Ault Alliance (AULT) announced that Alzamend Neuro (ALZN) has initiated its Phase I/IIA clinical trial for its immunotherapeutic vaccine to treat mild to moderate dementia of the Alzheimer’s type. The primary goal of this clinical trial is to determine the appropriate dose of ALZN002 for treatment of patients with Alzheimer’s in a larger Phase IIB efficacy and safety clinical trial, which Alzamend expects to initiate within three months of receiving data from the initial trial. Ault Alliance plans to continue to champion Alzamend Neuro’s efforts, providing strong support and encouragement throughout the clinical trial process. The company has certain beneficial ownership and rights to further invest in Alzamend. The company beneficially owns approximately 11.3 million shares and has the right to acquire 3.4 million shares of Alzamend common stock upon the exercise of warrants. In addition, the company’s wholly owned subsidiary, Ault Lending, has the right to purchase up to an additional 6.67 million shares at $1.50 per share with warrants to purchase 3.3 million of shares of Alzamend common stock at an exercise price of $3.00 per share. Should the company exercise all warrants and options to invest, it would own approximately 23.8 million shares with an average cost of $2.01 per share of common stock, representing 22% of Alzamend’s issued and outstanding common stock.
Published first on TheFly
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