Algernon Pharmaceuticals Inc. (CSE: AGN, OTCQB: AGNPF, Forum) rose more than 5% in early Friday trading after releasing news that it had awarded the contract to manufacture the active pharmaceutical ingredient and finished product for its formulation of AP-188 (N,N-Dimethyltryptamine or DMT), to Canadian-based Dalton Pharma Services, a provider of integrated chemistry, drug development and manufacturing services to the pharmaceutical and biotechnology industries.
The Company will be filing its pre-Investigational New Drug meeting request with the US FDA shortly, and has already started work on the planning of its Phase 1 and Phase 2 clinical studies.
Algernon’s Chief Executive Officer, Christopher J. Moreau stated that Dalton Pharma Services was the top choice to synthesize its GMP DMT supply.
“Based on positive pre-clinical data, the Company believes that DMT may help treat patients who have suffered from a stroke, which is one of the most devastating injuries a human being can experience.”
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The Vancouver, BC-based clinical stage pharmaceutical development and drug repurposing Company recently decided to review its protocol for its phase 2b/3 study of Ifenprodil for COVID-19, to consider adding lung scarring as an additional endpoint if sufficient data is available from a significant number of patients.
Pointing to a recent
Oxford University study where researchers found that 60% of patients had scarring or inflammation in their lungs three months after clearing the virus, CEO Moreau explained that if the team determines that X-rays were taken on release of a meaningful number of our treated patients, and Ifenprodil is showing a reduction in the amount of scarring post infection, this would be an extremely important discovery for Algernon.
“If this is confirmed in the planned Phase 3 portion of the study, it would mean that Ifenprodil could be used to treat patients who have survived COVD-19 but are suffering from lung damage.”
FULL DISCLOSURE: Algernon Pharmaceuticals Inc. is a client of Stockhouse Publishing.