Algernon Pharmaceuticals Inc. (CSE:AGN, OTCQB:AGNPF) said it has recently received a C$2 million cash payment from a refundable tax credit program from its clinical research work in Australia, which brings its current working capital balance to around C$3.5 million.
The Vancouver-based clinical-stage pharmaceutical development company also announced that it has applied to have its shares listed on the tech-dominated Nasdaq. The listing remains subject to Nasdaq approval and the satisfaction of all applicable listing, governance, and regulatory requirements, noted the company.
“Algernon has a unique drug development business model and multiple research programs that are currently in both pre-clinical and human trials,” Algernon Pharmaceuticals CEO Christopher J Moreau said in a statement. “Moving the company to a US national stock exchange should help improve our valuation and is expected to provide the company with access to new investors who specialize in and understand pharmaceutical development.”
READ: Algernon files meeting request with MHRA for use of DMT in Phase 1/2a human stroke study
Algernon is a drug repurposing company that investigates safe, already approved drugs for new disease applications, moving them into new human trials, developing new formulations, and seeking new regulatory approvals in global markets.
It has taken generic neurological drug Ifenprodil that Sanofi developed in the 1970s, which is approved for use in South Korea and Japan, and is attempting to repurpose it as a potential chronic cough and idiopathic pulmonary fibrosis (IPF) treatment.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive