Algernon Pharmaceuticals Completes Private Placement
Algernon Pharmaceuticals Inc. (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF) (referred to as "the Company" or "Algernon") has successfully concluded its non-brokered private placement, raising gross proceeds of $235,200 by offering units priced at $0.12 each.
Insider Participation
Several insiders of the Company took part in this offering, investing a combined total of $60,000. This involvement is categorized as a "related party transaction" under Multilateral Instrument 61-101. The Company has utilized exemptions from certain stipulations outlined in MI 61-101, as the market value of the shares acquired by insiders did not surpass 25% of the Company’s market capitalization.
Allocation of Proceeds
The funds raised from the private placement will be directed towards working capital, thereby supporting the Company’s ongoing projects and research initiatives.
About Algernon Pharmaceuticals Inc.
Company Overview
Algernon Pharmaceuticals is a Canadian clinical-stage pharmaceutical firm dedicated to developing drugs that address unmet medical needs worldwide. The Company is advancing several innovative research programs, including a psychedelic treatment derived from DMT aimed at stroke and traumatic brain injury, as well as exploring new therapies for chronic kidney disease.
Recent Developments
Recently, Algernon finalized an agreement with a U.S.-based drug development company to acquire its Ifenprodil research program, which entails a purchase price of USD $2 million in cash along with a substantial equity stake.
CONTACT INFORMATION
Christopher J. Moreau
CEO
Algernon Pharmaceuticals Inc.
604.398.4175 ext 701
info@algernonpharmaceuticals.com
investors@algernonpharmaceuticals.com
www.algernonpharmaceuticals.com
Frequently Asked Questions
What is the purpose of the private placement?
The private placement aims to secure funding for working capital, which will enhance the company's development projects.
How much capital was raised in the private placement?
Algernon Pharmaceuticals successfully raised a total of $235,200 through this private placement.
Who participated in the offering?
Insiders of the Company participated in the offering, contributing a total of $60,000.
What are the future plans for the company's research programs?
The Company is committed to advancing various drug development projects, particularly those focused on brain injury and chronic kidney disease.
How can investors contact Algernon Pharmaceuticals?
Investors can contact the Company via email at info@algernonpharmaceuticals.com or investors@algernonpharmaceuticals.com.