Argenica Therapeutics (ASX:AGN) shares surge ~30% on Day 1 on the ASX

Summary

  • Neuroprotective drug developer Argenica Therapeutics commenced trading on the ASX after a well-supported AU$7 million capital raising.
  • The Company disclosed that the ASX listing would allow it to develop its novel neuroprotective product pipeline.
  • ARG-007, Argenica’s lead neuroprotective peptide, has demonstrated improved outcomes in pre-clinical testing.
  • The Company will use the funds raised for ARG-007’s Phase 1 clinical trial.

ASX debutant Argenica Therapeutics Limited (ASX:AGN) commenced trading on the ASX last Friday after completing an Initial Public Offering (IPO). On 11 June 2021, AGN shares started trading and closed a whopping 30% higher than the issue price at AU$0.260. The Company raised AU$7 million before costs following a well-supported IPO.

Other healthcare shares that ended last week on a high include Cann Global Limited (ASX:CGB), Avita Medical (ASX:AVH), Patrys Limited (ASX:PAB) and Telix Pharmaceuticals Limited (ASX:TLX).

ALSO READ: ASX ends week at record closing high as inflation jitters fade

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AGN prepares for novel stroke treatment trials

The Company disclosed that the ASX listing would allow it to develop its novel neuroprotective product pipeline that protects the brain cells. Argenica’s development partners include the Perron Institute for Neurological and Translational Science and The University of Western Australia.

The Company disclosed that it anticipates expanding its existing and upcoming development collaborations, building a regulatory approval framework and investigating new technology applications in some other neurological indications.

Dr Liz Dallimore, CEO of Argenica Therapeutics, commented-

Argenica’s lead candidate: ARG-007

Argenica’s lead candidate, ARG-007, is being developed as a potential therapeutic to provide neuroprotective treatment before a patient arrives at the hospital. This approach could potentially reduce the death of the brain tissue during the period before formal diagnosis and treatment of the underlying stroke condition. Besides, this could significantly enhance the clinical recovery outcomes.

Furthermore, Argenica intends to commence its planned clinical development on completion of the IPO. The Company will start the safety and toxicology verification before beginning a Phase 1 clinical trial. The Phase 1 study would offer critical data concerning the safety of ARG-007 in healthy volunteers, which is required for a more thorough Phase 2 clinical trial.  AGN plans to commence Phase 1 trial in the fourth quarter of CY2021.

Use of funds

The Company highlighted that the funds raised under the IPO would be used for several key development activities, including building on the favourable pre-clinical evidence and transitioning into an extensive Phase 1 clinical trial.

The funds would also support ongoing research and development activities in partnership with the University of Western Australia and the Perron Institute of Neurological and Translational Science.

INTERESTING READ: IPO Watch: 12 companies filed for ASX listing in June


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