AGNPF - Algernon Pharmaceuticals Announces LOI for the Acquisition of its Chronic Cough Research Program by U.S. Based Seyltx for USD $2M and a 20% Equity Position | Benzinga
VANCOUVER, British Columbia, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Algernon Pharmaceuticals Inc. (the "Company" or "Algernon") (CSE:AGN) (FRANKFURT: AGW0) (OTCQB:AGNPF), a Canadian clinical stage pharmaceutical development company, is pleased to announce that it has signed a Letter of Intent ("LOI") with Seyltx Inc. ("Seyltx"), a privately owned U.S. based drug development company, to acquire Algernon's NP-120 ("Ifenprodil") research program for USD $2M cash and a 20% common share equity position in Seyltx. The transaction is subject to certain conditions including, inter alia, Seyltx financing and the negotiation and execution of a definitive agreement, which is expected to occur within the next 90 days.
Seyltx plans to conduct an Ifenprodil Phase 2b chronic cough study as soon as possible. As stated in the LOI, Algernon's clinical management team will be available to provide support, oversight and management of the study.
Ifenprodil is an N-methyl-D-aspartate ("NMDA") receptor antagonist specifically targeting the NMDA type subunit 2B (GluN2B), which prevents glutamate signaling. Ifenprodil is Algernon's lead research program and represents a novel first-in-class potential treatment for chronic cough. It is thought to interfere with central signalling in the brain, suppressing the urge to cough.
"We are very pleased to have signed this LOI with Seyltx," said Christopher J. Moreau, Algernon's Chief Executive Officer. "With the U.S. FDA advisory panel recently voting 12 – 1 against approving Merck's chronic cough drug candidate gefapixant, citing a lack of efficacy, it is very important to continue moving Ifenprodil forward as a potential global treatment of chronic cough."
Algernon's Phase 2a Study Data
Algernon's decision to advance to a Phase 2b cough study was based on positive data previously reported from the Company's proof of concept Phase 2a study of idiopathic pulmonary fibrosis ("IPF") and chronic cough, where Ifenprodil showed a significant reduction in cough count. Patients with IPF are usually excluded from trials in refractory chronic cough ("RCC"), and cough in this population is regarded as extremely difficult to treat.
Key Data:
- The geometric mean 24-hour cough counts were reduced by 32.0% at 4 weeks
(p = 0.023) and 39.5% at 12 weeks (p = 0.001) compared to baseline - The geometric mean awake cough counts were reduced by 30.2% at 4 weeks
(p = 0.038) and 37.4% at 12 weeks (p = 0.002) compared to baseline - Algernon ...