Dimethyltryptamine

With clinical momentum across its pipeline, atai strengthens its position as a leader in potentially transformative psychedelic mental health treatments Anticipate topline data midyear from the Phase 2b clinical trial of BPL-003 in patients with treatment-resistant depression (TRD) - the largest controlled trial of mebufotenin and the first and only such trial to investigate mebufotenin in the U.S.Dosed the first patient in the exploratory Phase 2 study of EMP-01 (oral R-MDMA) for the treatment of social anxiety; topline data anticipated in Q1’26Continued enrollment in Elumina, a Phase 2 study of VLS-01 (buccal film DMT) in patients with TRD; topline data are anticipated in Q1’26 Cash, cash equivalents, short-term securities, and public equity holdings expected to fund operations into 2027 NEW YORK and BERLIN, May 14, 2025 (GLOBE NEWSWIRE) -- atai Life Sciences (NASDAQ: ATAI) (“atai” or “Company”), a clinical-stage biopharmaceutical company on a mission to develop highly effective mental health treatments to transform patient outcomes, today announced first quarter 2025 financial results and provided corporate updates. “In the first quarter of 2025, we made meaningful progress across our pipeline, thus advancing our mission to transform the treatment of mental health conditions,” stated Srinivas Rao, M.D., Ph.D., Chief Executive Officer and Co-founder of atai. “Dosing the first patient in our exploratory Phase 2 study of EMP-01 in social anxiety disorder represents a significant milestone in our quest to address an area of high unmet need with a novel therapeutic approach. Looking ahead, we are excited about the upcoming mid-year data readouts for BPL-003 in treatment-resistant depression and RL-007 in cognitive impairment associated with schizophrenia. We believe that these milestones have the potential to reinforce our position as a leader in mental health innovation.” “The world is waking up to the scale and urgency of the mental health crisis, and atai remains at the forefront of developing innovative, science-driven solutions to meet this challenge,” stated Christian Angermayer, Co-founder and Chairman of atai. “Our progress this year reinforces my conviction in our mission and the long-term value we’re building, which is why I’ve continued to personally increase my investment in atai. With a robust pipeline, strategic clarity, and growing momentum, we are well-positioned to deliver both transformative outcomes for patients in need and strong returns for shareholders.” Recent Clinical Highlights and Upcoming MilestonesVLS-01: Dimethyltryptamine (DMT) for treatment-resistant depression (TRD) VLS-01 is an investigational proprietary oral transmucosal film formulation of DMT applied to the buccal surface, designed to fit within the established two-hour interventional psychiatry treatment paradigm.Continued to enroll patients in Elumina, a Phase 2, multicenter, double-blind, randomized, placebo-controlled trial to assess the safety and efficacy of repeated doses of VLS-01 in ~142 patients with TRD. Topline data are anticipated in the first quarter of 2026.Presented data from the Phase 1 study of VLS-01 at the Society of Biological Psychiatry (SOBP) annual meeting. EMP-01: R-enantiomer of 3,4-methylenedioxy-methamphetamine (R-MDMA) for social anxiety disorder (SAD) EMP-01 is an oral formulation of R-MDMA that demonstrated unique, dose-dependent subjective effects in a Phase 1 trial that was generally found to be more similar to classical psychedelics than to racemic MDMA.Dosed the first patient in the exploratory, randomized, double-blind, placebo-controlled Phase 2 study of EMP-01 to assess the safety, tolerability and efficacy in ~60 adults with SAD. Topline data are anticipated in the first quarter of 2026. BPL-003: Mebufotenin benzoate for TRD and alcohol use disorder (AUD) (strategic investment in Beckley Psytech) BPL-003 is an intranasal transmucosal formulation of mebufotenin benzoate designed to fit within the established two-hour interventional psychiatry treatment paradigm.Beckley Psytech remains on track to report topline results in mid-year 2025 from the eight-week core phase of the randomized, quadruple-masked, global Phase 2b clinical study of BPL-003 in 196 patients with TRD.Beckley Psytech also remains on track to report topline data from Part 2 of its Phase 2a study of BPL-003 in combination with selective serotonin reuptake inhibitors (SSRIs) for TRD in the second quarter of 2025.Beckley Psytech presented data from Part 1 of its open-label Phase 2a trial in patients with TRD at SOBP 2025. Novel 5-HT2A Receptor Agonists (including the discovery of non-hallucinogenic neuroplastogens) Novel 5-HT2A receptor agonists were discovered that maintain non-hallucinogenic potential based on their inability to fully-substitute for a traditional psychedelic in rodent drug discrimination studies. These differentiated 5-HT2A receptor agonists are being further optimized and studied