Algernon Pharmaceuticals changes name to Algernon Health

Algernon Pharmaceuticals Inc. (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF) announced it is changing its corporate name to Algernon Health, according to a press release statement.

The Vancouver-based company said the name change reflects its strategic shift to focus on establishing neuroimaging clinics across North America for Alzheimer's disease diagnosis. The planned clinics will use FDA-cleared brain-specific positron emission tomography (PET) scanning systems designed to detect amyloid plaques in patients.

The company stated these specialized PET scanners provide lower radiation exposure compared to standard PET/CT machines currently in use. The scans are covered by Medicare, Medicaid, and private insurance in the United States.

Amyloid plaque detection through PET scans or spinal taps is required before patients can receive treatment with Kisunla or Leqembi, two FDA-approved Alzheimer's disease therapies developed by Eli Lilly and Eisai/Biogen respectively. Both treatments are covered by U.S. Medicare, Medicaid, and private insurance providers.

The clinics will also offer brain PET scans for other conditions including dementia, epilepsy, neuro-oncology, and movement disorders. Algernon noted that most existing PET/CT scanners in the U.S. are prioritized for cancer and cardiac imaging, creating insufficient supply for the expanding Alzheimer's diagnostics market.

The company said it will provide updates on expansion plans and the location of its first U.S. neuroimaging clinic. Algernon continues to operate Algernon NeuroScience, a subsidiary developing a psychedelic program using DMT for stroke and traumatic brain injury. The company also holds a 20% equity position in Seyltx, which is advancing a chronic cough treatment called Ifenprodil.

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