additional independent directors. Trading in the Company's shares will remain halted until the TSXV conditions to allow trading to resume have been satisfied. The Company intends to file the filing statement by the end of this month and complete the Proposed COB on or around May 15, 2020.

In accordance with TSXV policy requirements, the Company wishes to provide details of the following cash investments made by the Company under subscription agreements with the investees:

Algernon Pharmaceuticals Inc.

On November 1, 2019, the Company acquired 5,882,352 units of Algernon Pharmaceuticals Inc. ("Algernon") at $0.085 per unit for a total cost of $500,000 pursuant to a public offering of units of Algernon of approximately $2.07 million units. Each unit comprised of one common share and one common share purchase warrant entitling the holder to purchase one additional common share at an exercise price of $0.12 per common share until May 1, 2022.

On February 20, 2020, the Company acquired an additional 2,000,000 units of Algernon at $0.085 per unit for a total cost of $170,000 pursuant to a non-brokered private placement of units of Algernon. Each unit comprised of one common share and one common share purchase warrant entitling the holder to purchase one additional common share at an exercise price of $0.12 per common share until August 20, 2022.

The investments in Algernon involved a non-arm's length party as Michael Sadhra, the Company's CFO and director is also Algernon's CFO and director. He declared his interest and abstained from voting in connection to the investments in Algernon. The investments, however, do not fall within the definition of "related party transaction" under Multilateral Instrument 61-101 ("MI 61-101").

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