Ault Global Holdings (DPW) Announces Additional Investment in Alzamend (ALZN) Under Alzamend’s IND for AL001 for Dementia Related to Alzheimer’s Pursuant to the SPA with Alzamend
- S&P 500 down more than 2% as growth worries rise
- China Property Titan Evergrande (EGRNF) Collapses to 11-Year Lows, Analysts Wary of Domino Effect
- Apple (AAPL) iPhone 13 Has Strong Start with Positive Mix Skew - JP Morgan
- Oil falls on risk aversion; losses limited by U.S. supply problems
- Pfizer (PFE), BioNTech (BNTX) Announce Positive Topline Results From Pivotal Trial of COVID-19 Vaccine in Children 5 to 11 Years
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Ault Global Holdings, Inc. (NYSE American: DPW), a diversified holding company (the “Company”), announced today its wholly owned subsidiary, Digital Power Lending, LLC (“DPL”) has made an additional investment in Alzamend Neuro, Inc. (Nasdaq: ALZN) (“Alzamend”), a related party and early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders.
Additional Investment in Alzamend Neuro, Inc.
On July 28, 2021, Alzamend received a “study may proceed” letter from the U.S. Food and Drug Administration for a Phase 1a study under Alzamend’s Investigational New Drug application for AL001, a lithium-based ionic cocrystal oral therapy for patients with dementia related to mild, moderate, and severe cognitive impairment associated with Alzheimer’s disease.
Based on the achievement of this milestone, under the March 12, 2021 securities purchase agreement, Alzamend sold an additional 1,333,333 shares of its common stock to DPL for $2 million, or $1.50 per share, and issued to DPL warrants to acquire 666,667 shares of Alzamend common stock with an exercise price of $3.00 per share. The premise of this investment into Alzamend was to provide Alzamend a committed source of capital, driven by milestones, to fund Alzamend’s therapeutic treatments through the end of Phase 1 clinical trials. A third tranche in the amount of $4,000,000 for the purchase of an aggregate of 2,666,667 shares and warrants to purchase an additional 1,333,333 shares upon DPL receiving written confirmation from Alzamend that its Phase 1a human clinical trial for AL001 has been completed.
Milton “Todd” Ault, III, Executive Chairman of the Company, stated, “We are proud to support Alzamend in its endeavors to develop treatments and cures for Alzheimer’s, other neurodegenerative diseases, and psychiatric disorders. The Company congratulates Alzamend and its management team in achieving this important milestone, and hope this achievement will encourage the millions who suffer from Alzheimer’s and the millions more who care for them.” Ault added, “With the closing of its IPO in June 2021 and the additional funding related to this significant milestone, we believe Alzamend is well-positioned to make significant progress towards moving AL001 down the path of its upcoming human clinical trials without the distraction of having to raise new capital. Upon the expected filing of an IND for Alzamend’s second therapeutic, AL002, it is anticipated the March 12, 2021 securities purchase agreement will provide Alzamend a continual source of supplemental funding to support Alzamend advancing both treatments through the end of Phase 1 clinical trials.”
For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings with the SEC, available at www.sec.gov, and press releases available under the Investor Relations section at www.AultGlobal.com.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- SEC Investigating Activision Blizzard (ATVI) Related to Sexual Harassment, Discrimination Claims - WSJ
- Coinbase (COIN) Applies to Trade Bitcoin, Crypto Futures
- Pilgrim's Pride (PPC) Forms Special Committee to Review and Evaluate Previously Announced Unsolicited Proposal
Create E-mail Alert Related CategoriesCorporate News
Related EntitiesEarnings, Definitive Agreement, IPO, FDA
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!