VANCOUVER, British Columbia, July 07, 2020 (GLOBE NEWSWIRE) — Algernon Pharmaceuticals Inc. (CSE: AGN) (FRANKFURT: AGW) (OTCQB: AGNPF) (the “Company” or “Algernon”) a clinical stage pharmaceutical development company, is pleased to announce that it has begun screening patients for suitability for enrolment in its Phase 2 idiopathic pulmonary fibrosis (IPF) and chronic cough clinical study of its re-purposed drug NP-120 (Ifenprodil). Ifenprodil is an NMDA receptor antagonist specifically targeting the NMDA-type subunit 2B.There are 5 sites in total participating in the study with 3 located in Australia and 2 in New Zealand. All 5 sites have now received ethics approval and all have successfully completed their site initiation.The Company originally decided to investigate Ifenprodil for both IPF and chronic cough after conducting several animal studies that showed the drug’s superior activity when compared with current standard of care treatments and a leading Phase 3 drug.IPF Animal Study SummaryIfenprodil showed superiority in reducing fibrosis over two globally approved therapies for IPF, Roche’s Pirfenidone and Boehringer Ingelheim’s Nintedanib, in a well-established in vivo animal model study.Data from this study showed a 56.0% reduction in fibrosis vs untreated controls (p=0.015) in a 21-day bleomycin mouse model (treatment began on Day 7).Chronic Cough Animal Study SummaryIfenprodil outperformed Merck’s Phase 3 Drug MK-7264 (Gefapixant) in an Acute Cough Study by 110%, in a well-accepted acute cough in-vivo animal study. Pharmidex, a contract research organization (CRO) and a global leader in respiratory research conducted the cough study using the guinea pig citric acid challenge model. It should also be noted that unlike Gefapixant, Ifenprodil has no known taste disturbance.“There has been a significant amount of news flow recently related to our Ifenprodil COVID clinical trial program,” said Christopher J. Moreau, CEO of Algernon Pharmaceuticals. “However, while this is still an important focus for the company, this is a very appropriate time to remind our shareholders that Ifenprodil was initially selected for advancement into a human clinical trial based on its strong animal data for IPF and chronic cough. These are also important areas with significant unmet clinical needs. We look forward to updating the market when our first patient has been enrolled.“About NP-120 (Ifenprodil)NP-120 (Ifenprodil) is an N-methyl-D-aspartate (NMDA) receptor antagonist specifically targeting the NMDA-type subunit 2B (Glu2NB). Ifenprodil prevents glutamate signalling. The NMDA receptor is found on many tissues including lung cells and T-cells, neutrophils.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.CONTACT INFORMATIONChristopher J. Moreau
CEO
Algernon Pharmaceuticals Inc.
604.398.4175 ext 701
info@algernonpharmaceuticals.com
investors@algernonpharmaceuticals.com
www.algernonpharmaceuticals.com.The CSE does not accept responsibility for the adequacy or accuracy of this release.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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