Business
Alzamend Neuro Reports Third Fiscal Quarter Financial Results and Provides a Business Update
Company had $7.4 Million Cash at January 31, 2023 Additional Non-Dilutive Capital via Note Receivable of $14.8 Million Expected in December 2023 Initiation
About this update from Alzamend Neuro, Inc.
[{"type":"text","content":"\n\nCompany had $7.4 Million Cash at January 31, 2023\n\n\nAdditional Non-Dilutive Capital via Note Receivable of $14.8 Million Expected in December 2023\n\n\nInitiation of Phase I/IIA Clinical Trial for ALZN002 to Treat Mild to Moderate Dementia of the Alzheimer’s Type Expected in March 2023\n\n\nTopline Data from Phase IIA Multiple Ascending Dose Clinical Trial for AL001 in Treatment of Dementia Related to Alzheimer’s Expected in June 2023\n\n\n ATLANTA--(BUSINESS WIRE)--\nAlzamend Neuro, Inc. (Nasdaq: ALZN) (“Alzamend”), an early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer’s disease (“Alzheimer’s”), bipolar disorder, major depressive disorder (“MDD”) and post-traumatic stress disorder (“PTSD”), today announced financial results for the third quarter ended January 31, 2023 and provided an update on its clinical operations.\n\n“We strongly believe that AL001’s patented ionic cocrystal technology and the ALZN002 patient-specific immunotherapeutic vaccine candidate have the potential of treating over 40 million American suffering from Alzheimer’s and other neurodegenerative diseases and psychiatric disorders,” said Stephan Jackman, Chief Executive Officer of Alzamend. “We look forward to receiving topline data in June 2023 from our Phase IIA multiple ascending dose clinical trial for AL001 for the treatment of Dementia related to Alzheimer’s. Additionally, we are about to initiate a Phase I/IIA clinical trial for ALZN002 to treat mild to moderate dementia of the Alzheimer’s type, which is expected to occur by the end of this month.”\n\nFinancial Results for Quarter Ended January 31, 2023\n\n\nAt January 31, 2023, cash was $7.4 million, and working capital was $5.8 million.\n\n\nNet loss for the three months ended January 31, 2023 was $5.4 million, or $0.06 per share. This compares to a net loss of $2.6 million, or $0.03 per share, for the same period in the prior year. The net loss increased compared to the prior period due primarily to a significant increase in our research and development (“R&D”) activities for a Phase IIA program of AL001 in Alzheimer’s and activities relating to the filing of an investigational new drug (“IND”) application to conduct a Phase I/IIA program of ALZN002 in Alzheimer’s.\n\n\nNet cash used in operations was $6.7 million during the nin...