Alpha Cognition Reports Third Quarter of Fiscal 2021 Results
November 30, 2021
VANCOUVER, B.C., November 30, 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 Third Quarter financial results of fiscal 2021.
Select Financial Information for Q3-2021:
(for the period ended September 30, 2021)
- Research and development expenses were $2.1M for the three months ended September 30, 2021 ($1.1M Q3-2020).
- General and administrative, including Management and Professional fees, Travel, and Other G&A, were $340k for the three months ended September 30, 2021 ($202k Q3-2020).
- Net loss was $4.3M (including non-cash expenses), or $(0.09) per share, for the three months ended June 30, 2021 ($1.5M net loss and $0.03 per share, Q3-2020).
- Cash and cash equivalents were $5.6M ($5.6M Q2-2020), which included the receipt of $6.1M for the exercise of warrants ($Nil Q3-2020).
- Shares outstanding were 44,893,927 shares of common stock outstanding.
The Company completed its Q3 with $5.6M in cash and cash equivalents, and continues to execute its lean operational model, managing OpEx at $3.1M for the quarter ($1.5M Q3-2020)(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 Q3 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 Alzheimer’s and Traumatic Brain Injury; and progressing the ALPHA-0602 program for ALS. The company also formed its scientific advisory board during the quarter, a panel of the top neurology experts in the US, which will advise the company regarding scientific programs and clinical trials.
Michael McFadden, the Company’s CEO commented: “With the successful raise in October of $10.7M US, the company is positioned to continue its R&D activities well into 2022. We are on track to deliver top line results of the ALPHA-1062 pivotal trial in Q2-2022, and the company will deliver top-line results from our TBI and Progranulin programs in 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).
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.
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