Algernon Health Inc. (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF) announced plans to change its corporate name to Grey Matters Health Inc. and implement a 10:1 share consolidation, according to a company statement.

The Vancouver-based healthcare company has reserved the new name and trading symbol "GREY" with the Canadian Securities Exchange. New symbols for the OTCQB and Frankfurt exchanges will be announced later.

The company stated the name change reflects its focus on the Alzheimer's disease diagnostic market and plans to establish brain PET scanning clinics across the United States under the NovaScan Neuroimaging Clinics brand. The first clinic will be located at the HCA University Medical Office Building in Davie, Florida.

Under the proposed share consolidation, Algernon's 54,182,431 common shares outstanding would be reduced to approximately 5,418,243 shares on a 10:1 basis. The company said registered shareholders will receive instructions for exchanging certificates following the consolidation, while non-registered shareholders require no action.

Algernon continues to hold drug development assets including a 20% ownership position in Seyltx Inc., a private U.S. company developing Ifenprodil for chronic cough. The company previously sold its Ifenprodil program for $2 million plus the equity stake in Seyltx.

The company also maintains intellectual property for programs involving DMT for stroke and traumatic brain injury, and Repirinast for chronic kidney disease.

Both the name change and share consolidation require approval from the Canadian Securities Exchange. The company said it will announce the effective date once regulatory approval is received.