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Algernon Pharmaceuticals gets warm reception from regulators for its planned Phase 2 coronavirus trial of ifenprodil

The company believes that the repurposed drug could reduce both the severity and the duration of the coronavirus infection

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Algernon is a drug repurposing company that investigates safe, already approved drugs for new disease applications

Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:AGNPF) reported positive feedback from Health Canada on its planned Phase 2 study of its repurposed drug ifenprodil (NP-120) as a treatment for the coronavirus (COVID-19).

The company believes that ifenprodil could reduce both the severity and the duration of the coronavirus infection.

Based on the positive reception from Health Canada’s Office of Clinical Trials, Algernon has begun preparing a clinical trial application for a Phase 2 trial focused on severe coronavirus patients, which it expects to submit for approval within the next week.

READ: Algernon Pharmaceuticals finalizes protocol to launch Phase 2 trial of Ifenprodil for coronavirus patients

The company said it has received word that applications for coronavirus-related trials are being expedited.

“This was very good news for the company,” CEO Christopher Moreau said in a statement. “Receiving positive feedback from a major regulatory body is another significant step as we work to investigate our repurposed drug Ifenprodil as a possible therapeutic treatment for COVID-19.”

In addition to the trial in Canada, Algernon is working to support a planned investigator-led ifenprodil coronavirus trial in South Korea and a sponsored trial in Australia. The company has also filed a pre-Investigational New Drug application for a Phase 2 trial with the US Food and Drug Administration.

Algernon, based in Vancouver, is a drug repurposing company that investigates safe, already approved drugs for new disease applications. The company has filed new intellectual property rights around the world for Ifenprodil for the treatment of respiratory diseases and is working to develop a proprietary injectible, slow-release formulation.

Shares added over 6% in early Toronto deals to stand at C$0.25 each

---Updates for share price---

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Algernon Pharmaceuticals Inc.

Price: 0.385 CAD

CSE:AGN
Market: CSE
Market Cap: $34.67 m
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