Alpha Cognition Announces Director Change and Stock Option Grant

Rhea-AI Summary

Alpha Cognition Inc. (TSX-V: ACOG, OTCQB: ACOGF) announced the resignation of Dr. Fred Sancilio as Director and President but he will continue as a consultant focusing on ALPHA-1062. Dr. Cedric O’Gorman will lead the patient tolerability trial for ALPHA-1062. The company is on track to submit a New Drug Application (NDA) for ALPHA-1062 in late 2022. Additionally, 2,340,000 stock options were granted to directors and officers at an exercise price of $1.12 CAD per share, expiring in December 2031.

Positive

• Continued commitment to ALPHA-1062 with ongoing clinical trials.
• Expected NDA submission for ALPHA-1062 in the second half of 2022.
• Grant of stock options could align interests of management with shareholders.

Negative

• Resignation of Dr. Sancilio could cause uncertainty in leadership.
• Dependence on successful completion of clinical trials for ALPHA-1062 and ALPHA-0602.

VANCOUVER, B.C.--(BUSINESS WIRE)-- Alpha Cognition Inc. (TSX-V: ACOG) (OTCQB: ACOGF) (“Alpha Cognition”, or the “Company”), a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating neurodegenerative disorders, today announced the resignation of Dr. Fred Sancilio from his role as Director and President of the Company. Dr. Sancilio will continue to work with Alpha Cognition as a consultant focusing on ALPHA-1062’s bioequivalence program.

Len Mertz, the Company’s Chairman commented: “We are grateful for Fred's efforts in bringing the Company to this stage of development, his contributions and advice are appreciated, and we look forward to his ongoing support, focused on ALPHA-1062 and our planned New Drug Application (“NDA”) with the U.S. FDA.”

As announced in our news release on December 2, 2021, Dr. Cedric O’Gorman, the Company’s Chief Medical Officer will continue to lead the patient tolerability trial for ALPHA-1062, while assuming other responsibilities from Dr. Sancilio. Dr. O’Gorman commented: “We are accelerating the ALPHA-0602 progranulin pre-clinical study and are on track to release data in the first quarter of 2022. The Company is also excited to complete a pivotal relative bioavailability study of ALPHA-1062, a proprietary, delayed release oral tablet formulation designed to treat mild to moderate Alzheimer’s Disease. This single set of trials, if successful, will allow the Company to submit an NDA for ALPHA-1062 in the second half of 2022.”

The Company further announces the grant of an aggregate of 2,340,000 stock options (“Options”) to certain directors (940,000 stock options) and officers (1,400,000 stock options) of the Company pursuant to the Company’s stock option plan. Each Option is exercisable to acquire one common share of the Company at a price of $1.12 CAD per common share until December 20, 2031, and will be subject to vesting conditions.

About Alpha Cognition Inc.

Alpha Cognition Inc. is a clinical stage, biopharmaceutical company dedicated to developing treatments for under-served neurodegenerative diseases, such as Alzheimer's Dementia and Amyotrophic Lateral Sclerosis (ALS).

ALPHA-1062, is a patented new chemical entity that has demonstrated safety and improved tolerability in human clinical trials. It is being developed as a new generation acetylcholinesterase inhibitor for the treatment of Alzheimer's disease, with minimal gastrointestinal side effects and novel routes of administration. ALPHA-1062's active metabolites are differentiated from donepezil and rivastigmine in that they may sensitize neuronal nicotinic receptors, most notably the alpha-7 subtype, which is known to have a positive effect on cognition. ALPHA-1062 is also being developed in combination with memantine to treat moderate to severe Alzheimer's dementia and in a nasal spray formulation to treat traumatic brain injury.

ALPHA-0602 (Progranulin) is expressed in several cell types in the central nervous system and in peripheral tissues, regulates cell survival and certain inflammatory processes, and plays a major role in regulating lysosomal function and microglial responses to disease. Its use for the treatment of neurodegenerative diseases has been patented by the Company and granted an Orphan Drug Designation.

Neither TSX Venture Exchange (the “TSX-V”), OTC Markets Group, nor the TSX-V’s Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release is not, and under no circumstances is to be construed as, an advertisement or a public offering of securities. No securities commission or similar authority in Canada or in any other jurisdiction has reviewed or in any way passed upon this news release or the merits of the securities described herein and any representation to the contrary is an offence.

This news release includes forward-looking statements within the meaning of applicable securities laws. Except for statements of historical fact, any information contained in this news release may be a forward‐looking statement that reflects the Company’s current views about future events and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward‐looking statements can be identified by the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “target,” “seek,” “contemplate,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward‐looking statements in this news release include statements regarding the Company’s business strategy, market size, potential growth opportunities, capital requirements, clinical development activities, the timing and results of clinical trials, regulatory submissions, potential regulatory approval and commercialization of the technology. Although the Company believes that we have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. The Company cannot assure that the actual results will be consistent with these forward-looking statements as a result of known and unknown risks, uncertainties, assumptions and other factors. These risks, uncertainties, assumptions and other factors include those associated with clinical studies and manufacturing, as well as development and commercialization of the Company’s products; the need for additional financing to maintain operations; risks posed by the economic and political environments in which the Company operates and intends to operate; market instability due to the COVID-19 pandemic; the potential for losses arising from the expansion of operations into new markets; increased competition; assumptions regarding market trends and the expected demand and desires for the Company’s products and proposed products; reliance on industry manufacturers, suppliers and key personnel; the failure to adequately protect intellectual property; a failure to adequately manage future growth; adverse market conditions; and failure to satisfy ongoing regulatory requirements or obtain regulatory approvals. These forward‐looking statements speak only as of the date of this news release and, other than as required by applicable securities laws, the Company undertakes no obligation to revise or update any forward‐looking statements, even if new information becomes available in the future.

This news release may also contain estimates and other statistical, market and industry data from independent parties or made by the Company relating to our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We cannot guarantee the accuracy and completeness of information from third party sources.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211227005106/en/

Michael McFadden, CEO

Email: mmcfadden@alphacognition.com

Tel: 604-564-9244

Bristol Investor Relations

Stefan Eftychiou

905 326 1888 ext 6

stefan@bristolir.com

https://www.alphacognition.com/

Source: Alpha Cognition Inc.

FAQ

What is the significance of Dr. Sancilio's resignation for ACOGF?

Dr. Sancilio's resignation may create uncertainty in leadership but he will remain as a consultant.

What is Alpha Cognition's plan for ALPHA-1062?

Alpha Cognition plans to submit a New Drug Application for ALPHA-1062 in the second half of 2022.

How many stock options did Alpha Cognition grant?

Alpha Cognition granted 2,340,000 stock options to directors and officers at an exercise price of $1.12 CAD each.

What is the role of Dr. Cedric O’Gorman at Alpha Cognition?

Dr. Cedric O’Gorman will lead the patient tolerability trial for ALPHA-1062 and assume additional responsibilities.