in a series of animal models to assess therapeutic potential.Presented a poster on the Identification of Lead 5-HT2A Receptor Agonists for use in Treatment Resistant Depression with Non-hallucinogenic Potential and Low Valvulopathy Liability at the International Festival of Neuroscience BNA 2025. RL-007: Pro-cognitive neuromodulator for cognitive impairment associated with schizophrenia (CIAS) (strategic investment in Recognify Life Sciences) RL-007 is an orally bioavailable compound that has demonstrated pro-cognitive effects in multiple pre-clinical and clinical studies, including two Phase 1 and two Phase 2 trials.Recognify Life Sciences remains on track to report topline data in mid-2025 from the Phase 2b proof-of-concept study of RL-007 in 234 patients living with CIAS.Recognify Life Sciences presented RL-007 preclinical data at SOBP 2025. Corporate Update On May 2, 2025, the Company repaid in full the outstanding indebtedness of $21.8 million and terminated all commitments and obligations under the Hercules Loan Agreement. The early prepayment saved atai approximately $2.1 million of interest otherwise due under the full amortization payment schedule. Consolidated Financial ResultsCash, cash equivalents, and short-term securities: As of March 31, 2025, the Company had cash, cash equivalents, restricted cash and short-term securities of $108.2 million compared to $72.3 million as of December 31, 2024. The $35.9 million increase in cash is a result of $59.1 million net proceeds from equity financings, net of $17.8 million used in operations and $5.0 million invested in digital assets. The Company expects its cash, cash equivalents, short-term securities, and public equity holdings to be sufficient to fund operations into 2027. Research and development (R&D) expenses: R&D expenses were $11.3 million for the three months ended March 31, 2025, as compared to $11.5 million for the same prior year period. The year-over-year decrease of $0.2 million is primarily attributable to decreases in personnel-related expenses and consulting services, partially offset by increases in contract research organization and intellectual property spend related to our clinical programs. General and administrative (G&A) expenses: G&A expenses for the three months ended March 31, 2025 were $10.6 million as compared to $12.6 million in the same prior year period. The year-over-year decrease of $2.0 million was primarily attributable to decreases in personnel-related expenses and professional services. The Company expects the reduction in G&A spend over prior years to continue. Net income (loss): Net loss attributable to stockholders for the three months ended March 31, 2025, was $26.4 million as compared to $26.7 million for the three months ended March 31, 2024. About atai Life Sciencesatai is a clinical-stage biopharmaceutical company on a mission to develop highly effective mental health treatments to transform patient outcomes. Our pipeline of psychedelic-based therapies includes VLS-01 (buccal film DMT) for treatment-resistant depression (TRD) and EMP-01 (oral R-MDMA) for social anxiety disorder, which are in Phase 2 clinical development. We are also advancing a drug discovery program to identify novel, non-hallucinogenic 5-HT2AR agonists for TRD. These programs aim to address the complex nature of mental health providing commercially scalable interventional psychiatry therapies that can integrate seamlessly into healthcare systems. For the latest updates and to learn more about our mission, visit www.atai.com or follow us on LinkedIn. Forward-looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “anticipate,” “initiate,” “could,” “would,” “project,” “plan,” “potentially,” “preliminary,” “likely,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements include express or implied statements relating to, among other things: our business strategy and plans; the potential, success, cost and timing of development of our product candidates, including the progress of preclinical studies and clinical trials and related milestones; expectations regarding our cash runway; and the plans and objectives of management for future operations, research and development and capital expenditures. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation, the important factors described in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in atai's other filings with the SEC. atai disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, other than to the extent required by applicable law. Contact InformationInvestor Contact:IR@atai.com Media Contact:PR@atai.com -- Financial Statements Attached -- ATAI LIFE SCIENCES N.V. