Algernon Pharmaceuticals Inc. C.AGN

Results of rights offering? where is it?

[Whalewatcher1]

Last Friday was deadline for shareholders to subscribe to rights offering. Shouldnt this have been disclosed by today? This would be considered material information as it directly related to the viability of the company as a going concern. If it was well subscribed, i would think the company would have press released unless there are concerns with lack of interest? anyone have perspective?

[quicksilver545]

Last press release said the rights offering will close on or before May 3, so I would look for a news release around then. It can take a few days to a week to collect all subscriptions and determine oversubscriptions. I just signed up via the additional subscription units as I would like the warrants, and I highly suspect this won't be fully subscribed given the sinking stock price. But we are

[Whalewatcher1]

thanks for the comment. The rights offering said offering expires 2:00 p.m. (Pacific time) on April 27, 2023 (the “Expiry Date”). Thus i would assume managment knows the number.  how mangement has mismanaged in so many ways, but wouldnt want to see the company fail.  I noticed they just filed thier latest financials.  $220k cash end of Feb and $2.5M payables and burned $1.25M the

[quicksilver545]

Pharma companies are high risk, high reward, so that's what I mean by leveraged. So if phase 2-3 trials show efficacy, this will do well and recover. But the burn rate is high, so yes, they will have to raise more money somehow. I imagine part of the hope is that some of the early results provide a boost to the stock so the warrants are exercisable and bring in more cash. In any case, yeah

[nodaytrader]

Don't forget Chronic Cough. After the Phase 2 trial in Australia, some of the patients in the trial asked if they could continue to be treated with Ifenprodil. Presumably, these people had previously been treated with the approved standard of care drug, which I think was Merck's. So, Big Pharma knows that Algernon owns rights on a potentially profitable drug now in Stage 2 trials