Algernon Pharmaceuticals has chosen contract research organization Novotech to help run its phase 2 idiopathic pulmonary fibrosis and chronic cough trial for its experimental med NP-120 (Ifenprodil).
The study is slated to start in the next quarter, and Algernon will tap Novotech’s experience across the Asia-Pacific region. In addition, the CRO has penned a letter of intent to make an equity investment in Algernon worth around CA$220,000.
NP-120 is an N-methyl-d-aspartate (NMDA) receptor glutamate receptor antagonist specifically targeting the NMDA-type subunit 2B. The drug may sound familiar and is better known as Cerocral, which was initially developed by French Big Pharma Sanofi all the way back in the 1990s.
It’s currently sold as a generic drug, and Algernon is hoping to repurpose it.
Novotech CEO John Moller, M.D., said: “We are delighted to be working with Algernon on their upcoming Phase 2 study and to have signed an LOI to participate in an equity funding round of Algernon. This is a unique model to support clinical trials in our region and we look forward to a close working relationship with the Algernon team.”