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Alzamend Neuro Announces $4 Million Additional Investment from Digital Power Lending Upon Completion of Phase 1 First-in-Human Clinical Trial for AL001 Treatment of Dementia Related to Alzheimer’s
Full data from Phase 1 first-in-human study demonstrate AL001 in plasma is bioequivalent to the marketed lithium carbonate product Alzamend planning to
About this update from Alzamend Neuro, Inc.
[{"type":"text","content":"\n\nFull data from Phase 1 first-in-human study demonstrate AL001 in plasma is bioequivalent to the marketed lithium carbonate product\n\n\nAlzamend planning to commence Phase 2A multiple ascending dose study in May 2022\n\n\n ATLANTA--(BUSINESS WIRE)--\nAlzamend Neuro, Inc. (Nasdaq: ALZN) (“Alzamend” or the “Company”), an early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, today announced that Digital Power Lending, LLC (“DPL”), a wholly owned subsidiary of BitNile Holdings, Inc. (“NILE”) (NYSE American: NILE), a diversified holding company, has made an additional investment in the Company.\n\nOn March 28, 2022, Alzamend announced that it has received the full data set from its Phase 1 clinical trial for AL001. The purpose of the Phase 1 first-in-human trial was to determine the pharmacokinetics, safety and tolerability of AL001. These data helped Alzamend establish doses for a planned Phase 2A multiple ascending dose study in Alzheimer’s disease (“Alzheimer’s”) patients, commencing in May 2022. AL001 is a novel lithium-delivery system; it is a lithium-salicylate-L-proline engineered ionic cocrystal under development as an oral treatment for patients with dementia related to mild, moderate, and severe cognitive impairment associated with Alzheimer’s. AL001 has the potential to deliver benefits of marketed lithium carbonate without current toxicities.\n\nBased on the achievement of this milestone, under the March 12, 2021 securities purchase agreement, Alzamend sold an additional 2,666,667 shares of its common stock to DPL for $4 million, or $1.50 per share, and issued to DPL warrants to acquire 1,333,333 shares of its common stock with an exercise price of $3.00 per share.\n\n“We are grateful for the support of Alzamend by DPL’s investment in us,” said Stephan Jackman, Chief Executive Officer of Alzamend. “The additional funding related to this milestone allows us to make significant progress towards moving AL001 down the path of our upcoming Phase 2A multiple ascending dose study in patients with mild to moderate Alzheimer’s without the need to raise new capital. We believe AL001 could potentially provide clinicians with a major improvement over current lithium-based treatments and may constitute a means of treating Alzhe...