Algernon Pharmaceuticals Inc. (CSE:AGN, OTCQB:AGNPF) announced it will change its name to Algernon Health as the company shifts its focus to the Alzheimer’s disease (AD) diagnostic market.
The company said its lead program involves establishing specialized neuroimaging clinics across North America.
These clinics will feature US Food and Drug Administration (FDA)-cleared, brain-specific positron emission tomography (PET) scanning systems designed to detect amyloid plaques with lower radiation exposure compared to standard PET/CT machines.
The scans are covered by Medicare, Medicaid and private insurance in the United States.
Amyloid plaques, which form between nerve cells and are associated with neural degeneration, play a central role in AD, the company highlighted.
Patients must first confirm amyloid presence through a PET scan or spinal tap before receiving treatment with Kisunla or Leqembi, the two FDA-approved monoclonal antibody therapies developed by Eli Lilly and Eisai/Biogen.
Algernon said its neuroimaging clinics will also provide PET scans for other conditions, including dementia, epilepsy, neuro-oncology and movement disorders.
The company noted that most PET/CT scanners in the US are currently dedicated to cancer and cardiac imaging, leaving insufficient availability for AD diagnostics.
The company added that the shortage of PET scanners also affects drug development, with 162 AD drugs currently in clinical development.
Algernon plans to offer brain-specific PET imaging services to drug developers and contract research organizations as an additional source of revenue.
It said it will provide further updates on its expansion plans, including the location of its first US flagship neuroimaging clinic.
The company remains the parent of Algernon NeuroScience, a private subsidiary developing a proprietary form of DMT for stroke and traumatic brain injury.
Algernon also holds a 20% equity interest in Seyltx, a US-based private company developing a chronic cough drug candidate, Ifenprodil.
In addition, Algernon is reviewing its repurposed chronic kidney disease program, which is led by the drug repirinast.