Algernon Pharmaceuticals Announces Closing of the Acquisition of its Chronic Cough Research Program by U.S. Based Seyltx for USD $2M and a 20% Equity Position
VANCOUVER, British Columbia, March 27, 2024 (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 closed on its agreement with Seyltx Inc. (“Seyltx”), a privately owned U.S. based drug development company, for the acquisition of Algernon’s NP-120 (“Ifenprodil”) research program for the purchase price of USD $2M cash and a 20% common share equity position in Seyltx. The Company previously announced on November 22, 2003 that it had signed a Letter of Intent with Seyltx, to acquire Algernon’s Ifenprodil research program.