Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:AGNPF) (FRA:AGW), the drug repurposing company, said pre-clinical studies on the psychedelic compound DMT to treat stroke will be carried out at the Charles River research facility in Finland.
The company has inked a deal with lab services firm Charles River Laboratories for research studies of AP-188, or DMT, it told investors.
READ: Algernon Pharmaceuticals poised to investigate psychedelic compound DMT as treatment for stroke
As reported earlier this month, Algernon said that, unlike other companies researching psychedelic drugs, it will be focusing on a sub-hallucinogenic, or microdose of DMT given via continuous intravenous administration - the aim being the patient will not have a psychedelic experience.
This approach may also allow for a quicker pathway to regulatory approval, including a Breakthrough Therapy designation from the US FDA, it had noted.
Algernon plans to be the first company globally to pursue DMT for stroke in humans and is planning to begin a clinical trial as soon as possible this year.
"The company is very pleased to have retained Charles River Labs, a trusted vendor that we have worked with before on other research projects,” said Christopher J. Moreau, CEO of Algernon Pharmaceuticals.
"They have all of the necessary permits and licenses to handle DMT, which will allow us to move quickly with our research program. They are a recognized world leader for pre-clinical neurological studies."
DMT (N,N-Dimethyltryptamine), occurs naturally in many plants and animals and is a hallucinogenic tryptamine drug producing effects similar to those of other psychedelics like LSD, ketamine, psilocybin and psilocin.
It has been shown to induce neuroplasticity in a number of key preclinical studies and is believed to activate pathways involved with forming neuron connections.
Millions of people suffer the debilitating consequences of a stroke each year. In 2018, the global stroke treatment market was valued at around US$8 billion. This is expected to reach a value of around US$15 billion by the year 2027, with a compound annual growth rate of around 7%.
Contact the author at giles@proactiveinvestors.com