Alzamend Neuro Receives Positive Decision from Nasdaq Panel

Alzamend Neuro, Inc., a biopharmaceutical company listed on Nasdaq under the ticker ALZN, has announced a significant development regarding its stock market listing. The company, which is in the clinical stage of developing treatments for Alzheimer's disease, bipolar disorder, major depressive disorder, and post-traumatic stress disorder, successfully appealed to the Nasdaq Hearings Panel to maintain its listing on the Nasdaq Capital Market. This decision hinges on Alzamend demonstrating compliance with the Stockholder Equity Rule, which requires a minimum stockholder equity of $2.5 million, by September 23, 2024.

Stephan Jackman, the Chief Executive Officer of Alzamend, expressed gratitude towards the Panel for their careful consideration of the company's appeal. He emphasized the company's commitment to executing the compliance plan presented to the Panel and their eagerness to continue being listed on Nasdaq. This extension offered by Nasdaq is crucial for Alzamend as it strives to meet the financial requirements necessary for continued listing.

Alzamend Neuro is dedicated to developing innovative treatments for neurological conditions. Their current pipeline includes two promising therapeutic candidates. The first, AL001, utilizes a patented ionic cocrystal technology that combines lithium, salicylate, and L-proline for treatment. The second, ALZN002, is a patented method that employs a mutant-peptide sensitized cell as a vaccine to help the patient's immune system combat Alzheimer's disease. Both of these candidates are developed under exclusive worldwide licenses from the University of South Florida Research Foundation, Inc.

In summary, Alzamend Neuro is focused on bringing effective treatments for debilitating neurological conditions to market. The recent decision by the Nasdaq Hearings Panel provides the company with the opportunity to work towards compliance with Nasdaq's listing requirements, reflecting a significant milestone in its journey to address critical health issues through innovative biopharmaceutical solutions.

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