- Algernon Pharmaceuticals (CSE:AGN) has engaged Maxim Group LLC for financial advisory and investment banking services
- The Vancouver-based pharma company is also looking to Maxim to assist in identifying and evaluating potential merger and acquisition, as well as other strategic opportunities, including the potential spin-off of the company’s NP-120 (ifenprodil) chronic cough research program
- Algernon has been advancing its Phase 2b clinical study of NP-120 (ifenprodil), which showed a significant reduction in cough count
- Algernon Pharmaceuticals Stocks (CSE:AGN) opened trading at $0.19 per share
Algernon Pharmaceuticals (CSE:AGN) has engaged Maxim Group LLC for financial advisory and investment banking services.
The Vancouver-based pharma company is also looking to Maxim to assist in identifying and evaluating potential merger and acquisition, as well as other strategic opportunities, including the potential spin-off of the company’s NP-120 (ifenprodil) chronic cough research program. Algernon has been advancing its Phase 2b clinical study of Ifenprodil, which showed a significant reduction in cough count.
Ifenprodil represents a novel first-in-class potential treatment for chronic cough and is thought to interfere with central signalling in the brain, suppressing the urge to cough. Ifenprodil selectively inhibits certain receptors found within the central and peripheral nervous system, including the area of the brain responsible for coordinating the cough reflex. It can diminish excitability of neurons and prevent the relaying of information along neuronal circuitry, including the cough reflex.
Algernon Pharmaceuticals’ CEO, Christopher Moreau, said in a news release the team is especially interested in the potential to achieve significant value for its ifenprodil asset through a spin-off transaction.
“Ifenprodil represents a novel first-in-class potential treatment for chronic cough, and we are only one Phase 2b study away from the stage of development where Bellus’ camlipixant was acquired by (GlaxoSmithKline) and Afferent’s gefapixant was acquired by Merck,” Moreau said.
In April 2023, GSK plc agreed to buy all the outstanding shares in Bellus for US$2 billion.
Maxim Group is a full-service investment bank, securities and wealth management firm headquartered in New York City. It provides an array of financial services including, investment banking, global institutional sales, equity research, fixed income and derivative sales and trading, merchant capital, private wealth management, and prime brokerage services.
Algernon Pharmaceuticals is a clinical-stage drug development company with active research programs for IPF, chronic cough, and chronic kidney disease.
Algernon Pharmaceuticals Inc. (AGN) opened trading at $0.19 per share.
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