Algernon Health (CSE:AGN, OTCQB:AGNPF) said it had completed its name change from Algernon Pharmaceuticals as the Canadian healthcare company pivots its focus toward the Alzheimer’s disease diagnostic market.
The company’s common shares will begin trading under the new name on the Canadian Securities Exchange at market open on October 20 under the same ticker symbol on Canadian and OTC markets.
In a statement, the company said the rebranding aligns with its plan to establish specialized neuroimaging clinics across North America as part of its lead program targeting Alzheimer’s disease.
The clinics will use US FDA-cleared, brain-specific PET scanners designed to detect amyloid plaques with lower radiation exposure than standard PET/CT machines. The scans are covered by Medicare, Medicaid, and private insurers.
Earlier this month, Algernon signed a definitive agreement with Catalyst MedTech for the provision and financing of four Oncovision CareMiBrain PET scanner systems valued at more than C$4 million. The deal also includes an option to acquire six additional scanners as the company expands its clinic network.
“Our change in name is an important step in the execution of our new health care initiative to establish and operate dedicated neuroimaging clinics for the early-stage detection of Alzheimer’s disease,” said CEO Christopher J Moreau. “It underscores our commitment as an evolving, consumer facing brand providing health care solutions to patients in need.”
Algernon remains the parent of Algernon NeuroScience, a private subsidiary developing a proprietary DMT-based treatment for stroke and traumatic brain injury recovery. The company also holds a 20% stake in US-based Seyltx, which is developing a chronic cough drug known as Ifenprodil.