GlobeNewswire Inc | Sep 9, 2021 07:00AM EDT

September 09, 2021

VANCOUVER, British Columbia, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Algernon Pharmaceuticals Inc.(CSE: AGN) (FRANKFURT: AGW) (OTCQB: AGNPF) (the Company or Algernon) a clinical stage pharmaceutical development company, is pleased to announce that Harry Bloomfield, QC. has been appointed as a new member of the Board of Directors and has been elected Chairman of the Board.

Harry J. F. Bloomfield,QC., M.B.A., is a lawyer, business manager and philanthropist. Born inMontreal, Quebec, he received aBachelor of Arts degree fromMcGill Universityin 1965, a Bachelor ofCivil Lawdegree fromUniversit de Montralin 1968, and joined the Bar of Quebec in 1969. Bloomfield received aMaster of Business Administration from theHarvard Graduate School of Business Administrationin 1971. He was appointed Queen's Counsel in 1991.

He began his business career, 1971 to 1976, on Wall Street with the J. Henry Schroder Banking Corporation in New York. From 1981 to 1987 he served as a Member of theCommission des Valeurs Mobilieres du Qubec, now called the Autorit des Marchs Financiers equivalent of the U.S. Securities and Exchange Commission (the SEC). In 1987 he was named by the government of Prime Minister Brian Mulroney to the Board of Directors of the Federal Business Development Bank, now called the BDC (Business Development Bank of Canada) and served for 11 years, 7 of which were as Chairman of the Audit Committee.

In 1994, in partnership withBank Julius Baerof Zurich, Switzerland, he formed and was the first Chairman of BJB Global Investments, Ltd., a Canadian wealth-management advisory firm with headquarters in Montreal. In 1998, he became the President of the Canadian Branch of theInternational Law Association.

Bloomfield has served on numerous boards, public and private, includingHeller Financial Canada(now part of GE Capital);Banco Comercial Portugus, the Canadian subsidiary ofSottomayor Bank of Portugal;British Controlled Oilfields,Genoil Inc., Balkan Resources Inc.,and Wi2Wi Inc. In May 2011, he was elected to the Board of Directors of Miraculins Inc. (TSX-V:MOM), a medical diagnostic company, and in April 2012 he was elected the boards Chairman.

The Company welcomes Harry Bloomfield as its newest Board member and Chairman, said Christopher J. Moreau, CEO of Algernon Pharmaceuticals. His extensive background and years of experience in senior business roles will be a tremendous asset to the Company as it moves forward executing its exciting and unique drug repurposing business plan.

About Algernon Pharmaceuticals Inc.

Algernon is a drug re-purposing company that investigates safe, already approved drugs, and naturally occurring compounds, for new disease applications, moving them efficiently and safely into new human trials, developing new formulations and seeking new regulatory approvals in global markets. Algernon specifically investigates compounds that have never been approved in the U.S. or Europe to avoid off label prescription writing.

CONTACT INFORMATION

Christopher J. MoreauCEOAlgernon Pharmaceuticals Inc.604.398.4175 ext 701info@algernonpharmaceuticals.cominvestors@algernonpharmaceuticals.comwww.algernonpharmaceuticals.com

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY DISCLAIMER STATEMENT: No Securities Exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as will, may, should, anticipate, expects and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Companys expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.