Algernon Pharma secures $4M non-dilutive deal to launch U.S. neuroimaging clinics for Alzheimer’s

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4d ago 5:34

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Algernon Pharmaceuticals CEO Christopher Moreau joined Steve Darling from Proactive to announce a major milestone in the company’s transition toward specialized healthcare services. Algernon has signed a definitive equipment purchase and financing agreement with Catalyst MedTech for four U.S. FDA-cleared Oncovision CareMiBrain brain-specific Positron Emission Tomography (PET) scanner systems. These systems will be deployed in Algernon’s first four planned neuroimaging medical clinics in the United States. The agreement, valued at over CAD $4 million, is a non-dilutive transaction and also includes provisions for Algernon to acquire an additional six scanner systems on an adjusted cost basis to support the establishment of future clinics. This marks an important step in scaling Algernon’s clinic network across North America. Moreau also highlighted that Algernon intends to rebrand as Algernon Health, a move that reflects the company’s strategic pivot into the Alzheimer’s Disease diagnostic market. The company’s neuroimaging clinics will be the first in the U.S. dedicated exclusively to brain-specific PET imaging, focusing on the early detection of Alzheimer’s Disease. In addition, the facilities will offer advanced PET imaging for other neurological conditions, including various forms of dementia, epilepsy, neuro-oncology, and movement disorders. Algernon plans to work closely with neurologists, geriatricians, primary care physicians, and other healthcare professionals to generate patient referrals and ensure its clinics are well-integrated into the broader medical ecosystem. The need for brain-specific imaging capacity in the U.S. is significant. While PET/CT scanners exist nationwide, the vast majority — 45% of which are located in hospitals — are prioritized for oncology and cardiology diagnostics, leaving limited availability for timely brain scans. This shortage is particularly pressing given the emerging demand for Alzheimer’s diagnostic tools and therapies. Each Alzheimer’s PET brain scan at Algernon’s planned clinics will cost approximately US$5,000, a service covered in the U.S. by private insurers, Medicare, and Medicaid. By establishing a dedicated network of clinics, Algernon aims to address this critical gap in diagnostic services and position itself at the forefront of the rapidly growing Alzheimer’s care market. #proactiveinvestors #algernonpharmaceuticalsinc #cse #agn #otcqb #agnpf #alzheimerdisease #demetia

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