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share amounts) Three Months Ended March 31, 2025 2024 (unaudited) Revenue $1,555 $— Operating expenses: Research and development 11,328 11,530 General and administrative 10,597 12,555 Total operating expenses 21,925 24,085 Loss from operations (20,370) (24,085) Other expense, net (5,939) (1,596) Net loss before income taxes (26,309) (25,681) Benefit from (provision for) income taxes (156) 4 Losses from investments in equity method investees, net of tax — (1,701) Net loss (26,465) (27,378) Net loss attributable to noncontrolling interests (34) (665) Net loss attributable to ATAI Life Sciences N.V. stockholders $(26,431) $(26,713) Net loss per share attributable to ATAI Life Sciences N.V. stockholders — basic and diluted $(0.15) $(0.17) Weighted average common shares outstanding attributable to ATAI Life Sciences N.V. stockholders — basic and diluted 176,271,176 158,891,067 ATAI LIFE SCIENCES N.V. CONDENSED CONSOLIDATED BALANCE SHEET (Amounts in thousands) March 31, December 31, 2025 2024 Assets (unaudited) Cash and cash equivalents $48,287 $17,505 Securities carried at fair value 49,917 44,825 Short-term restricted cash for other investments 10,000 10,000 Prepaid expenses and other current assets 7,774 7,795 Property and equipment, net 2,682 2,535 Operating lease right-of-use assets, net 2,905 1,334 Other investments held at fair value 23,053 28,887 Other investments 42,079 42,079 Intangible assets, net 3,157 3,246 Goodwill 331 331 Digital assets 4,788 - Other assets 810 850 Total assets $195,783 $159,387 Liabilities and Stockholders' Equity Accounts payable $2,705 $2,616 Accrued liabilities 8,680 9,847 Current portion of lease liabilities 287 477 Short-term convertible promissory notes and derivative liability - related party 1,205 1,150 Short-term convertible promissory notes and derivative liability 1,923 1,840 Current portion of long-term debt 11,366 6,374 Other current liabilities 2,335 2,647 Contingent consideration liabilities - related parties 110 110 Contingent consideration liabilities 212 212 Noncurrent portion of lease liabilities 2,587 732 Long-term debt, net 9,300 14,133 Other liabilities 2,799 2,695 Total stockholders' equity attributable to ATAI Life Sciences N.V. stockholders 152,053 116,297 Noncontrolling interests 221 257 Total liabilities and stockholders' equity $195,783 $159,387

First Clinic Targeted to Open Q4, 2025 in the U.S.VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) -- Algernon Pharmaceuticals Inc. (the “Company” or “Algernon”) (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF), a Canadian healthcare and clinical stage drug development company, is pleased to announce it has entered into share exchange agreements to acquire 100% of the issued and outstanding shares of NoBrainer Imaging Centers, Inc. (“NIC”) (the “Transaction”). The Transaction moves Algernon into the Alzheimer’s Disease (“AD”) diagnostic and treatment market, expanding on the Company’s neurological research programs, and provides Algernon exclusive master franchise and licensing rights to open AD screening, diagnostic, and treatment centers across Canada and in multiple U.S. markets. Algernon plans to both establish company-owned clinics and sell individual franchise licenses, allowing for rapid expansion throughout Canada, Florida and Los Angeles as well as in five strategic cities in other American states. Comprehensive Alzheimer’s Disease Clinics: A New Standard of Care AD is a chronic neurodegenerative disease that destroys brain cells, resulting in the steady decline over years of a person’s thinking ability and memory. The most common cause of dementia, AD begins with the appearance of a build-up of proteins in the brain in the form of amyloid plaques and neurofibrillary tangles, the key defining features of the presence of the disease. The Company plans to open the world’s first dedicated AD diagnostic and treatment medical clinic in the U.S. with a comprehensive service menu: Cognitive and genetic screening including the APOE genetic test which can indicate a pre-disposition to acquiring ADLaboratory developed blood tests for early detection of phosphorylated tau protein (an established biomarker for AD, correlated to amyloid plaque)Advanced Positron Emission Tomography (PET) scan imaging, using the Positrigo NeuroLF brain PET system recently cleared by the U.S. FDA, to confirm amyloid plaque presenceInfusion of current U.S. FDA-approved and U.S. Medicare and Medicaid covered therapiesPersonalized wellness, nutrition, and longevity programs The clinics will be anchored by the most advanced PET technology, namely, the ultra-compact Positrigo NeuroLF brain PET scanner, to perform PET imaging using radioisotopes designed to detect and define amyloid plaque build-up which is associated with AD. The PET scan is also covered by U.S. Medicare and Medicaid. As a treatment center, the medical clinics will additionally offer infusion services for Kisunla and Leqembi, the two U.S. FDA-approved, and U.S. Medicare and Medicaid covered, AD monoclonal antibody treatment therapies developed by Eli Lilly, and Eisai and Biogen, respectively. These drug treatments, that clear the amyloid plaque from the brain and slow the progression of AD, will be delivered