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Alzamend Neuro Announces Additional Investment Under Its Investigational New Drug Application for AL001 for Dementia Related to Alzheimer’s Pursuant to the Securities Purchase Agreement with Digital Power Lending
TAMPA, Fla.--(BUSINESS WIRE)-- Alzamend Neuro, Inc. (Nasdaq: ALZN) (“Alzamend”) announced that Digital Power Lending, LLC (“DPL”), a wholly owned subsidiary
About this update from Alzamend Neuro, Inc.
[{"type":"text","content":" TAMPA, Fla.--(BUSINESS WIRE)--\nAlzamend Neuro, Inc. (Nasdaq: ALZN) (“Alzamend”) announced that Digital Power Lending, LLC (“DPL”), a wholly owned subsidiary of Ault Global Holdings, Inc. (“AGH”) (NYSE American: DPW), a diversified holding company, has made an additional investment in Alzamend, a related party of AGH and early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders.\n\nAdditional Investment in Alzamend Neuro, Inc.\n\nOn July 28, 2021, Alzamend received a “study may proceed” letter from the U.S. Food and Drug Administration for a Phase 1a study under Alzamend’s Investigational New Drug application for AL001, a lithium-based ionic cocrystal oral therapy for patients with dementia related to mild, moderate, and severe cognitive impairment associated with Alzheimer’s disease.\n\nBased on the achievement of this milestone, under the March 12, 2021 securities purchase agreement, Alzamend sold an additional 1,333,333 shares of its common stock to DPL for $2 million, or $1.50 per share, and issued to DPL warrants to acquire 666,667 shares of its common stock with an exercise price of $3.00 per share. The premise of this investment into Alzamend was to provide Alzamend a committed source of capital, driven by milestones, to fund Alzamend’s therapeutic treatments through the end of Phase 1 clinical trials. A third tranche in the amount of $4,000,000 for the purchase of an aggregate of 2,666,667 shares and warrants to purchase an additional 1,333,333 shares shall be issued to DPL upon DPL receiving written confirmation from Alzamend that its Phase 1a human clinical trial for AL001 has been completed.\n\nStephan Jackman, Chief Executive Officer of Alzamend, stated, “We are grateful for the support of Alzamend in our endeavors to develop treatments and cures for Alzheimer’s, other neurodegenerative diseases, and psychiatric disorders represented by DPL’s investment in us. With the closing of our IPO in June 2021 and the additional funding related to this significant milestone, we believe we are well-positioned to make significant progress towards moving AL001 down the path of our upcoming human clinical trials without the need to raise new capital.”\n\nAlzamend’s mission is to help the Alzheimer’s disease community by supporting ...