Alzamend Neuro Announces Favorable Decision from Nasdaq Hearings Panel

Alzamend Neuro, Inc. (Nasdaq: ALZN) (" Alzamend "), a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer's disease (" Alzheimer's "), bipolar disorder (" BD "), major depressive disorder (" MDD ") and post-traumatic stress disorder (" PTSD "), announced today that the Nasdaq Hearings Panel (" Panel ") granted Alzamend's request to continue its listing on The Nasdaq Capital Market (" Nasdaq "), subject to Alzamend demonstrating compliance, on or before September 23, 2024, with Listing Rule 5550(b)(1), which requires stockholder equity of at least $2.5 million (the " Stockholder Equity Rule "), and satisfying all applicable requirements for continued listing on Nasdaq.

"We appreciate the Panel carefully considering our appeal and its decision granting Alzamend an extension to achieve compliance with the Stockholder Equity Rule," said Stephan Jackman, the Chief Executive Officer of Alzamend. "We continue to implement the compliance plan that we presented to the Panel and are excited to remain listed on Nasdaq."

For more information on Alzamend, stockholders, investors, and any other interested parties may read Alzamend's public filings and press releases available under the Investor Relations section at https://www.alzamend.com/ or available at https://www.sec.gov/ .

About Alzamend Neuro

Alzamend Neuro is a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer's, BD, MDD and PTSD. Our mission is to rapidly develop and market safe and effective treatments. Our current pipeline consists of two novel therapeutic drug candidates, AL001 - a patented ionic cocrystal technology delivering lithium via a therapeutic combination of lithium, salicylate and L-proline, and ALZN002 - a patented method using a mutant-peptide sensitized cell as a cell-based therapeutic vaccine that seeks to restore the ability of a patient's immunological system to combat Alzheimer's. Both of our product candidates are licensed from the University of South Florida Research Foundation, Inc. pursuant to royalty-bearing exclusive worldwide licenses.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and Alzamend undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect Alzamend's business and financial results are included in Alzamend's filings with the U.S. Securities and Exchange Commission. All filings are available at www.sec.gov and on Alzamend's website at www.Alzamend.com .

View source version on businesswire.com: https://www.businesswire.com/news/home/20240522362949/en/

Email: Info@Alzamend.com or call: 1-844-722-6333

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Alzamend Neuro Inc.ALZN NASDAQ:ALZN Life Science Investing

ALZN

Alzamend Neuro Announces Initial Closing of Private Placement

Investor had agreed to purchase up to $25 million of preferred shares
Alzamend expects to use proceeds to further its clinical trials and working capital purposes

Alzamend Neuro, Inc. (Nasdaq: ALZN) (" Alzamend "), a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer's disease (" Alzheimer's "), bipolar disorder (" BD "), major depressive disorder (" MDD ") and post-traumatic stress disorder (" PTSD "), announced today that it closed upon the initial tranche of a private placement (the " Private Offering ") pursuant to the Securities Purchase Agreement (the " Agreement ") with an institutional investor (the " Investor ").

On May 10, 2024, the Investor purchased 50 shares of Alzamend's Series A Convertible Preferred Stock (the " Preferred Shares ") for $500,000 in the Private Offering, of which $311,356.16 (which included accrued but unpaid interest) was paid by the Investor by the surrender for cancellation of a term note issued by the Company to the Purchaser on April 29, 2024 in the principal face amount of $310,000. Concurrently with the initial closing of the Offering, the Investor purchased an additional 50 Preferred Shares in a registered direct offering for $500,000 (the " Registered Direct Offering "). The Investor also received warrants to purchase 800,000 shares of Alzamend common stock in the Private Offering.

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Alzamend Neuro Announces Agreement for Registered Direct Offering and Concurrent Private Placement for an Aggregate of up to $25 Million

Alzamend Neuro, Inc. (Nasdaq: ALZN) (" Alzamend "), a clinical-stage biopharmaceutical company focused on developing novel products for the treatment of Alzheimer's disease (" Alzheimer's "), bipolar disorder (" BD "), major depressive disorder (" MDD ") and post-traumatic stress disorder (" PTSD "), announced today that it has entered into a Securities Purchase Agreement (the " Agreement ") with an institutional investor (the " Investor ") for the purchase and sale of 50 shares of its Series A Convertible Preferred Stock (the " Preferred Shares "), stated value $10,000 per share in a registered direct offering, for $500,000.

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Alzamend Neuro Announces Favorable Decision from Nasdaq Hearings Panel

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