Algernon NeuroScience Appoints Validcare as CRO for its Phase 2a DMT Human Stroke Trial and Announces Validcare’s USD $170K Equity Investment
Summary
Algernon NeuroScience Appoints Validcare as CRO for its Phase 2a DMT Human Stroke Trial and Announces Validcares USD $170K Equity InvestmentVANCOUVER, British Columbia, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Algernon Pharmaceuticals Inc. (the Company or AGN Pharma) (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF), a Canadian clinical stage pharmaceutical development company, is pleased to announce that its wholly owned subsidiary, Algernon NeuroScience (AGN Neuro), has appointed Validcare as the contract research organization (CRO) for the Companys upcoming randomized, double-blind, placebo-controlled Phase 2a DMT study of 40 stroke patients in Europe. The pre-clinical data shows that DMT is very effective in reducing the damaged area caused by an ischemic stroke as well as restoring almost full motor function and we look forward to observing whether animal data will translate in the upcoming human study.We are very pleased to have appointed Validcare for this very important study, welcome their investment support, and look forward to finalizing our study plans, said Christopher J. Moreau, CEO of Algernon. About 85% of patients that suffer an ischemic stroke are unable or ineligible to receive interventional treatment and our investigation of DMT and its potential frontline role in promoting neuroplasticity and helping the brain rewire after an injury, is incredibly important work.AGN Pharma also announces that it has cancelled an aggregate of 684,000 stock options previously granted to officers, directors and consultants. Its revolutionary approaches give sponsors unmatched visibility and control to complete studies on time, on budget, and with high data integrity. Algernon Pharmaceuticals is also the parent company of a private subsidiary called Algernon NeuroScience, that is advancing a psychedelic program investigating a proprietary form of sub-psychedelic DMT for stroke and traumatic brain injury.The CSE does not accept responsibility for the adequacy or accuracy of this release.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.