Grey Matters Health (CSE:GREY, OTCQB:AGNPD, FRA:AGW0) announced that it has signed a non-binding letter of intent with Catalyst MedTech to provide a minimum of 200 brain Positron Emission Tomography (PET) scans for an upcoming Alzheimer’s disease clinical trial.
The scans are expected to be conducted at Grey Matters’ planned NovaScan Neuroimaging Clinics location in Tampa, Florida, which the company aims to establish by the end of the fourth quarter of 2026. The parties said they intend to work toward a definitive services agreement within the next 60 days.
The clinical trial will be conducted by an international contract research organization (CRO) specializing in Alzheimer’s disease research.
Brain PET scans are commonly used in Alzheimer’s clinical trials to confirm a positive diagnosis, alongside spinal tap procedures. The imaging process involves injecting patients with radioactive isotopes before scanning the brain to assess the presence and extent of Alzheimer’s-related activity.
The company said CRO-related scanning services are expected to complement patient referrals generated through partnerships with neurologists, geriatricians, primary care physicians, and other healthcare providers.
Catalyst MedTech provides molecular imaging and nuclear medicine solutions across the United States and holds exclusive U.S. distribution rights for the CareMiBrain dedicated brain PET platform.
Grey Matters said its NovaScan Neuroimaging Clinics will use the FDA-cleared CareMiBrain system, a standalone brain PET scanner designed specifically for neurological imaging. According to the company, the system does not require an integrated CT component, reducing patient radiation exposure by approximately 25% compared with conventional PET/CT systems.
The company added that the system allows patients to remain seated in an open, upright environment during imaging procedures, which it said may help reduce discomfort associated with traditional scanning systems.
“A services agreement with Catalyst MedTech for a minimum of 200 brain PET scans in our first year of operation for our planned second Florida location in Tampa, will provide a significant base of initial revenue,” Grey Matters CEO Christopher Moreau said.
“Providing brain PET scans to CRO’s is an important part of our business model, and this is a key first step in securing contracts from a growing market segment that can provide recurring revenue streams for our NovaScan Neuroimaging Clinics.”
Martin Shirley, Catalyst MedTech CEO, said the collaboration is intended to support growing demand for neuro-focused PET imaging in both clinical research and patient care.
“The future of Alzheimer’s diagnosis and therapeutic development will require scalable access to high-quality, neuro-optimized PET imaging,” he said.
Grey Matters is also developing its first NovaScan clinic in Davie, Florida, located at the HCA Florida University Medical Offices building near Fort Lauderdale. The company said it expects that facility to open in the third quarter of 2026.
The company’s broader strategy involves building a network of US-based neuroimaging clinics focused on PET scanning for neurological conditions, including Alzheimer’s disease, epilepsy, Parkinson’s disease, multiple sclerosis, and brain cancers.
Shares of Grey Matters were up nearly 4% in Canada on Wednesday morning.