Algernon Pharmaceuticals appoints Validcare as CRO for Phase 2a DMT trial

Algernon Pharmaceuticals (AGNPF) announced that its wholly owned subsidiary, Algernon NeuroScience, has appointed Validcare as the contract research organization for the Company’s upcoming randomized, double-blind, placebo-controlled Phase 2a DMT study of 40 stroke patients in Europe. The study is expected to begin enrolling patients in Q3 of 2025. Validcare is a leading U.S. based full service CRO with experience across a wide range of therapeutic indications. AGN Neuro announced that as part of being appointed the CRO, Validcare has agreed to invest $170K in exchange for equity issued by AGN Neuro. The investment in AGN Neuro will be completed in stages as the study progresses. AGN Pharma also announces that it has cancelled an aggregate of 684,000 stock options previously granted to officers, directors and consultants. These stock options have fully vested and had exercise prices ranging between $1.03 to $8.75 and expiry dates ranging from February 13, 2025 to August 31, 2027.