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Fund Triples Holding of Drug Repurposing Firm

Source: Streetwise Reports   01/20/2022

The Quick Take

AlphaNorth Partners Fund more than tripled its position in Algernon Pharmaceuticals…

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Source: Streetwise Reports   01/20/2022

The Quick Take

  • AlphaNorth Partners Fund more than tripled its position in Algernon Pharmaceuticals in December.
  • The fund bolstered its Algernon holding at the average purchase price of $4.61 per share, which indicated a "very compelling" $7.8 million valuation, AlphaNorth noted.
  • AlphaNorth noted that 2022 should be a catalyst-rich year for Algernon, with the:
    • Launch of a clinical trial evaluating the psychedelic compound DMT as a treatment for patients after a stroke.
    • Q2/22 data readout from Algernon's Phase 2 trial of Ifenprodil in idiopathic pulmonary fibrosis/chronic cough.
    • Advancement of additional drug candidates into the clinic this year.
  • Algernon is well cashed-up with more than $2 million on the balance sheet.
  • The 2021 return of AlphaNorth Partners Fund was about 22%, above the 7.3% return of the TSX Venture Exchange index.

Algernon Pharmaceuticals Inc. (AGN:CSE; AGNPF:OTCQB; AGW:FSE) repurposes and develops existing drugs as treatments for diseases.

This approach saves up to five years of preclinical research and multimillions in research and development costs.

AGN has caught the eye of PennyQueen, an investor and online community builder, who says she is "beyond excited" about the company, which she calls "brilliant." 

To learn more about Algernon and what other investors are saying about it, click here.

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Disclosures

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Algernon Pharmaceuticals Inc. Click here for important disclosures about sponsor fees. 

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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Algernon Pharmaceuticals Inc., a company mentioned in this article.

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( Companies Mentioned: AGN:CSE; AGNPF:OTCQB; AGW:FSE, )

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