Area firm wins $2M investment to pursue Alzheimer's drug

Alzamend Neuro gets investment week after FDA approves Phase 1 study of AL001

By Louis Llovio
| 10:12 a.m. August 4, 2021
| 0 Free Articles Remaining!

FILE: Alzamend Neuro moving forward with Phase 1 clinical study of AL001, a treatment for Alzheimerâ€™s disease and dementia.

Tampa Bay-Lakeland

TAMPA —Alzamend Neuro has landed new investment money on the heels of the U.S. Food and Drug Administration’s approval to move forward with the testing of a drug to treat dementia and Alzheimer’s disease.

According to a filing with the Securities and Exchange Commission, the Tampa biopharmaceutical company raised $2 million by selling 1.3 million shares of stock for $1.50 a share to Digital Power Lending LLC. Alzamend also issued warrants allowing DPL to purchase nearly 670,000 shares at $3 per share.