Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:AGNPF) (FRA:AGW), the drug repurposing company, has revealed that it will not be advancing Ifenprodil into a Phase 3 clinical trial for coronavirus (COVID-19) but said it would continue to investigate the drug as a potential treatment for other diseases.
The company said the decision was based on several factors, including the findings of the Phase 2b COVID-19 study final data set, the global rate of vaccinations, and the projected trial size, costs and timelines needed.
Feedback recently received from the US Food and Drug Administration (FDA) on the end of Phase 2 meeting request was also "informative," noted the company.
READ: Algernon Pharmaceuticals targets first human study for its DMT stroke program in 4Q 2021
"As a small drug development company, we always need to consider the cost-benefit analysis of all of our research programs and be responsive to the realities of the marketplace as they continue to evolve,” said Christopher J. Moreau, CEO of Algernon Pharmaceuticals in a statement.
"As a Canadian company, we tried to do our part to help in the fight against a global pandemic. Even though we are not moving Ifenprodil forward for COVID-19, I am very proud and thankful for all the work the entire Algernon team has accomplished and especially for the support of our many investors and stakeholders around the world,” he added.
The company commented: "Algernon has several clinical-stage programs currently in progress including a Phase 2 trial of Ifenprodil for idiopathic pulmonary fibrosis and chronic cough. The company is also planning a Phase 1 clinical trial for the psychedelic drug DMT and stroke by the end of October of this year, as well as a Phase 1 trial for pancreatic cancer in Q1, 2022."
Contact the author at giles@proactiveinvestors.com