Algernon Forms Private Subsidiary To Advance Psychedelic Stroke Program
Canadian clinical-stage psychedelics biotech company Algernon Pharmaceuticals Inc. AGNPF – AKA AGN Pharma – has created Algernon NeuroScience (AGN Neuro), a new, wholly-owned private subsidiary, to advance its psychedelic DMT stroke research program.
Following the decision, Algernon valued this specific program now entering Phase 2 clinical trial stage at $20 million and has completed an asset transfer and trademark license agreement, transferring all DMT research program assets into AGN Neuro.
It also signed a management provision with the new company for all day-to-day operations as well as management of the DMT stroke clinical trial program.
“By creating AGN Neuro with the sole focus of advancing the DMT stroke research program through its future clinical trials, we are working to create an exciting new investment vehicle with the goal of enhancing shareholder value in the process,” said AGN Pharma CEO Christopher J. Moreau.
The plan is for AGN Neuro to remain a private company until completion of a Phase 2a stroke study, planned to commence sometime by the end of 2023. Based on the results, the company will eventually review and consider a potential direct IPO listing on the NASDAQ.