Algernon Pharmaceuticals to File End-of-Phase 2 Meeting Request with U.S. FDA for Possible Ifenprodil Phase 3 COVID-19 Trial

VANCOUVER, British Columbia, April 08, 2021 (GLOBE NEWSWIRE) — Algernon Pharmaceuticals Inc. (CSE: AGN) (FRANKFURT: AGW) (OTCQB: AGNPF) (the “Company” or “Algernon”) a clinical stage pharmaceutical development company, is pleased to announce that it plans to formalize discussions with the U.S. Food and Drug Administration (“FDA”) by filing an End-of-Phase 2 meeting request (EOP2) based on the completion of the Phase 2b part of its Phase 2b/3 COVID-19 trial (the “Study”) of NP-120 (Ifenprodil).

Algernon has now completed its initial review of the full data set from the Study and will be seeking guidance from the FDA on moving forward with a potential Phase 3 study.

The purpose of an EOP2 meeting is to facilitate interaction between the FDA and sponsors who seek guidance related to clinical trial design, to determine the safety of proceeding to Phase 3, to evaluate the Phase 3 plan, including protocols and endpoints for adequacy, and to identify information necessary to support a marketing application.

As part of the EOP2 meeting request, the Company is preparing a briefing package that includes a summary of Study data and a protocol synopsis for a potential Phase 3 trial. The EOP2 meeting is an essential part of the process to help guide the Company and determine the next steps forward.

The EOP2 meeting will focus on the data from three key endpoints from the Study including all-cause mortality, oxygenation (SpO2) and time in ICU, from the 20mg Ifenprodil treatment arm.

The Company has been reviewing the data from the 40mg Ifenprodil treatment arm of the Study. While the full data set review confirmed no significant changes were observed compared to the untreated arm of the Study, the data showed a negative dose effect trend with some clinical outcomes.

As a complex receptor, NMDA’s relationship with drugs that stimulate or inhibit it is not completely understood. In some cases of being inhibited or antagonized, the receptor, instead of shutting down, appears to protest over-inhibition, possibly leading to adverse responses in patients. This has been identified in studies of Memantine and Ketamine, also NMDA receptor antagonists.

This may represent a class effect observed at doses higher than those at which a more customary dose-response relationship is shown, and as such, may inform observations on the 40mg dose data. There was very little historical data to guide dosing for this Study of Ifenprodil in COVID-19 patients, and the Company chose to include a high dose 40mg treatment arm in the Study, in view of Ifenprodil’s considerable safety record.

“When we consider the totality of the Study’s data set, we are very confident that the next appropriate step is a formal EOP2 meeting with the FDA in order to discuss the results and explore the potential of a Phase 3 trial,” said Christopher J. Moreau, CEO of Algernon Pharmaceuticals. “We look forward to feedback from the FDA so that we can determine our next steps.”

The Company advises that it is not making any express or implied claims that Ifenprodil has the ability to eliminate, cure or contain COVID-19 (or the SARS-2 Coronavirus) at this time.

About Algernon Pharmaceuticals Inc.

Algernon is a drug re-purposing company that investigates well-tolerated, already approved drugs, including naturally occurring compounds for new disease applications, moving them efficiently and safely into new human trials, developing new formulations and seeking new regulatory approvals in global markets. Algernon specifically investigates compounds that have never been approved in the U.S. or Europe to avoid off label prescription writing.

CONTACT INFORMATION

Christopher J. Moreau
CEO
Algernon Pharmaceuticals Inc.
604.398.4175 ext 701
[email protected]
[email protected]
www.algernonpharmaceuticals.com

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY DISCLAIMER STATEMENT: No Securities Exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.