Algernon Pharmaceuticals Inc. (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 qualified its Form 1-A offering statement filed with the U.S. Securities and Exchange Commission (the “SEC”) under a Tier II Regulation A+ offering (Reg A+).
Under the Reg A+, AGN Neuro will be offering up to 37.5% of its common shares, with majority ownership residing with AGN Pharma. The capital raised will be used for research, development, and program management costs related to the completion of the Phase 1 DMT study currently underway as well as Phase 2a stroke and traumatic brain injury (TBI) studies.
The class A common shares will be offered at USD $1 per share with a minimum investment of USD $1,000 required. Bonus shares will be issued on the following basis:
- USD $15,000 Investment – 5% Bonus Shares
- USD $25,000 Investment – 10% Bonus Shares
- USD $100,000 Investment – 15% Bonus Shares
- USD $250,000 Investment – 20% Bonus Shares
AGN Pharma has valued AGN Neuro’s psychedelic DMT stroke and traumatic brain injury (TBI) research program at USD $20M. AGN Pharma’s valuation of the DMT stoke and TBI program was based on multiple public company comparables for a wide range of pharmaceutical research programs, and specifically, including for the indication of stroke, that are in the Phase 1 clinical trial stage.
The Reg A+ offering will be marketed using online and digital platforms, which are being developed and expected to launch during the first week of May, 2023. AGN Neuro’s new website is available for viewing and can be seen here https://algernonneuroscience.com.
AGN Neuro has retained Issuance Inc., the leading investment direct to market platform for Reg A+ offerings, as well as the Dalmore Group, broker-dealer and global expert in the primary and secondary market trading of private securities online at scale through Reg A+ registrations.
“We look forward to starting AGN Neuro’s online digital marketing campaign for investors soon. We believe DMT holds tremendous promise as a drug that could have a significant positive impact on the healing and recovery of brain injury victims on a global scale.”
Christopher J. Moreau, CEO of AGN Pharma
About Algernon NeuroScience Inc.
Algernon NeuroScience is a wholly owned private equity subsidiary of Algernon Pharmaceuticals and has been created to advance the Company’s DMT stroke and TBI research programs.