Alzamend Neuro Inc - ALZN STOCK NEWS

Alzamend Neuro (Nasdaq: ALZN) has partnered with Massachusetts General Hospital for a Phase II clinical trial of AL001, a next-generation lithium therapeutic drug candidate for Major Depressive Disorder (MDD). The study, led by Harvard University Associate Professor Dr. Ovidiu Andronesi, aims to compare AL001 with a marketed lithium carbonate product to identify an ideal dose that is safe and effective.

AL001 is designed to provide lithium at a carbonate equivalent dose of 240 mg 3-times daily, potentially eliminating the need for therapeutic drug monitoring. This could be a significant improvement over current lithium-based treatments, which require regular monitoring due to a narrow therapeutic window. The study's objective is to assess the comparative increase in lithium levels within the brain and its structures, potentially impacting the 21+ million Americans afflicted with MDD.

Alzamend Neuro (ALZN) has partnered with Massachusetts General Hospital for a Phase II clinical trial of AL001, a next-generation lithium therapeutic for bipolar disorder. The study, led by Harvard University Associate Professor Dr. Ovidiu Andronesi, aims to compare AL001 with a marketed lithium carbonate product. The objective is to assess lithium levels in the brain and its structures to identify an optimal dose of AL001 that is safe and effective.

AL001 is designed to provide lithium at a lithium carbonate equivalent dose of 240 mg 3-times daily, potentially eliminating the need for therapeutic drug monitoring. This could be a significant improvement over current lithium-based treatments, which require regular monitoring due to a narrow therapeutic window. The study could help Alzamend meet FDA regulatory safety standards through the Section 505(b)(2) pathway.

Alzamend Neuro (ALZN) has partnered with Massachusetts General Hospital for a Phase II clinical trial of AL001, a next-generation lithium therapeutic drug candidate for Alzheimer's disease. The study, led by Harvard University Associate Professor Dr. Ovidiu Andronesi, aims to compare AL001 with a marketed lithium carbonate product. The objective is to assess the increase in lithium levels in the brain and its structures among Alzheimer's patients and healthy subjects.

The trial seeks to determine the minimum effective dose of AL001 that is safe and as effective as current products. Alzamend previously completed a Phase IIA trial, identifying a maximum tolerated dose of AL001. The company aims to develop a lithium product with an improved safety profile that doesn't require routine therapeutic drug monitoring, potentially benefiting the 6+ million Americans with Alzheimer's.

Alzamend Neuro (Nasdaq: ALZN) has regained compliance with Nasdaq's Minimum Bid Price Requirement, as announced on July 30, 2024. The company's common stock maintained a closing bid price of at least $1.00 per share for ten consecutive trading days, meeting the requirement on July 29, 2024. However, Alzamend still faces challenges regarding the minimum Market Value of Listed Securities (MVLS) requirement.

Despite initially failing to meet the $35 million MVLS requirement, Alzamend appealed Nasdaq's delisting determination. A Hearings Panel granted the company an extension until September 23, 2024, to demonstrate compliance with the alternative requirement of stockholder equity of at least $2.5 million or meet another listing standard to maintain its Nasdaq listing.

Alzamend Neuro, a clinical-stage biopharmaceutical company, announced a one-for-ten reverse stock split of its common stock, effective July 16, 2024. The split is intended to help the company regain compliance with Nasdaq's Minimum Bid Price Requirement of $1.00 per share. Post-split, the stock will trade under the existing symbol 'ALZN' with a new CUSIP number 02262M506. The reverse split will uniformly affect all issued and outstanding shares, as well as shares available under equity incentive plans, and reduce the number of shares issuable upon the exercise of stock options or warrants. The par value will remain at $0.0001 per share, and no fractional shares will be issued. Instead, stockholders entitled to fractional shares will receive cash payments.

Alzamend Neuro (Nasdaq: ALZN) announced that the Nasdaq Hearings Panel has granted the company an extension to remain listed on the Nasdaq Capital Market.

To comply with Nasdaq’s Listing Rule 5550(b)(1), Alzamend must achieve a stockholder equity of at least $2.5 million by September 23, 2024.

CEO Stephan Jackman expressed gratitude towards the Panel and affirmed the company's commitment to executing their compliance plan.

Alzamend Neuro focuses on developing treatments for Alzheimer's disease, bipolar disorder, major depressive disorder, and PTSD.

Alzamend Neuro announced the initial closing of a private placement, securing $500,000 from an investor. The total agreement allows for up to $25 million in preferred shares. Proceeds will fund clinical trials for treatments targeting Alzheimer's, bipolar disorder, major depressive disorder, and PTSD. The investor also received warrants for 800,000 shares of common stock, with potential for up to 20 million more if the full $25 million is invested. Additional funding milestones are tied to regulatory filings and partnership agreements. The initial funds include $311,356.16 from a converted term note. This financing supports ongoing clinical trials, including a Phase I/IIA trial of an Alzheimer's vaccine.

Alzamend Neuro, Inc. (ALZN) has entered into a Securities Purchase Agreement to sell $25 million of Preferred Shares in a registered direct offering and concurrent private placement. The Preferred Shares are convertible into Common Stock, have a 15% annual dividend, and come with Warrants to purchase up to 20 million shares of Common Stock. The proceeds will fund clinical trials and general working capital.

Alzamend Neuro, Inc. (ALZN) terminated its 'at-the-market' equity offering program to limit uncertainty and unfavorable dilution for its stockholders. The company had sold over 1 million shares and raised about $1.3 million. The termination will be effective on May 16, 2024, with no further sales planned under the program.