Sign Up

Alzamend Neuro Announces Final Closing of $5 Million Private Placement Months Ahead of Schedule

ATLANTA, June 16, 2025 (GLOBE NEWSWIRE) -- 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"), today announced that it has completed the final closing of its $5 million private placement.

As previously reported, on February 28, 2025, Alzamend entered into a Securities Purchase & Exchange Agreement (the "Agreement") with a sophisticated investor (the "Investor"), pursuant to which Alzamend agreed to sell to the Investor up to 500 shares of Series C Convertible Preferred Stock (the "Preferred Stock") and warrants (the "Warrants") to purchase shares of Alzamend's common stock for a total purchase price of up to $5 million, less a five percent (5%) discount (the "Financing") in seven monthly tranche closings (a "Tranche Closing"), starting in April 2025, with the Investor having the ability, in its sole discretion, to purchase Preferred Stock prior to the dates set for each Tranche Closing.

On Friday, June 13, 2025, the Investor purchased the remaining available shares of Preferred Stock in the Financing, months ahead of the originally scheduled final Tranche Closing in October 2025. With $5 million in gross proceeds from this Financing received, Alzamend's financial position is significantly increased, and Alzamend would receive additional proceeds should the Investor exercise ...