Alzamend Neuro Announces Final Closing of $5 Million Private Placement Months Ahead of Schedule

Core Insights - Alzamend Neuro, Inc. has successfully completed a $5 million private placement to support its clinical trials for various mental health conditions [1][3][5] Financing Details - The financing involved a Securities Purchase & Exchange Agreement with a sophisticated investor, allowing the sale of up to 500 shares of Series C Convertible Preferred Stock and warrants for a total of $5 million, with a 5% discount [2] - The investor purchased the remaining shares of Preferred Stock ahead of the final tranche closing originally scheduled for October 2025, significantly enhancing Alzamend's financial position [3] Clinical Trials - The capital raised will fund five Phase II clinical trials of AL001 "Lithium in Brain" Studies at Massachusetts General Hospital, with the first trial initiated in May 2025 and topline data expected by the end of 2025 [4] - The second trial for bipolar disorder is set to begin in Q3 2025, while the remaining trials for Alzheimer's, major depressive disorder, and PTSD are expected to commence in Q4 2025 [4] Company Overview - Alzamend Neuro focuses on developing novel treatments for Alzheimer's, bipolar disorder, major depressive disorder, and PTSD, with a pipeline that includes two therapeutic drug candidates: AL001 and ALZN002 [6] - AL001 utilizes patented ionic cocrystal technology to deliver lithium, while ALZN002 aims to restore the immune system's ability to combat Alzheimer's by removing beta-amyloid from the brain [6]