TAMPA, Fla.--(BUSINESS WIRE)--Alzamend Neuro®, Inc. (Nasdaq: ALZN) (“Alzamend” or the “Company”), a preclinical stage biopharmaceutical company, today announced that its Chairman of the Board, William B. Horne, its CEO, Stephan Jackman and its Founder and Chairman Emeritus, Milton “Todd” Ault, III, will join members of the Company’s management, Board of Directors and founding stockholders to ring the opening bell at the Nasdaq stock exchange on Monday, July 12, 2021 at 9:30 am ET at the Nasdaq MarketSite at Times Square. The opening bell ceremony celebrates Alzamend’s recent listing on the Nasdaq Capital Market.
The ceremony will begin at approximately 9:15 am ET and can be viewed live at https://www.nasdaq.com/marketsite/bell-ringing-ceremony via Facebook (https://www.facebook.com/Nasdaq/), and on CNBC, https://www.cnbc.com/opening-bell/.
Mr. Jackman stated “The IPO is an important milestone that Alzamend has achieved for its stockholders, its associates and for all who continue to suffer from the debilitating effects of Alzheimer’s and other forms of dementia. The Company has raised approximately $14.4 million in gross proceeds that will fund both operations and the human clinical trials anticipated to occur later in 2021 and beyond. We have recently submitted our IND application for our therapeutic, AL001, utilizing funding from our initial public offering, and look forward to continuing to advance our proprietary pipeline.”
Alzamend’s mission is to help the Alzheimer’s disease community by supporting the full product development life cycle of treatment and cures for dementia and Alzheimer’s disease driven by the belief that strong support of research is the foundation for true innovation. Dementia is not a normal part of aging, and there are numerous symptoms that can indicate cognitive and neurological impairments. Alzheimer’s disease is the most common form of dementia. This disease deprives people of their loved ones, as memories are erased and personalities are diminished. Alzamend’s vision statement nicely sums up its mission: “Together We Can ‘Make Alzheimer’s Just a Memory!’™”.
The economic impact of Alzheimer’s disease can be as devastating as the emotional stress. Over 47 million people in the world currently live with Alzheimer’s disease or dementia, with over 6.2 million in the U.S., two-thirds of them women. The lifetime cost of care for an Alzheimer’s disease patient is estimated at $374,000 in the U.S. According to the Alzheimer’s Association, it is estimated that Alzheimer’s and dementia deaths increased more than 16% in 2021 due to COVID-19. In 2021, Alzheimer’s and dementia will cost the U.S. an estimated $355 billion with the costs expected to rise into the trillions in the next 25 years. In addition, Medicare and Medicaid are expected to pay approximately $239 billion, or 67% of the treatment and long-term care costs associated with Alzheimer’s disease and dementia, with another $79 billion of out-of-pocket costs. According to the Alzheimer’s Association, eleven million Americans provide an estimated 15.3 billion hours of unpaid care per year, valued at $257 billion, for these patients with two-thirds of them being women, and one-third being daughters.
About Alzamend Neuro
We are a preclinical stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, including Alzheimer’s disease. With our two current and future product candidates, we aim to bring treatments or cures to market at a reasonable cost as quickly as possible. Our current pipeline consists of two novel therapeutic drug candidates, AL001 - a patented ionic cocrystal technology delivering a therapeutic combination of lithium, proline, and salicylate, and AL002 - a patented method using a mutant-peptide sensitized cell as a cell-based therapeutic vaccine that seeks to restore the ability of a patient’s immunological system to combat Alzheimer’s disease. Both of our product candidates are licensed from the pursuant to royalty-bearing exclusive worldwide licenses.
Forward-Looking Statements
This press release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and Alzamend undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect Alzamend’s business and financial results are included in Alzamend’s filings with the U.S. Securities and Exchange Commission. All filings are available at www.sec.gov and on Alzamend’s website at www.AlzamendNeuro.com.
