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  • Algernon Pharmaceuticals (CSE:AGN) has announced it will not advance its drug candidate Ifenprodil into a Phase 3 clinical trial for COVID-19
  • The decision comes after findings of the Phase 2b COVID-19 study final data set, the rate of vaccinations to date, other COVID-19 drug treatment programs that are in development and the anticipated trial size, cost and timeline needed to complete a Phase 3 trial
  • The decision to not move forward with a Phase 3 trial will not impact the company’s other research programs which include investigating Ifenprodil for other diseases
  • The company has several other clinical-stage programs in progress including a Phase 2 clinical trial of Ifenprodil for idiopathic pulmonary fibrosis and chronic cough
  • Shares of Algernon Pharmaceuticals were down 24 per cent to c$0.09 as of 1:14 p.m. EDT

Algernon Pharmaceuticals (AGN) has announced it will not be advancing its drug candidate Ifenprodil into a Phase 3 clinical study for COVID-19.

The decision comes after the findings of a Phase 2b COVID-19 clinical study final data set, the rate of vaccinations to date, other COVID-19 drug treatment programs already in development and the anticipated trial size, costs and timeline needed to complete a Phase 3 trial.

“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,” Christopher J. Moreau, CEO of Algernon Pharmaceuticals, said in a release. “As a Canadian company, we tried to do our part to help in the fight against a global pandemic.”

Although the company will not be advancing Ifenprodil into a Phase 3 trial for COVID-19, the company’s decision will not affect its other research programs already in development.

These include investigating Ifenprodil for other disease indications such as a Phase 2 program for idiopathic pulmonary fibrosis and chronic cough.

Algernon Pharmaceuticals also has a Phase 1 clinical trial in the works for the psychedelic drug  DMT for treatment of strokes by October of this year and a Phase 1 clinical trial for pancreatic cancer in Q1 of next year.

Shares of Algernon Pharmaceuticals were down 24 per cent to c$0.09 as of 1:14 p.m. EDT.

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