Algernon Pharmaceuticals Inc. (CSE: AGN) (FRANKFURT: AGWO) (OTCQB: AGNPF) has entered a clinical trials agreement with one of the most prominent universities in the world to study a powerful psychedelic compound.
On Monday, the drug development company announced a new partnership with Yale University to investigate the outcomes of multiple intravenous doses of DMT on healthy subjects and individuals suffering from depression.
In adherence with the clinical trial agreement, Algernon will supply cGMP DMT for the study in exchange for joint ownership of intellectual property (IP) related to clinical applications of the psychedelic derived from the research.
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Algernon will have the option to negotiate licenses for IP developed jointly between the company and the university along with IP solely generated by Yale. The company will also be receiving data from the trials that could potentially help with its DMT stroke research program.
The trial will be led by professor Deepak Cyril D’Souza, a researcher that Algernon says is experienced working with DMT and other controlled substances.
“After careful consideration, we chose to support Dr. D’Souza’s clinical DMT study and work with Yale University,” said Christopher J. Moreau, CEO of Algernon.
“Although the treatment of psychiatric disorders with DMT are not the Company’s current focus, we have patents pending on novel forms of DMT which could potentially be used across a broad range of diseases. In addition, we believe the data generated from this study may help inform Algernon’s stroke research program.”
“A rising tide lifts all boats, and we feel a corporate responsibility as well to improve global awareness and support psychedelic medicine research when possible,” said Moreau lastly.