Algernon Closes NoBrainer Imaging Centers, Inc. Acquisition

Core Viewpoint - Algernon Pharmaceuticals Inc. has successfully completed the acquisition of 100% of NoBrainer Imaging Centers, Inc., marking its entry into the Alzheimer's Disease diagnostic and treatment market, while expanding its existing neurological research programs [2][3]. Company Overview - Algernon Pharmaceuticals is a Canadian healthcare and clinical stage drug development company focused on addressing unmet global medical needs through various drug investigations [13]. Acquisition Details - The acquisition of NoBrainer Imaging Centers, Inc. provides Algernon exclusive master franchise and licensing rights to establish Alzheimer's Disease screening, diagnostic, and treatment centers across Canada and in several U.S. markets [2][3]. - The transaction was finalized following share exchange agreements with NIC and its shareholders, allowing Algernon to acquire all common and preferred shares of NIC [3]. Financial Considerations - The final consideration for the acquisition includes the issuance of 5,500,000 common shares and warrants, as well as 450,000 preferred shares and warrants, subject to shareholder approval [4][9]. - NIC has CAD$250,000 in working capital, which includes a deposit for a Positrigo NeuroLF brain-specific PET scanner, expected to be delivered to the first U.S. clinic in Q4 2025 [3]. Shareholder Approval and Securities - Algernon plans to expedite its annual meeting to seek shareholder approval for the issuance of preferred shares and related securities within six months [9]. - The securities issued will be subject to a statutory hold period, with financial statements reflecting the acquisition expected to be filed by July 30, 2025 [11].