Algernon Pharmaceuticals has recently completed the sale of its drug Ifenprodil to Seyltx for $2 million in cash, along with a 20% carried interest. This transaction was finalized in the second quarter of 2024, allowing Algernon to redirect its resources towards developing N,N-dimethyltryptamine (DMT) as a potential treatment for stroke and traumatic brain injury (TBI). Christopher Moreau, CEO of Algernon, highlighted that DMT has shown promise in protecting and healing the brain following injuries by binding to the sigma-1 receptor and promoting neuroplasticity.
The administration of DMT is particularly critical within the first 90 days after a stroke, which is a window that Algernon aims to capitalize on through upcoming human studies to validate the drug's efficacy. Moreau emphasized the importance of conducting ethical research on psychedelic drugs, despite the regulatory challenges that may arise. This shift in focus underscores Algernon's commitment to exploring innovative treatments in the field of neurology, particularly as the understanding of psychedelics in medical applications continues to evolve. [583a6f08]