following tests that include genetic screening, cognitive function, and blood testing that indicates the presence of a protein which correlates to having plaque in the brain. However, prior to being able to receive AD treatment, a patient must undergo a final confirmatory test for plaque, also U.S. Medicare and Medicaid covered, of either a brain specific PET scan or a spinal tap, the latter being an invasive and less desirable diagnostic procedure. Alzheimer’s Disease, PET Scanning, and the Addressable Market Prior to the recent development of having approved AD therapies available, there has not been any urgent clinical need to provide widespread genetic screening to patients or to conduct the now available blood tests that correlate with the presence of plaque in the brain. When the U.S. FDA first approved Leqembi, Eisai and Biogen’s drug for AD, in a post-earnings call, GE HealthCare CEO Peter Arduini called it a “profound growth opportunity” for all providers offering PET scans and molecular imaging. In a 2024 article published by Scientific American, the global economic burden of AD was estimated to be US$1 trillion in 2019 with a projected increase of up to US$10 trillion projected in 2050. The recent U.S. FDA approval of two new AD antibody therapies that require a brain specific PET scan (or alternatively a spinal tap) before AD treatments can be started, have created a billion-dollar market opportunity for the brain specific PET scan and AD treatment space. The current number of full body PET/CT scanners in the U.S. is vastly insufficient to serve the massive newly opening AD treatment market. The majority of PET/CT scanners, 45% which are located in hospitals, and are primarily prioritized as cancer diagnostic and theranostic tools, and for cardiac imaging, make it challenging to schedule brain specific scans on a timely basis. In the U.S. alone there are an estimated 7 million people living with AD along with 750,000 in Canada, numbers that are expected to double by the year 2030. With 45% of AD patients estimated to have early-stage disease, (and therefore eligible to receive treatment), the related market to provide PET scans at an approximate cost of US $5,000 (CAD$7,100) per scan, is expected to exceed US$18 billion. In addition, the recent decision by the U.S. Centers for Medicare and Medicaid Services to lift their coverage limit of only one beta-amyloid PET scan per lifetime for AD patients, allows physicians to order several scans for the purpose of disease staging and as a theranostic, further dramatically increasing the size the potential PET imaging market. With the recent advancement of a genetic test that can help predict a person’s lifetime risk of developing AD, and multiple blood tests that confirm the presence of phosphorylated tau proteins (an established biomarker for AD, correlated to amyloid plaque), new screening tools have now arrived to help identify patients with pre-clinical and early-stage disease. According to the University of Michigan National Poll on Ageing, less than 1% of the population has ever received the brain plaque blood test. In a 2020 study, published in JAMA Neurology, about 30 percent of 4,486 patients, between the ages of 60 to 80 yrs. old, who were clinically normal and cognitively unimpaired at baseline after an extensive battery of neurocognitive assessments, tested positive for amyloid-beta protein after a PET scan. Since the approved AD drug data suggests that treatment in early-stage AD patients has better outcomes, early and comprehensive genetic and blood screening along with a confirmatory PET scans could accelerate and facilitate treatment more quickly for patients, in order to help delay the onset of cognitive disability. Some data also suggest that AD can even be prevented with much earlier treatment. In a March 2025 study led by Dr. Randall J. Bateman, the Charles F. and Joanne Knight Distinguished Professor of Neurology at WashU Medicine showed that early intervention in patients in their 30s, 40s and 50s with anti-amyloid drugs may reduce the risk in people destined to develop AD. “We’ve entered into a new era of Alzheimer’s research where we can not only modify the course of the disease, but where prevention is possible with therapeutic intervention,” said Dr. Howard Fillit, MD, Co-Founder and Chief Science Officer at the Alzheimer’s Drug Discovery Foundation. Algernon’s new healthcare initiative is focussed on delivering near term cash flow and profitability by capitalizing on the major gap between the expansive need for brain specific PET scan imaging for the diagnosis of AD, and the immediate need for comprehensive medical services specializing in the screening, diagnosis, and treatment of AD. One of the Company’s goals will be the recruitment of neurologists as collaborators and potential franchisees to help accelerate the Company’s plans for growth. “The concept of building Alzheimer’s Disease focussed diagnostic and treatment