Algernon NeuroScience Announces U.S. SEC Qualification of Regulation A+ Tier II Offering to Raise up to USD $10M

VANCOUVER, British Columbia, April 03, 2023 (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 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," said Christopher J. Moreau, CEO of AGN Pharma. "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."

About Issuance, Inc.

For more information on Issuance please visit https://www.issuance.com/

About The Dalmore Group

For more information on DMG please visit https://dalmorefg.com/.

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. For more information, please visit https://algernonneuroscience.com.

About Algernon Pharmaceuticals Inc. 

Algernon Pharmaceuticals is a Canadian clinical stage drug development and repurposing company investigating multiple drugs for unmet global medical needs. Algernon Pharmaceuticals has active research programs for IPF with chronic cough, and chronic kidney disease, and is the parent company of a newly created private subsidiary called Algernon NeuroScience, that is advancing a psychedelic program investigating a proprietary form of psychedelic DMT for TBI and stroke. For further information, please visit https://algernonpharmaceuticals.com.

CONTACT INFORMATION

Christopher J. Moreau
CEO
Algernon Pharmaceuticals Inc.
604.398.4175 ext. 701

[email protected] 
[email protected] 
www.algernonpharmaceuticals.com 

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.

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