On Monday,
Algernon Pharmaceuticals Inc. (CSE: AGN, OTCQB: BTHCF, Forum) announced that that it received roughly $600,000 (CAD) in the form of a refundable tax credit from its clinical research work in Australia. The expenses being refunded are from the Company’s NP-120 (Ifenprodil) IPF and chronic cough Phase 2 clinical study program. Because the Phase 2 trial is still in progress, the Company plans to submit additional eligible expenses for reimbursement from the tax refund program, in due time.
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The clinical stage pharmaceutical development Company plans to conduct
an interim data review of its re-purposed drug, Ifenprodil Phase 2b/3 COVID-19 multi-national human study. The Company will look at the primary endpoint of the World Health Organization (WHO) ordinal score and also secondary endpoints including the number of days that patients were in the intensive care unit and the hospital, as well as the number of days patients were on mechanical ventilation, and oxygen.
Algernon Pharmaceuticals’ Chief Executive Officer, Christopher J. Moreau commented that with the quickly increasing global threat from COVID-19, the Company believes that they have an obligation to find out now how its COVID-19 trial is trending.
“If Ifenprodil has been performing well in the study, this early look at the data may allow us to accelerate our COVID-19 program accordingly.”
FULL DISCLOSURE: Algernon Pharmaceuticals Inc. is a client of Stockhouse Publishing.