Algernon Pharmaceuticals completed its clinical trial agreement with Westchester Research Center at Westchester General Hospital in Miami, Florida, for its multinational Phase IIb/III trial of NP-120 (ifenprodil) for COVID-19. The trial is expected to start after July 20.
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The use of proceeds will be allocated towards advancing its platform deployment with key healthcare clients and general operating capital.
The Company intends to use net proceeds of the Private Placement for working capital requirements and product development.
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