Algernon Pharmaceuticals, Inc.
(Note: This is NOT an IPO. This is a direct listing to the NASDAQ from the OTCQB, which is the OTC Market Group Inc.’s Venture Market. This is an underwritten public offering of 1.93 million units (1,931,922 units). Each unit consists of one Class A share of common stock and one warrant to buy one share of common stock. The assumed offering price per unit of US$4.348, the last reported price of Algernon Pharmaceuticals’ common stock on the OTCQB on May 5, 2022. The proposed symbol is “AGNP” for the stock and “AGNPW” for the warrants on the NASDAQ.
(**Note: The company states that in December 2021 it became a “remote-first company.” The prospectus, however, gives the company’s registered office address in Vancouver, British Columbia. Algernon’s shares are also listed for trading on the Canadian Securities Exchange (the “CSE”) and the Frankfurt Stock Exchange (the “XFRA”) under the symbols “AGNPF”, “AGN” and “AGW0”, respectively.)
Algernon Pharmaceuticals Inc. is a clinical stage drug repurposing company that investigates already approved drugs, and naturally occurring compounds, for new disease applications, moving them efficiently and safely into new human trials, developing new formulations and seeking new regulatory approvals. The Company specifically investigates compounds that have never been approved in the U.S. or Europe to avoid off label prescription writing. Off label prescription writing can interfere with the normal economic pricing models and revenue potential of newly approved drug treatments and may make them less attractive targets for licensing or acquisition.
Algernon’s drug discovery program is based on the concept of drug repurposing. Drug repurposing is the process of discovering new therapeutic uses for existing drugs. Repurposing offers several benefits over traditional drug development including a reduction in investment and risk, shorter research periods and as a result, a longer active patent life.
The company is currently conducting a Phase 2 clinical trial in Australia for Ifenprodil for idiopathic pulmonary fibrosis (IPF) and chronic cough.
The company is in the planning stages of a Phase 1 clinical trial of DMT for stroke. DMT is a Schedule I drug and a known psychedelic compound that is part of the tryptamine family.
The company is also in the planning stages of a Phase 1 clinical trial for Ifenprodil for pancreatic cancer and small cell lung cancer.
It is engaged in preclinical studies of Repirinast for chronic kidney disease. Repirinast, also known a NP-251, was developed in Japan and approved in 1987. Repirinast is no longer available in Japan, where it was initially approved as an anti-allergy medication. It was withdrawn from the market in 2013 for sales reasons.
**Note: Algernon Pharmaceuticals has a net loss of $3.04 million for the six months ended Feb. 28, 2022, compared with a net loss of $5.82 million for the six months ended Feb. 28, 2021.
**Note: For the year ended Aug. 31, 2021, Algernon Pharmaceuticals reported no revenue and a net loss of $7.73 million.
(Note: Algernon Pharmaceuticals, Inc., filed confidentially to go public on Oct. 20, 2021; the company filed its F-1 on Feb. 22, 2022.
|Address||Suite 1500 - 1055 West Georgia Street, Vancouver, British Columbia, V6E 4N7.|
|View Prospectus:||Algernon Pharmaceuticals, Inc.|
|Revenues||$0 mil (last 12 months)|
|Net Income||$-7.73 mil (last 12 months)|
|Price range||$4.35 - $4.35|
|Est. $ Volume||$8.4 mil|
|Manager / Joint Managers||Ladenburg Thalmann|
|Expected To Trade:|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
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