Full Press Release Details
Alzamend Neuro Announces Termination of At-the-Market
Equity Offering Program
ATLANTA, GA, May 7, 2024 -- Alzamend Neuro, Inc.
(Nasdaq: ALZN) ("Alzamend"), a clinical-stage biopharmaceutical company focused on developing novel products for the
treatment of Alzheimer's disease ("Alzheimer's"), bipolar disorder ("BD"), major depressive
disorder ("MDD") and post-traumatic stress disorder ("PTSD"), announced today that it has terminated
its "at-the-market" equity offering program relating to sales of common stock ("ATM Facility") with Ascendiant
Capital Markets, LLC, as sales agent (the "Agent"). The Company elected to terminate the ATM Facility to limit uncertainty
and unfavorable dilution for its stockholders.
Although the Company initiated the 10-day termination
process of the ATM Facility with the Agent, with the official termination to take effect on May 16, 2024, the Company will make no further
sales of shares of its common stock under the ATM Facility. Upon termination, the Company will have no further obligations related to
the ATM Facility. Upon the announcement of the initiation of the ATM Facility's termination process, the Company had sold an aggregate
of 1,076,821 shares of common stock and raised approximately $1.3 million in gross proceeds, or approximately $1.20 per share.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be any sale of shares of the Company's common stock in any state
or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state or other jurisdiction.
For more information on Alzamend, stockholders,
investors, and any other interested parties may read Alzamend's public filings and press releases available under the Investor Relations
section at https://www.alzamend.com/ or available at https://www.sec.gov/.
About Alzamend Neuro
Alzamend Neuro is a clinical-stage biopharmaceutical
company focused on developing novel products for the treatment of Alzheimer's, BD, MDD and PTSD. Our mission is to rapidly develop
and market safe and effective treatments. Our current pipeline consists of two novel therapeutic drug candidates, AL001 - a patented ionic
cocrystal technology delivering lithium via a therapeutic combination of lithium, salicylate and L-proline, and ALZN002 - 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. Both of our product candidates are licensed from the University of South Florida Research Foundation,
Inc. 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.Alzamend.com.
Email: Info@Alzamend.com or call: 1-844-722-6333