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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

Alpha Cognition Reports Second Quarter of Fiscal 2021 Results

September 3, 2021 GMT

VANCOUVER, B.C.--(BUSINESS WIRE)--Sep 3, 2021--

Alpha Cognition Inc. (TSX-V: ACOG)(OTCQB:ACOGF) (“Alpha Cognition”, or the “Company”), a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating neurodegenerative disorders, is pleased to announce that it has reported its Second Quarter financial results of fiscal 2021.

Select Financial Information for Q2-2021:

(for the period ended June 30, 2021)

  • Research and development expenses were $1.5m for the three months ended June 30, 2021.
  • General and administrative, including Management and Professional fees, Travel, and Other G&A, were $100k for the three months ended June 30, 2021.
  • Net loss was $1.8 million (including non-cash expenses), or $(0.04) per share, for the three months ended June 30, 2021
  • Cash and cash equivalents were $5.6 million of cash, where expenditures were consistent with prior quarter.
  • Shares outstanding were 44,843,927 shares of common stock outstanding.

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The Company completed its Q2 with $5.6M in cash and cash equivalents, and continues to execute its lean operational model, managing OpEx at $2.3M for the quarter (this includes non-cash related expenses), which is consistent with prior quarters. Operational expenses and program development are in-line with expectations previously articulated to investors.

The company has managed expenses in Q2 consistent with the prior quarter, while continuing to advance its commercialization activities for ALPHA-1062, clinical trial program development for ALPHA-1062 for mild to moderate Alzheimers and mTBI; and progressing the ALPHA-0602 program for ALS. The company also formed its scientific advisory board during the quarter, a panel of the top neuroscientists in the US, which will advise the company regarding scientific programs and clinical trials.

Michael McFadden, the Company’s CEO, commented: “The company is entering an exciting time, with the ALPHA-1062 pivotal trial for Alzheimer’s disease expected to start in the third quarter and ALPHA-0602 early-stage trial expected to begin in the fourth quarter. Data from both trials is targeted for release Q1 2022.”

About Alpha Cognition Inc.

Alpha Cognition Inc. is a clinical stage, biopharmaceutical company dedicated to developing treatments for under-served neurodegenerative diseases, such as Alzheimer’s Dementia and Amyotrophic Lateral Sclerosis (ALS).

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ALPHA-1062, is a patented new chemical entity that has demonstrated safety and improved tolerability in human clinical trials. It is being developed as a new generation acetylcholinesterase inhibitor for the treatment of Alzheimer’s disease, with minimal gastrointestinal side effects and novel routes of administration. ALPHA-1062′s active metabolites are differentiated from donepezil and rivastigmine in that they may sensitize neuronal nicotinic receptors, most notably the alpha-7 subtype, which is known to have a positive effect on cognition. ALPHA-1062 is also being developed in combination with memantine to treat moderate to severe Alzheimer’s dementia and in a nasal spray formulation to treat traumatic brain injury.

ALPHA-0602 (Progranulin) is expressed in several cell types in the central nervous system and in peripheral tissues, regulates cell survival and certain inflammatory processes, and plays a major role in regulating lysosomal function and microglial responses to disease. Its use for the treatment of neurodegenerative diseases has been patented by the Company and granted an Orphan Drug Designation.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release is not, and under no circumstances is to be construed as, an advertisement or a public offering of securities. No securities commission or similar authority in Canada or in any other jurisdiction has reviewed or in any way passed upon this news release or the merits of the securities described herein and any representation to the contrary is an offence.

This news release includes forward-looking statements within the meaning of applicable securities laws. Except for statements of historical fact, any information contained in this news release may be a forward‐looking statement that reflects the Company’s current views about future events and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. In some cases, you can identify forward‐looking statements by the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “target,” “seek,” “contemplate,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward‐looking statements may include statements regarding the Company’s business strategy, market size, potential growth opportunities, capital requirements, clinical development activities, the timing and results of clinical trials, regulatory submissions, potential regulatory approval and commercialization of the technology. Although the Company believes that we have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. The Company cannot assure that the actual results will be consistent with these forward-looking statements. These forward‐looking statements speak only as of the date of this news release and the Company undertakes no obligation to revise or update any forward‐looking statements for any reason, even if new information becomes available in the future.

This news release may also contain estimates and other statistical data made by independent parties and by the Company relating to share value and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210903005429/en/

CONTACT: Bristol Investor Relations

Stefan Eftychiou

905 326 1888 ext 6

stefan@bristolir.com

https://www.alphacognition.com/

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL HEALTH

SOURCE: Alpha Cognition Inc.

Copyright Business Wire 2021.

PUB: 09/03/2021 04:31 PM/DISC: 09/03/2021 04:31 PM

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