- Algernon Pharmaceuticals (CSE:AGN) is trialling its Ifenprodil drug’s effectiveness against COVID-19
- The company has partnered with clinical researcher Novotech to initiate a phase two trial of the drug
- Ifenprodil has been shown in recent animal trials to relieve respiratory issues caused by flu and improve survivability
- The company is hoping these effects can be replicated in COVID-19 patients and has identified physicians in South Korea to conduct the investigation
- Algernon Pharmaceuticals (AGN) is up 8.33 per cent, with shares trading for C$0.19 and a market cap of $14 million.
Algernon Pharmaceuticals (CSE:AGN) is initiating a drug trial for symptom relief in COVID-19 patients.
The company is partnering with Novotech, a clinical researcher, to initiate a phase two clinical trial of Algernon’s Ifenprodil drug.
The drug is already available in France and Japan, and is used to treat some neurological conditions.
A recent study found that Ifenprodil significantly reduced acute lung injury and improved recovery in flu-infected animals.
COVID-19 infections can lead to extended respiratory illnesses, such as pneumonia or acute respiratory distress syndrome.
Christopher J. Moreau, CEO of Algernon Pharmaceuticals, believes these results warrant a drug trial, given the looming COVID-19 crisis.
“This independent study data, along with the data generated from the company’s animal studies on IPF and chronic cough, have supported the company’s recent new COVID-19 and acute lung injury clinical program,” he said.
Before the outbreak began, the company was developing injectable and slow-release versions of the drug.
Since identifying its possible benefits to coronavirus patients, Algernon and Novotech have contacted physicians in South Korea to conduct the investigation.
The study will investigate whether the drug’s ability to reduce lung injury and improve recovery is replicated in humans with coronavirus.
The company has not outlined the extent of the study or a timeline for phase two’s completion. However, the company did state that further information regarding the study will be released soon.
That being said, as the drug has already been approved for a different use, the approval process will be shorter than a similar but untested drug.
Algernon Pharmaceuticals (AGN) is up 8.33 per cent, with shares trading for C$0.19 at 1:54pm EST.