- The stock price of Alzamend Neuro Inc (NASDAQ: ALZN) increased by 170% in its market debut yesterday. These are the details.
The stock price of Alzamend Neuro Inc (NASDAQ: ALZN) increased by 170% in its market debut yesterday. The stock price had opened at $29 and hit a day high of $33.55 yesterday. This is a significant gain from its $8.50 offer price and the company had raised $12.5 million after selling 2.5 million shares at $5 each. Spartan Capital Securities is the underwriter on the deal.
Alzamend is known as an early-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders. And Alzamend currently has two product candidates that are aiming to bring treatments or cures for Alzheimer’s disease and other neurodegenerative diseases and psychiatric disorders to market at a reasonable cost.
Alzamend is currently working to transition two therapeutics targeting Alzheimer’s disease from the preclinical stage at the University of South Florida into the clinical stage and towards full commercialization. And Alzamend has licensed both a patented mutant-peptide immunotherapeutic (AL002) for use as a treatment or vaccine and a lithium-based ionic cocrystal therapy (AL001) that may greatly reduce or eliminate the symptoms of agitation and other endpoints for mild to moderate stage patients diagnosed with Alzheimer’s.
Alzamend is planning to seek approval from the FDA to commercialize AL001. And the company started the process of an Investigational New Drug application, which is expected to be submitted this month.
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