In a news release, Algernon Pharmaceuticals Inc. (AGN:CSE; AGNPF:OTCQB; AGW:FSE) announced that "the first patient has been dosed in its Phase 2 idiopathic pulmonary fibrosis (IPF) and chronic cough clinical study of its re-purposed drug NP-120 (Ifenprodil)." The firm advised that this patient was enrolled and dosed at New Zealand's Waikato Hospital.
Algernon Pharmaceuticals noted that the objective of the Phase 2 proof-of-concept human trial is "to determine the efficacy of Ifenprodil in the preservation of lung function in IPF patients (including biomarkers of fibrosis) and its associated cough." The company indicated that the study will be conducted at three locations in Australia and two in New Zealand.
The firm claimed that "Ifenprodil has been shown to mediate anti-inflammatory responses and reduce pulmonary fibrosis in a murine model of IPF, and in addition, it significantly reduced both cough frequency and onset in a guinea pig acute cough model."
The company's CEO Christopher J. Moreau commented, "Ifenprodil showed very promising results in our IPF and cough pre-clinical studies and so I am very pleased to announce our first patient in and the formal start of our clinical program...As the study progresses, the Company will make an assessment of the enrollment rate and will provide an update to the market on a projected completion date as well as when the data will be expected."
The firm described NP-120 (Ifenprodil) as "a N-methyl-D-aspartate (NMDA) receptor antagonist specifically targeting the NMDA-type subunit 2B (Glu2NB) and that Ifenprodil prevents glutamate signaling." The company explained that that NMDA receptors are found on various tissues such as lung cells, T-cells, and neutrophils.
Algernon Pharmaceuticals added that it has received net proceeds totaling $636,000 from the issuance of 5.3 million common shares upon the exercise of common share purchase warrants under the recent financing arrangement that closed on May 13, 2020.
Algernon stated that it has already filed new intellectual property rights globally for NP-120 (Ifenprodil) for use in treating respiratory diseases and is presently working on creating its own proprietary injectable and slow release formulation.
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