Algernon Closes Acquisition of NoBrainer Imaging Centers

Deal News | May 23, 2025 | Globenewswire

Algernon Closes Acquisition of NoBrainer Imaging Centers

Algernon Pharmaceuticals, a Canadian healthcare and clinical-stage drug development company, has completed the acquisition of NoBrainer Imaging Centers, Inc. This acquisition marks a strategic expansion into the Alzheimer's Disease diagnostic and treatment market, aligning with Algernon's existing neurological research initiatives. The acquisition grants Algernon exclusive master franchise and licensing rights to establish Alzheimer's screening, diagnostic, and treatment centers across Canada and several U.S. markets. Under the terms of the acquisition, Algernon will issue NIC shareholders common and preferred shares along with purchase warrants. Financial terms revealed NIC holds CAD$250,000 in working capital including a deposit for a specialized brain PET scanner. As the transaction progresses, Algernon seeks shareholder approval for preferred share issuance and aims to trade these securities on the Canadian Securities Exchange. The company has outlined its commitment to expedite shareholder meetings and regulatory compliance to facilitate this expansion and securities trading on the market.

Sectors

  • Healthcare
  • Pharmaceuticals
  • Biotechnology

Geography

  • Canada – Algernon Pharmaceuticals is based in Vancouver, British Columbia, and the acquisition gives them franchise rights across Canada.
  • United States – The acquisition includes rights to open centers in multiple U.S. markets, including specific states such as Florida and cities like Los Angeles.

Industry

  • Healthcare – The article pertains to Algernon's expansion into the Alzheimer's diagnostic and treatment market, which is a segment of the healthcare industry.
  • Pharmaceuticals – Algernon Pharmaceuticals is a clinical-stage drug development company focusing on the neurological and Alzheimer's segments, placing it within the Pharmaceuticals industry.
  • Biotechnology – The acquisition by Algernon Pharmaceuticals involves advanced imaging technologies and research into Alzheimer's treatment, aligning with the Biotechnology industry's focus on innovation and medical advancements.

Financials

  • 5,500,000 common shares and 5,500,000 common warrants – Consideration issued by Algernon in exchange for NIC shares as part of the acquisition.
  • 450,000 preferred shares and 450,000 preferred warrants – Additional consideration under the acquisition terms, contingent on shareholder approval.
  • CAD$250,000 – Working capital held by NoBrainer Imaging Centers, including a deposit on a specialized PET scanner.

Participants

NameRoleTypeDescription
Algernon Pharmaceuticals Inc.AcquirerCompanyAlgernon Pharmaceuticals is a Canadian healthcare and clinical stage pharmaceutical development company focused on neurological research and drug development.
NoBrainer Imaging Centers, Inc.Target companyCompanyNIC is a Canadian company holding master franchise rights for Alzheimer's diagnostic centers in Canada and certain U.S. markets.
NoBrainer Alzheimer's Treatment Centers, Inc.Franchise ProviderCompanyNATC is the company providing exclusive master franchise rights to NoBrainer Imaging Centers for Alzheimer's diagnostics and treatments.
Christopher J. MoreauCEO of Algernon PharmaceuticalsPersonChristopher J. Moreau is the CEO of Algernon Pharmaceuticals, overseeing the company's strategic expansion into Alzheimer's diagnostics.