FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Algernon Provides an Overview of its NP-120 (Ifenprodil) Program for COVID-19”
Algernon Pharmaceuticals Inc. (OTCQB: AGNPF) (CSE: AGN) a clinical stage pharmaceutical development company, is pleased to provide an overview of its multiple recent activities surrounding the investigation of its repurposed drug compound NP-120 (Ifenprodil), as a possible treatment for idiopathic pulmonary fibrosis (IPF), acute lung injury (ALI), chronic cough, and coronavirus (COVID-19).
Algernon Pharmaceuticals is a clinical stage pharmaceutical development company focused on advancing its lead compounds for non–alcoholic steatohepatitis (NASH), chronic kidney disease (CKD) inflammatory bowel disease (IBD), idiopathic pulmonary fibrosis (IPF), and chronic cough.
The global pharmaceutical contract development and manufacturing industry is driven by various major factors; these include the rising demand for generics, the increasing investments in pharmaceutical R&D, and overall investments in advanced manufacturing technologies by contract development and manufacturing organizations (CDMOs). Furthermore, the pharmaceutical manufacturing segment is estimated to account for the largest market share in 2019. This segment can be attributed to the growing need to reduce manufacturing cost as well as the requirement for high-quality bulk manufacturing and the growing demand for generic drugs. This industry also includes pharmaceutical API (active pharmaceutical ingredient) manufacturing and pharmaceutical FDF (finished dosage form) manufacturing – both of which are expected to grow due to the growing drug development activity. Additionally, overall, the global pharmaceutical contract development and manufacturing market is projected to reach USD 126.6 Billion by 2024 from USD 90.0 Billion in 2019 while at a CAGR of 7.1%, according to data provided by MarketsandMarkets.
In the meantime, the current outbreak continues to force governments and business to try and come up with innovative solutions to slow down the spread of the virus. As of Monday, the World Health Organization (WHO) reported that global cases eclipsed 350,000 and deaths soared past 15,000. WHO Director-General Tedros Adhanom Ghebreyesus said at a press briefing that “the pandemic is accelerating … It took 67 days from the first reported case to reach 100,000 cases, 11 days for second 100,000 cases, and just four days for the third 100,000 cases.” The real number of those infected is expected to be much higher. Specifically, the number of people who have the virus but don’t show symptoms and have not been tested is currently unknown. Yet, studies have shown that it is people without symptoms that are causing substantial amounts of infection. As a result, WHO officials have warned that the outbreak could overwhelm health systems around the world in just a few weeks, urging governments to act swiftly. “Take one look at what’s happening in some health systems around the world. Look at the intensive care units completely overwhelmed. Doctors and nurses utterly exhausted,” Mike Ryan, Executive Director of the WHO’s emergencies program, said Friday. “This is not normal. This isn’t just a bad flu season.”
For more information, please visit: Algernon Pharmaceuticals Inc.
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