Algernon Announces Closing of the Private Placement Financing

Core Viewpoint - Algernon Pharmaceuticals Inc. has successfully closed a second tranche of its non-brokered private placement, raising a total of $761,000 from both tranches to support its initiatives, including a new Alzheimer's Disease project [1][3]. Group 1: Offering Details - The second tranche of the private placement was part of an offering initially announced on May 27, 2025, with the first tranche closing on June 30, 2025 [1]. - Insiders of the company participated in the offering, contributing $90,000, which is classified as a related party transaction under Multilateral Instrument 61-101 [2]. - The company did not pay any cash finder's fees for the second tranche of the offering [3]. Group 2: Use of Proceeds - Proceeds from the second tranche will be allocated towards advancing the company's Alzheimer's Disease initiative, including the opening of its first U.S. neuroimaging clinic planned for Q4 2025, as well as for general administrative expenses and working capital [3]. Group 3: Company Overview - Algernon Pharmaceuticals is focused on establishing Alzheimer's screening, imaging, and treatment clinics in North America while also developing clinical-stage pharmaceuticals to address unmet medical needs globally [7]. - The company is the parent of a private subsidiary, Algernon NeuroScience, which is investigating a proprietary form of DMT for stroke and traumatic brain injury [8].