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. > What’s going on here?

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Post by Whalewatcher1 on Jul 07, 2023 6:29pm

What’s going on here?

Things gone very quite . . . Where's all the marketing budget to talk up the stock (as per financial statements)? So they spin out the stroke program into new company, called Algernon neuroscience and hire Dalmore Group as banker earlier this year but can't raise any money. Hired Maxim group to spin off chronic cough. I think we all know the quail it's of these bankers and likelihood of getting a deal done. Bankers happy to take the $. This is after failed Nasdaq listing and host of other missteps . . .

Rights offering this spring brought in $1.2M, they had $0.22M cash end of Feb, thus based on their average $0.35M month spend my math says they are out of money with $2.5M in accounts payable as of feb. can't even sell the shell with all that debt. Is this how things ended with Miraculins, previously publicly traded, Chris Moreau's last company?

How do they survive?

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