Bullboard - Stock Discussion Forum 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... see more

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Algernon Pharmaceuticals Inc. > Is this the beginning of the end?

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Post by Whalewatcher1 on Mar 21, 2023 10:02pm

Is this the beginning of the end?

This is obviously a desperate move for survival. Acordiing to 1st page of the rights offering "We have a working capital deficiency of $1,900,000 as of February 28, 2023." Assuming another $1M burn till closing or rights offering they will could have close to $3M working capital deficiency and assuming raise 100% rights they'd only bring in $2.2M. I dont understand why investors put in money in unless its a large enough raise to reach a meaningful milestone. Looks like no activity as well on Algernon Neuro as well. Surposed stock is even above the $0.25 rights offering price . . . .

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