Alpha Cognition Announces First Quarter of 2024 Results and Provides Corporate Update By Investing.com

VANCOUVER, British Columbia–(BUSINESS WIRE)–Alpha Cognition Inc. (CSE: 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, today reported financial results for the first quarter of 2024 and provided a corporate update.

“Alpha Cognition continues to progress in its review process with FDA for ALPHA-1062, which is under review with FDA as a treatment for mild-to-moderate Alzheimer’s disease. Our team continues to plan for commercialization activities, progress on manufacturing initiatives, and work towards the PDUFA date of ALPHA-1062 at the end of July of 2024. We believe, if approved, ALPHA-1062 will offer a differentiated therapy for patients with Alzheimer’s dementia,” said Michael McFadden, the Company’s Chief Executive Officer.

First Quarter 2024 Business Accomplishments and Corporate Highlights

• The Company completed its PPM financing of $8.45 million (all amounts in USD), which included fully subscribed 30% overallotment, with the final closing of $3.7 million in gross proceeds in January.
• We continued to progress with New Drug Application (NDA) review process for ALPHA-1062 as a treatment for mild-to-moderate Alzheimer’s disease (AD), where the NDA PUDUFA date for ALPHA-1062 is July 27,2024.
• We continued progress in a pre-clinical study in partnership with Seattle Institute for Biomedical and Clinical Research to assess ALPHA-1062 intra nasal’s reduction of behavioral and functional deficits and brain-wide burden of neuropathology following single or multiple blasts compared to placebo and sham.
• We completed manufacturing stability for all doses for up to 18 months.
• We also advanced our commercialization preparations for launching in the Long-Term Care (LTC) market segment. Our research has indicated that the acetylcholinesterase inhibitor prescription market in the U.S. from the LTC market is large, representing 36% of the over 11 million prescriptions filled in pharmacies each year and is characterized by both patient and practitioner dissatisfaction.

Financial Highlights for First Quarter ended March 31, 2024 (Expressed in United States Dollars)

• Research and development (R&D) expenses were $0.9 million for the three months ended March 31, 2024, compared to $1.1 million in the same…