clinics that offer a comprehensive package of medical services, including AD screening, brain specific PET scan imaging, and multiple treatment options, is a unique and exciting approach to help fight this devastating disease,” said Christopher J. Moreau, CEO of Algernon Pharmaceuticals. “This acquisition marks a transformative step for Algernon to become a comprehensive global healthcare partner in the battle against Alzheimer’s Disease and related cognitive disorders, while strengthening the Company’s valuation.” While this transaction represents a new business initiative for Algernon, the Company will continue to maintain and advance its current drug development research programs, including its active work on restoring brain function following stroke and traumatic brain injury through its subsidiary Algernon Neuroscience. U.S. Flagship Location: Florida Algernon is planning to open its first company-owned comprehensive AD medical clinic location in Florida in Q4 of this calendar year. After completing an initial startup phase, the Company plans to scale up its operations to open 10 additional corporately owned sites in 2026, as well as 10 additional franchise locations, in cities and states to be announced. Canadian Market Expansion The Positrigo NeuroLF PET system is not currently approved for commercial use in Canada and will only be available for clinical trials, subject to Health Canada oversight. Because the two antibody therapy treatments from Eli Lily, and Eisai and Biogen, are also not yet approved in Canada, the first Canadian AD clinics will focus on providing Alzheimer’s cognitive screening, genetic testing and blood testing, as well as provide health, wellness and nutritional counselling, as introductory services and lead generation vehicles. Canadian patients identified as having a higher risk of having AD, by way of the APOE genetic test and suspected of having AD as a result of testing positive for the Tau proteins found in the blood, will also be given the opportunity to travel to Algernon’s U.S. clinic location(s) to undergo PET scan imaging and receive the new drug therapy if the presence of amyloid plaque is confirmed. Final diagnosis and treatment decisions will be made on an individual patient basis under the care of neurologists. Clinical Trials and Other Brain Diseases The shortage of PET scanners for brain specific scanning has an impact beyond patient care. With 162 AD drugs under development, there is also a significant opportunity to provide PET scan imaging services to drug development companies engaged in clinical trials, as another source of revenue for Algernon. In addition to AD, the PET system can also be used to diagnose other forms of dementia, epilepsy, neuro-oncology, and movement disorders providing potential additional patient-based revenue for the Company. Transaction Details On May 12, 2025, the Company entered into share exchange agreements (collectively, the “Agreements”) with NIC and each of the common shareholders of NIC (the “NIC Shareholders”) to acquire 100% of the issued and outstanding common and preferred shares of NIC (the “NIC Shares”). NIC is a Canadian company which has the exclusive master franchise rights from NoBrainer Alzheimer’s Treatment Centers, Inc. (“NATC”) for the entire Canadian market (with the exception of the cities of Oakville and Ottawa, Ontario, which are being developed by NATC), and for Florida, excluding Miami, as well as additional franchise rights for Los Angeles and five more major U.S. cities in other U.S. states. As the flagship master franchisee, NIC has no initial franchise fees owing on its franchise territories. NIC has CAD$250,000 of working capital, including a deposit on a Positrigo NeuroLF brain-specific PET scanner, the latter of which is targeted for delivery to the first Company owned U.S. clinic in the Q4, 2025. Algernon will work to enhance and further develop the AD medical clinic concept directly with the NATC management team, which brings deep experience in medical facility operations, dietary, cognitive, physical intervention, and international franchise development. NATC has plans to franchise the AD diagnostic and treatment clinic concept globally, which Algernon may come to participate in as well. Pursuant to the terms and conditions of the Agreements, the Company will issue to the NIC Shareholders: (i) 4,500,000 common shares in the capital of the Company (each, a “Common Share”) and 9,000,000 Common Share purchase warrants (each, a “Warrant”) to be issued on the closing date (the “Closing Date”); and (ii) 450,000 preferred shares (the “Preferred Shares”) to be issued on or before the date that is six (6) months from the Closing Date following approval of the creation of the Preferred Share class by the Company’s shareholders. Each Warrant entitles the holder thereof to purchase one (1) Common Share at an exercise price (the “Exercise Price”) of $0.15 per Common Share for a period of twelve (12) months