Algernon Pharmaceuticals Inc. (CSE:AGN, OTCQB:AGNPF) has finalized the acquisition of its NP-120 (Ifenprodil) research program by US-based Seyltx Inc in a deal valued at US$2 million in cash along with a 20% equity stake in Seyltx.
Ifenprodil is a potential first-in-class treatment for chronic cough, targeting the NMDA receptor to suppress the urge to cough.
Seyltx plans to initiate a Phase 2b clinical trial for chronic cough treatment in 2024, building on positive Phase 2a study data that demonstrated significant reductions in cough counts.
Algernon's decision to advance to the Phase 2b trial was based on encouraging results from previous trials and positive feedback from the US Food and Drug Administration.
Chronic cough is a prevalent condition with substantial impacts on patients' quality of life, and the global market for chronic cough treatments is significant. Data Bridge Market Research analysis indicates that the global chronic cough market reached a value of US$6.15 billion in 2021 and is forecasted to expand to US$11.38 billion by 2029.
Ifenprodil selectively inhibits GluN2B receptors in the brain, disrupting neuronal signaling pathways associated with the cough reflex. This mechanism of action distinguishes it from other experimental antitussives, offering the potential for improved efficacy in managing chronic cough.
GluN2B receptors are thought to play a crucial role in regulating the cough reflex in the deep regions of the brain. Evidence from various sources, such as clinical studies and trials using Ifenprodil, supports this notion, Seyltx CEO Dietrich Stephan told investors.
Specifically, Ifenprodil has demonstrated significant reductions in cough counts, particularly in individuals with idiopathic pulmonary fibrosis, a condition associated with severe and difficult-to-treat coughing.
“This human efficacy data is complemented by an extensive safety package that de-risks the final phases of clinical development,” Stephan said.
Recent deals from pharmaceutical giants like Merck underscore the demand for innovative therapies, highlighting the potential value of Ifenprodil in addressing this unmet medical need.
“We believe that Ifenprodil, a first-in-class potential treatment for chronic cough could outperform all other drugs that have been clinically investigated to date,” Algernon CEO Christopher Moreau said in a statement.
“We look forward to working with Seyltx as they advance Ifenprodil into the Phase 2b clinical trial.”