What's Going On With Algernon Pharmaceuticals?
Algernon Pharmaceuticals (AGNPF) today announced it has signed an exclusive licensing agreement with Dartmouth College to acquire the rights to a method of use patent for treating neuroendocrine cancers. Shares of the company were trading 4.22% higher to $0.07 a share on Monday.
What Does This Mean For Algernon Pharmaceuticals?
The agreement with Dartmouth includes a license initiation fee, 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 solid tumour size by approximately 50% within three days,
“We are very pleased with the outcome of our discussions with Dartmouth regarding the research work that was pioneered by Professor North,” said Christopher J. Moreau, CEO of Algernon Pharmaceuticals. “Dartmouth is a world-class center of education and its close affiliation with Dartmouth-Hitchcock Medical Health Center will be an asset as we move our Ifenprodil-based cancer program forward into clinical trials.”
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Algernon Pharmaceuticals is a clinical stage drug development company focused on the disease areas of stroke, idiopathic pulmonary fibrosis (IPF) & chronic cough, and COVID-19. The company's business model is highly capital efficient and strives to deliver maximum shareholder value. Algernon's unique approach to drug discovery is based on the concept of drug repurposing.