Algernon Pharmaceuticals Inc. (CSE:AGN, OTCQB:AGNPF), a Canadian clinical-stage drug development company, said it has closed the second tranche of a non-brokered private placement, raising total gross proceeds of C$761,000 from the sale of subscription receipts.
The financing, first announced on May 27 and updated on June 30, includes C$90,000 from company insiders.
Proceeds will be used to advance Algernon’s new Alzheimer’s disease initiative, including the planned opening of its first US-based neuroimaging clinic in the fourth quarter of 2025, as well as for general administrative expenses and working capital.
The company said the private placement is now closed.
Algernon is developing clinical-stage pharmaceuticals for unmet medical needs and is also the parent of Algernon NeuroScience, which is researching a proprietary form of DMT to treat stroke and traumatic brain injury.