Algernon Pharmaceuticals Announces Closing of the Acquisition of its Chronic Cough Research Program by U.S. Based Seyltx for USD $2M and a 20% Equity Position [Yahoo! Finance]
Merck & Company, Inc. (new) (MRK)
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Source: Yahoo! Finance
Canadian clinical stage pharmaceutical development company, is pleased to announce that it has closed on its agreement with Seyltx Inc. (“Seyltx”), a privately owned U.S. based drug development company, for the acquisition of Algernon's NP-120 (“Ifenprodil”) research program for the purchase price of USD $2M cash and a 20% common share equity position in Seyltx. The Company previously announced on November 22, 2003 that it had signed a Letter of Intent with Seyltx, to acquire Algernon's Ifenprodil research program. Ifenprodil is an N-methyl-D-aspartate (“NMDA”) receptor antagonist specifically targeting the NMDA type subunit 2B (GluN2B), which prevents glutamate signaling. 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. “There are multiple converging lines of evidence that define GluN2B as the master reg
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