LOS ANGELES- Algernon Pharmaceuticals Inc., a Canadian clinical stage pharmaceutical development company, has announced a significant advancement in its research program. The company has signed a Letter of Intent (LOI) with Seyltx Inc., a U.S.-based drug development firm, to acquire Algernon’s NP-120 (Ifenprodil) research program. This partnership, valued at USD $2M in cash and a 20% common share equity position in Seyltx, is subject to several conditions, including Seyltx financing and the execution of a definitive agreement, expected to be finalized within the next 90 days.
Seyltx’s immediate plan involves conducting a Phase 2b chronic cough study with Ifenprodil. As per the LOI, Algernon’s clinical management team will provide support and oversight for this study. Ifenprodil is a novel N-methyl-D-aspartate (NMDA) receptor antagonist targeting the NMDA type subunit 2B (GluN2B). It has emerged as a promising first-in-class potential treatment for chronic cough, believed to interfere with central signaling in the brain to suppress the cough reflex.
Christopher J. Moreau, CEO of Algernon Pharmaceuticals, expressed enthusiasm about the partnership, emphasizing the importance of advancing Ifenprodil as a potential global treatment for chronic cough, especially in light of the recent FDA advisory panel’s decision against approving a competing chronic cough drug candidate, gefapixant, due to efficacy concerns.
Algernon’s decision to proceed with a Phase 2b cough study was based on positive data from its Phase 2a study of idiopathic pulmonary fibrosis (IPF) and chronic cough. The study demonstrated a significant reduction in cough count among patients, a group typically excluded from refractory chronic cough (RCC) trials and considered challenging to treat.
The chronic cough market is significant and growing, with the global market valued at USD $6.15B in 2021 and projected to reach USD $11.38B by 2029. This market has seen substantial interest and investment, as evidenced by major pharmaceutical companies such as Merck & Co. and Bellus Health securing large deals for cough suppressants.
Seyltx Inc., the U.S.-based partner in this venture, is a Delaware C-corporation focused on rapidly advancing therapeutics with established human safety and efficacy data. The company targets underserved medical conditions by modulating neuronal receptors in the central nervous system that control pulmonary diseases.
Algernon Pharmaceuticals continues its diverse research endeavors, investigating multiple drugs for unmet global medical needs. It has active research programs in IPF with chronic cough and chronic kidney disease. Additionally, its newly created private subsidiary, Algernon NeuroScience, is advancing a psychedelic program investigating a proprietary form of DMT for stroke and traumatic brain injury. This partnership with Seyltx Inc. marks a pivotal step in Algernon’s journey to develop innovative treatments for chronic cough and potentially other significant health issues.
