Wow!!! That's A Bullrun Soap Box Story For The Ages !!! I'll plug a giant hole in one episode of the dramatic story. The poster states the following:
“2018- BullRun founded Algernon Pharmaceuticals and funded the company privately for a year and then took it public via an RTO with Breathtec Biomedical. BullRun then helped fund Algernon at start up valuation with Bullrun and associated investors and placed credible management into the company. After that BullRun was just a shareholder and Chris Moreau has been running the company. He has delivered value for shareholdes who had an opportunity to monetize their holdings at $.50.70 cents per share during the Covid run up in stocks in 2020 when AGN traded over 1B shares. AGN hit high of over $.90 per share when covid stocks ran in 2020. https://www.stockwatch.com/Chart/Advanced/C/AGN/10
AGN stock has slid down as have all covid related stocks and Chris Moreau is restructuring AGN with a plan to uplist to the Nasdaq. BullRun and Malhi are no longer involved with AGN in any way."
In regards to the above story...
It's simply NOT TRUE.
For starters, the all-time high for AGN was when the company was still Breathtec Biomedical during the runup to legalization of marijuana in Canada. Breathtec Biomedical caught a little steam only because it shared the exact same technology as Cannabix Technologies Inc. at that time Cannabix hit its all-time high and hasn’t reached that number since then in January 2018. Cannabix’s stock price hit 3.75 $ CAD (2.95 $ USD). Subsequently, Breathtec Biomedical’s stock price hit .53 cent CAD (.42 cent USD). Even then you were a lucky few who sold at the top. The average trade price on that day was in the .45 cent CAD (.35 cent USD) range. That lasted about 10 trading days then the stock dropped back over a cliff leading all the way up to the companies 1st reverse split (1 for 2) in October 2018.
Here’s the TRUE STORY.
Algernon Pharmaceuticals is a rebranding of the failed company Breathtec Biomedical. Breathtec Biomedical was a copycat company conjured up by Kulwant Malhi back in 2015. Whereas Malhi believed it was a good idea to pit Cannabix Technologies Inc up against Breathtec Biomedical with the exact same FAIMS technology from the University of Florida. Malhi believed using the FAIMS technology for drugs was separate from using the FAIMS technology for medical diseases. Instead of building nout a portfolio at Cannabix to incorporate the two, Breathtec Biomedical became the stepchild of Cannabix Technologies Inc. Breathtec Biomedical paid 50% of the expenses with Cannabix Technologies throughout the development process. Subsequently, management at Breathtec Biomedical dumped the FAIMS technology to go hog wild in a new direction - REPURPOSED DRUGS. However, before that happened, shareholders were strug along into believing the FAIMS agreement would remain intact and the development process along with Cannabix Technologies would continue. What's of significant importance is that Breathtec Biomedical NEVER produced a single device to show it's shareholders. In the 3+ years of Breathtec Biomedical, in collaboration with Cannabix Technologies, shareholders of Breathtec Biomedical were led to believe the prototype devices paraded out to Cannabix's shareholders was technically the same device Breathtec Biomedical was working on but for medical diseases. After all, both companies were using the same technology in the same 50/50 shared lab. Out of the blue, Breathtec Biomedical shareholders were shocked by the cancellation of the FAIMS agreement with the University of Florida and the medical disease angle got scrapped. Breathtec Biomedical walked away from the deal with absolutely nothing to show for it's collaborative efforts with Cannabix Technologies. Not even a stake in shares. Ironically, Cannabix Technologies holds shares of Breathtec Biomedical. Cannabix has royally screwed Breathtec Biomedical and the management team of Breathtec Biomedical is intertwined with Cannabix Technologies for the outset to the present. Moving forward, Breathtec Biomedical changed its name to Algernon Pharmaceuticals after having been bought out by Nash Pharmaceuticals. Nash Pharmaceuticals was a company heavily owned by Kulwant Malhi. So the cycle continued. The company fully being Algernon Pharmaceuticals retains several molecules targeting multiple diseases. Of those molecules ONLY ONE has been brought to the forefront for further development. That molecule is Ifenprodil. The company set out to start a Phase 2 study for Idiopathic Pulmonary Fibrosis and it's associated Chronic Cough. Management decided to conduct the Phase 2 study in Australia for "tax purposes". During this timeframe, COVID-19 was sweeping across the globe starting in December 2019 and became a full blown Pandemic by the spring of 2019. Subsequently, management decided to throw all caution to the wind and pursue COVID-19 like anyone out there who could find a half baked reason to throw a clinical trial into the fray. Overnight, Algernon was no longer a Repurposed Drugs company. It was thoroughly labeled a COVID-19 play along with a million other companies, big small and nano cap size like Algernon - a tadpole swimming among the sharks, whales and bottom feeders. Management dumped more than 90% of it's messaging into the COVID-19 angle leading up to the Top Line Data and subsequent data readout. As we are now all aware of the data bombed out miseraby. There was zero statistical significance of the data and the study itself was never designed to retrieve the type of data needed to move to a Phase 3 study. IMO, it was a COLOSSAL blunder on multiple levels. Hence, the stock got severly punished and I believe so management's reputation, competence and honesty remains called into question. Like who are they working for? Many of Algernon's team have worked for and/or directly with Kulwant Malhi while Malhi owns millions of shares of Algernon personally and as President/CEO of Growmax Resources - now called Coloured Ties Capital. Coloured Ties Capital has flipped millions of shares of Algernon Pharmaceuticals and made millions of dollars at the expense of Algernon shareholders. The money comes from somewhere and goes somewhere and it all seems to go to Kuylwant Malhi in the end. The same as the FAIMS technology. When do Algernon shareholders get treated fairly? Why can't management figure out how not to continue driving the company over a cliff every year? When are they going to stop selling the company off to fam/friend for dirt cheap plus warrants? Management has striped long standing shareholders down to the bone. A 1 for 2 reverse split in 2019 followed up by a very punishing 1 for 100 reverse split November 2021. Every share diluted moving forward is a huge piece of the company. The stated goal is to uplist to Nasdaq. Ok when? How long will such a scenario drag out? Will it happen before the next Private Placement or wait until the uplisting and let the market decide a valuation of the company before selling off another huge piece of the company? At the current pace of dilution shareholder pre split will be lucky to ever break even if the goal by management is to run a slew of studies before getting to statistical significance of just one Phase 2 clinical trial. The share price needs to be in the hundreds of dollars to be on par with any of the perceived comparison companies management touts at every opportunity. The time to prove Algernon Pharmaceuticals is anything other than a longstanding toilet for Kulwant Malhi to use at his disposal is now. I'll leave the rest of the soap opera story for others to plug with some facts