Algernon Pharmaceuticals Inc. C.AGN

Fund Triples Holding of Drug Repurposing Firm

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The Quick Take

 

AlphaNorth Partners Fund more than tripled its position in Algernon Pharmaceuticals in December.

 

The fund bolstered its Algernon holding at the average purchase price of $4.61 per share, which indicated a "very compelling" $7.8 million valuation, AlphaNorth noted.

 

AlphaNorth noted that 2022 should be a catalyst-rich year for

 

Algernon, with the:

 

- Launch of a clinical trial evaluating the psychedelic compound DMT as a treatment for patients after a stroke.

 

- Q2/22 data readout from Algernon's Phase 2 trial of Ifenprodil in idiopathic pulmonary fibrosis/chronic cough.

Advancement of additional drug candidates into the clinic this year.

 

Algernon is well cashed-up with more than $2 million on the balance sheet.

 

The 2021 return of AlphaNorth Partners Fund was about 22%, above the 7.3% return of the TSX Venture Exchange index.

Fund Triples Holding of Drug Repurposing Firm