BIG study results from AGN.c These stage 2a study results from Algernon Pharmaceuticals (CSE: AGN) are very promising. In this phase of the company’s proof of concept study using Ifenprodil to treat IPF and chronic cough, it demonstrated increased stability or better lung capacity after 12 weeks in 13 out of 20 patients.
The phase 2 study’s positive topline data has moved AGN one step closer to bringing a new IPF and cough treatment to a $4.2B market with very few alternatives.
Toronto-based AlphaNorth Asset Management is AGN’s largest shareholder, with about a 7% stake. Co-founder Steve Palmer says he continues to accumulate Algernon shares as the company trades near 52-week lows.
“It's great news. The study was not designed for statistical significance, it was designed to see if there was any signal with this drug. To have achieved statistical significance with such a small number of patients is excellent,” stated Palmer.
This is big news for AGN, and I’m excited to see how the market reacts to it. Shares are currently trading at $3.2, with the company valued at only $5.36 million.
https://www.streetwisereports.com/article/2022/07/18/patients-in-algernon-s-phase-2a-study-show-improved-lung-capacity.html