Algernon Pharmaceuticals Receives Green Light from DSMB to Conduct Phase 3 Study of Ifenprodil for COVID-19

- January 19th, 2021

Algernon Pharmaceuticals Inc.  a clinical stage pharmaceutical development company, is pleased to announce that the external Data and Safety Monitoring Board has completed its latest review of the Phase 2b part of the Company’s Phase 2b3 human study of NP-120 for the treatment of COVID-19, and has provided approval for the Company to continue on with the Phase 3 part of the study. The DSMB is a committee of …

Algernon Pharmaceuticals Inc. (CSE: AGN) (FRANKFURT: AGW) (OTCQB: AGNPF) (the “ Company ” or “ Algernon ”) a clinical stage pharmaceutical development company, is pleased to announce that the external Data and Safety Monitoring Board (“DSMB”) has completed its latest review of the Phase 2b part of the Company’s Phase 2b3 human study of NP-120 (Ifenprodil) for the treatment of COVID-19, and has provided approval for the Company to continue on with the Phase 3 part of the study.

The DSMB is a committee of clinical research experts, including physicians, statisticians, and patient advocates, who are monitoring the progress of the Company’s clinical trial, and are reviewing safety and effectiveness data while the trial is ongoing.

“While we await final data from the Phase 2b part of our Ifenprodil COVID-19 study, it is critical for us to know that from a safety perspective, we are now clear to move into the Phase 3 part of the study,” said Christopher J. Moreau, CEO of Algernon Pharmaceuticals.

The Company is not making any express or implied claims that Ifenprodil has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.

About NP-120 (Ifenprodil)

NP-120 (Ifenprodil) is an N-methyl-D-aspartate (NMDA) receptor antagonist specifically targeting the NMDA-type subunit 2B (GluN2B). Ifenprodil prevents glutamate signalling. The NMDA receptor is found on many tissues including lung cells, T-cells, and neutrophils.

The Company believes Ifenprodil may reduce the infiltration of neutrophils and T-cells into the lungs where they can release glutamate and cytokines respectively. The latter can result in the highly problematic cytokine storm that contributes to the loss of lung function and ultimately death as has been reported in COVID-19 infected patients.

About Algernon Pharmaceuticals Inc.

Algernon is a drug re-purposing company that investigates safe, already approved drugs for new disease applications, moving them efficiently and safely into new human trials, developing new formulations and seeking new regulatory approvals in global markets. Algernon specifically investigates compounds that have never been approved in the U.S. or Europe to avoid off label prescription writing.

Algernon has filed new intellectual property rights globally for NP-120 (Ifenprodil) for the treatment of respiratory diseases and is working to develop a proprietary injectable and slow release formulation.

CONTACT INFORMATION

Christopher J. Moreau
CEO
Algernon Pharmaceuticals Inc.
604.398.4175 ext 701
info@algernonpharmaceuticals.com
investors@algernonpharmaceuticals.com
www.algernonpharmaceuticals.com .

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

CAUTIONARY DISCLAIMER STATEMENT: No Securities Exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.


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