01:02 PM EDT, 03/27/2024 (MT Newswires) -- Algernon Pharmaceuticals Inc. ( AGNPF ) announced that Seyltx Inc., a privately owned U.S. based drug development company, has closed on its acquisition of Algernon's NP-120 (Ifenprodil) research program for the purchase price of US$2 million cash and a 20% common share equity position in Seyltx. The company previously announced on November 22, 2023 that it had signed a Letter of Intent with Seyltx, to acquire Algernon's Ifenprodil research program.

Ifenprodil is one of Algernon's lead research programs and represents a novel first-in-class potential treatment for chronic cough. It is thought to interfere with central signalling in the brain, suppressing the urge to cough.

Seyltx plans to initiate an Ifenprodil multi-center Phase 2b chronic cough study in CY2024. Algernon's clinical management team will be available to provide support, oversight, and management of the study.