What’s going on with Algernon Pharmaceuticals?
Algernon Pharmaceuticals (AGNPF) today announced that it has signed an exclusive licensing agreement with Dartmouth College to acquire the rights to a method of use patent for the treatment of neuroendocrine cancers. The company’s shares were trading up 4.22% at $ 0.07 on Monday.
What does this mean for Algernon Pharmaceuticals?
The agreement with Dartmouth includes license initiation, maintenance and milestone fees, as well as an ongoing royalty on sales.
Speaking on Algernon’s Pancreatic Cancer Research Program and the use of Ifenprodil, Dr William North of Dartmouth College, concluded that Ifenprodil significantly and rapidly reduced the average size of solid tumors in about 50% in three days,
“We are very satisfied with the outcome of our discussions with Dartmouth regarding the research work initiated by Professor North”, noted Christopher J. Moreau, CEO of Algernon Pharmaceuticals. “Dartmouth is a world-class education center and its close affiliation with Dartmouth-Hitchcock Medical Health Center will be an asset as we advance our Ifenprodil-based cancer control program in clinical trials. “
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Algernon Pharmaceuticals is a clinical-stage drug development company focused on the pathological areas of stroke, idiopathic pulmonary fibrosis (IPF) and chronic cough, and COVID-19. The company’s business model is very capital efficient and strives to deliver maximum shareholder value. Algernon’s unique approach to drug discovery is based on the concept of drug reorientation.