Since donning its new corporate identity earlier this year, Algernon Pharmaceuticals Inc. (CSE: AGN, OTCQB: BTHCF, Forum) has been busy advancing its research and its business.
Much like the classic novel the clinical stage Company derived its name from, which built its theme around change, Algernon is shifting to become a phase II clinical trial Company.
Having changed its name to Algernon in February 2019, the corporate shift was intended to align its operation with its main strategy to be a global leader in the treatment of liver disease, non-alcoholic steatohepatitis (NASH), chronic kidney disease (CKD) and inflammatory bowel disease (IBD).
NASH is a common liver disease associated with obesity and type-2 diabetes. It occurs when liver fat accumulates with inflammation and cellular damage, often leading to scarring of the liver and progress to cirrhosis, liver cancer and eventual liver failure. There no approved treatments available and it affects roughly 5 per-cent of the U.S. population. As a looming epidemic-level chronic disease, Algernon is likely on the cusp of a major product soon to be under significant demand.
In just under five years from now, it is estimated that the NASH market will touch $20 billion, according to recent data gathered by Market Research Engine. Meanwhile, the Global IBD Drug Market Forecast 2018-2028 Report shows that the global IBD drug market was estimated at $6.7 billion in 2017 and will reach $7.6 billion by 2023. Biologic therapies held a 57 per-cent share of the IBD market in 2017. The antibiotics segment of the IBD market is estimated to grow at a CAGR of 6.3 per-cent from 2018-2023.
Company CEO Christopher J. Moreau stated in a news release at the time that the corporate rebranding was – “Based on the success of our pre-clinical drug development program, we believe that this change will help to communicate to the market, our excitement and confidence in our newly established drug research program.”
We caught up with CEO Moreau to find out more about each piece of major news from the first half of the year and see where it is headed.