from the issuance date (the “Issuance Date”), after which on the first anniversary of the Issuance Date (the “First Anniversary”), the Exercise Price will increase to $0.25 per Common Share for a period of twelve (12) months from the First Anniversary, and on the second anniversary of the Issuance Date (the “Second Anniversary”), the Exercise Price will increase to $0.50 per Common Share for a period of thirty-six (36) months from the Second Anniversary. If, prior to the First Anniversary, the Common Shares trade on the Canadian Securities Exchange (the “CSE”) at a price of $0.20 or greater for a period of twenty (20) consecutive trading days, and following thirty (30) days written notice to the Common Warrant holders, the Exercise Price will increase to $0.25 per Common Share until the date of the Second Anniversary, and on the Second Anniversary, the Exercise Price will increase to $0.50 per Common Share for a period of thirty-six (36) months from the Second Anniversary. The Warrants shall vest and become exercisable by the holders thereof on the date that is four (4) months and one (1) day from the date of issuance. Assuming the Company receives shareholder approval, the Preferred Shares are convertible into, without payment of any consideration and without further action on the part of the holder thereoften (10) Common Shares. The Preferred Shares will include a ten (10) percent annual dividend payable in Common Shares or Preferred Shares at the discretion of the Company’s board of directors. Algernon has agreed to expedite its annual meeting and seek shareholder approval for the Preferred Share issuance within six (6) months of the Closing Date. Algernon will also seek approval from the CSE to trade both the higher priced Preferred Shares and the Warrants. AGN will further seek approval for a preferred stock unit dividend and/or a rights offering to current Common Share shareholders in order to achieve the appropriate board lot holders as well as a minimum float. If shareholder approval is not obtained, the Preferred Shares will be adjusted to Common Shares on a one (1) for ten (10) basis. All NIC Shareholders shall enter into a voting support agreement in favour of the Company in respect of the consideration securities received in connection with the Transaction. The Transaction is subject to approval of the CSE and expects to close within five (5) business days. The Company has also received an option (the “Option”) to acquire 20% of the issued and outstanding shares of NATC for additional equity in the Company, subject to CSE approval. A New Era in Alzheimer’s Disease Diagnostic, Treatment, and Prevention Through its recent acquisition and decision to establish the world’s first comprehensive AD diagnostic and treatment clinics, Algernon is uniquely positioned to address the gap between the urgent and growing demand for brain-specific diagnostics for AD and the limited PET scan imaging equipment currently available. The recent U.S. FDA approval of Kisunla and the 2023 approval of Leqembi, both monoclonal antibody therapies which clear the amyloid plaque clusters out of the brain, and the FDA’s agency’s clearance of the new ultra-compact Positrigo PET brain PET system, has ushered in a new pathway to advanced AD care - one that emphasizes early screening and early intervention for a disease that doctors have sometimes referred to as a death sentence. These two developments together have opened billion-dollar market opportunities for AD brain specific imaging (PET Scan) and AD treatments in the U.S., which are also expected to be repeated globally as the treatments are approved in various international jurisdictions. The Positrigo brain PET system is currently the only device of it kind which has received market clearance in both the U.S. and Europe. Algernon’s company-owned AD medical clinics and franchised clinics model will be instrumental in rapidly scaling access to these services across North America and, in the future, globally. For more information on franchising opportunities or medical partnerships, or general information please contact: Christopher J. Moreau CEO Algernon Pharmaceuticals Inc. 604.398.4175 ext 701 info@algernonpharmaceuticals.com investors@algernonpharmaceuticals.com www.algernonpharmaceuticals.com About Algernon Pharmaceuticals Algernon Pharmaceuticals is a Canadian healthcare and clinical stage pharmaceutical development company investigating multiple drugs for unmet global medical needs. Algernon Pharmaceuticals is also the parent company of a private subsidiary called Algernon NeuroScience, that is advancing a psychedelic program investigating a proprietary form of DMT for stroke and traumatic brain injury. Visit www.algernonpharmaceuticals.com for more information. Visit www.algernonneuroscience.com for more information. Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY DISCLAIMER STATEMENT: No Securities Exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.