Alzamend Neuro Ends At-the-Market Equity Offering Program

Alzamend Neuro, Inc. (Nasdaq: ALZN), a biopharmaceutical company in the clinical stage, has strategically decided to end its "at-the-market" (ATM) equity offering program. This program involved selling common stock through Ascendiant Capital Markets, LLC, acting as the sales agent. The company's decision to terminate this program aims to reduce uncertainty and prevent unfavorable dilution for its shareholders.

The process to terminate the ATM Facility will officially conclude on May 16, 2024. However, Alzamend has announced that it will cease selling shares under this program immediately. As a result, the company will have no further obligations tied to the ATM Facility post-termination. By the time the termination process was initiated, Alzamend had successfully sold a total of 1,076,821 shares, generating around $1.3 million in gross proceeds, translating to about $1.20 per share.

Alzamend Neuro specializes in developing groundbreaking treatments for Alzheimer’s disease, bipolar disorder, major depressive disorder, and post-traumatic stress disorder. The company’s mission is to swiftly develop and market treatments that are both safe and effective. Alzamend's current developmental pipeline includes two innovative drug candidates: AL001 and ALZN002.

AL001 utilizes a patented ionic cocrystal technology to deliver lithium through a therapeutic mix containing lithium, salicylate, and L-proline. ALZN002 employs a patented method that uses a mutant-peptide sensitized cell to create a cell-based therapeutic vaccine. This vaccine aims to restore the immunological system’s ability to combat Alzheimer’s disease in patients. Both drug candidates are licensed from the University of South Florida Research Foundation, Inc. under royalty-bearing exclusive worldwide licenses.

Alzamend emphasizes that their recent press release does not constitute an offer to sell or solicit an offer to buy any shares of the company's common stock. Additionally, no shares will be sold in any jurisdiction where such an offer, solicitation, or sale would be illegal before the proper registration or qualification under the relevant securities laws.

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