Algernon Pharmaceuticals completes name change

Executive Summary

• Algernon Pharmaceuticals Inc. completed a legal name change to Algernet Health Inc., with shares trading under the same ticker but a new CUSIP (01559C106) and ISIN (CA01559C1068).
• The rebrand reflects a strategic pivot toward Alzheimer’s disease diagnostics via a planned network of neuro‑imaging clinics using FDA‑cleared brain‑specific PET scanners.
• A non‑dilutive equipment financing agreement with Catalyst MedTech provides four Oncovision CareMiBrain PET systems (with an option for six more) valued at > $4 million to support the new clinic rollout.

Key Details

• Name Change Execution: Effective market open on Monday, Oct. 20, 2025; ticker unchanged, new CUSIP 01559C106 and ISIN CA01559C1068. No shareholder action required.
• Strategic Focus: Concentration on Alzheimer’s disease (AD) diagnostic market; establishment of specialized neuro‑imaging clinics across North America.
• Technology Platform: FDA‑cleared brain‑specific PET scanners offering lower radiation than standard PET/CT; scans reimbursable by Medicare, Medicaid, and private insurers.
• Equipment Financing Agreement:
• Counterparty: Catalyst MedTech.
• Initial delivery of four Oncovision CareMiBrain PET systems.
• Option to acquire an additional six systems on an adjusted‑cost basis.
• Total non‑dilutive deal value > $4 million.
• Subsidiary & Equity Holdings:
• Parent of private subsidiary Algernon NeuroScience, pursuing a proprietary DMT program for stroke and traumatic brain injury recovery.
• Holds a 20 % equity stake in Seyltx, which is developing the chronic cough drug ifenprodil.
• CEO Quote: “Our change in name is an important step in the execution of our new health‑care initiative to establish and operate dedicated neuroimaging clinics for the early‑stage detection of Alzheimer’s disease,” said Christopher J. Moreau, CEO.

Notable Quotes

“It underscores our commitment as an evolving, consumer‑facing brand providing health care solutions to patients in need.” – Christopher J. Moreau, Chief Executive Officer, Algernet Health.