Grey Matters Secures $1M to Launch U.S. Alzheimer's Diagnostic Clinics

VANCOUVER, BC – April 22, 2026 – Grey Matters Health Inc. (CSE: GREY), a Canadian healthcare company, has announced a significant strategic move to accelerate its entry into the U.S. diagnostics market, backed by a newly unveiled CAD $1,000,000 non-brokered private placement.

The financing is earmarked to propel the company’s Alzheimer's Disease program forward, with the primary goal of opening its first brain-specific neuroimaging clinic in the United States. This move positions Grey Matters to capitalize on the rapidly growing demand for early and accurate detection of debilitating neurological disorders.

Fueling a Push into the U.S. Neuroimaging Market

The proceeds from the offering are set to be the financial engine for a major strategic expansion. Grey Matters has confirmed its plan to establish a network of specialized neuroimaging centers under the brand “NOVASCAN NEUROIMAGING CLINICS™”. The inaugural clinic is slated for the HCA Florida University Medical Office Building in Davie, Florida, marking the company's first physical footprint in the lucrative U.S. healthcare landscape.

This expansion is timed to meet a critical and growing need. The market for Alzheimer's-linked imaging in the U.S. was valued at nearly USD $4.5 billion in 2024 and is projected to surge to USD $6.9 billion by 2033. This growth is driven by an aging population and an increasing public consciousness around the benefits of early diagnosis. According to recent studies, over 7 million Americans are currently living with Alzheimer's, and an overwhelming majority of older adults express a desire for early detection before symptoms severely impact their lives.

A key catalyst fueling this demand is a landmark 2023 policy change by Medicare, which removed lifetime limits on reimbursement for beta-amyloid Positron Emission Tomography (PET) scans. PET imaging, which can identify the protein plaques associated with Alzheimer's, held over half the market share for Alzheimer's imaging in 2024. With reimbursement barriers lowered, demand for these scans has intensified, with many existing diagnostic centers reportedly operating at or near full capacity. Grey Matters' strategy to launch specialized, brain-focused PET clinics appears to be a direct and timely response to this market gap.

A Closer Look at the Financial Strategy

The private placement consists of units priced at CAD $0.40 each. Every unit includes one common share and one purchase warrant, which allows the holder to buy an additional share for CAD $0.60 within a 24-month period. The offering includes an acceleration clause, a common feature in such financings, which could force the early exercise of these warrants if the company’s stock price sustains a price above CAD $0.80 for 10 consecutive trading days. This mechanism could potentially provide Grey Matters with an additional, faster infusion of capital if its market performance is strong following the initial placement.

This financing arrives at a pivotal moment for the company. With a market capitalization of approximately CAD $2.7 million and a stock that has seen a significant decline over the past year, this CAD $1 million raise is a critical lifeline. It provides the necessary working capital to execute its ambitious U.S. expansion and cover general administrative expenses while advancing its core programs. The securities issued will be subject to a four-month hold period in Canada and are not registered for sale in the United States, indicating a focus on Canadian and international investors.

A Diversified Pipeline Beyond Diagnostics

While the push into U.S. diagnostics is the immediate focus, Grey Matters maintains a diversified portfolio that reflects its roots in drug repurposing and development. The company recently rebranded from Algernon Health Inc. and executed a 10-for-1 share consolidation to better align its identity with its sharpened focus on the Alzheimer's diagnostic market.

However, its legacy assets remain part of its long-term strategy. Algernon NeuroScience, a wholly-owned subsidiary, continues to advance a psychedelic research program investigating a proprietary form of DMT for its potential to promote neural plasticity and aid recovery from stroke and traumatic brain injury. This venture into cutting-edge therapeutics highlights the company's multi-pronged approach to neurological health.

Furthermore, Grey Matters is pursuing a research program for Repirinast, a drug originally developed for asthma, as a potential treatment for Chronic Kidney Disease (CKD). Preclinical studies have shown promising results, demonstrating the company’s continued commitment to its drug repurposing model.

This diversified strategy is underpinned by a track record of monetizing assets. The company previously sold its chronic cough drug, Ifenprodil, for USD $2 million in cash plus a 20% equity stake in Seyltx, the U.S. company now advancing the drug. This successful divestment provided non-dilutive funding and serves as a proof-of-concept for its ability to generate value from its development pipeline.

Under the leadership of CEO Christopher J. Moreau, who brings over 30 years of executive management and capital-raising experience to the role, Grey Matters is navigating a strategic transformation. This latest financing is a clear declaration of its new direction, providing the capital to turn its vision of becoming a key player in U.S. neurological diagnostics into a tangible reality. The offering is expected to close in tranches on or before May 21, 2026, setting the stage for the company's next chapter of growth.