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William B. Horne, a director at Alzamend Neuro , Inc. (NASDAQ:ALZN), has recently purchased 3,334 shares of the company’s common stock. The shares were acquired on March 26 at a price of approximately $0.9854 each, amounting to a total investment of $3,285. Following this transaction, Horne’s total holdings in the company have increased to 30,000 shares. While the stock has shown strong returns over the last month, it currently trades well below its 52-week high of $15.06. This purchase reflects Horne’s ongoing investment in the pharmaceutical firm, which focuses on developing treatments for neurodegenerative diseases. InvestingPro analysis reveals 12 additional investment insights about ALZN, including detailed financial health metrics and growth indicators.
In other recent news, Alzamend Neuro has announced several significant developments. The company has amended its corporate bylaws, notably reducing the quorum requirement for stockholder meetings to 35% from a majority, as per a recent SEC filing. Additionally, Alzamend Neuro has introduced a new Series C Convertible Preferred Stock, following an agreement with a sophisticated investor to exchange Series A shares for Series C shares and to sell up to 500 shares of the new series. This agreement, detailed in an 8-K filing, could amount to a total purchase price of up to $5 million, and includes warrants for common stock purchase.
The Series C Preferred Stock, valued at $10,000 per share, offers cumulative cash dividends at an annual rate of 15%. In other developments, Alzamend Neuro has completed a specialized head coil by Tesla (NASDAQ:TSLA) Dynamic Coils BV, a step towards Phase II clinical trials for their product AL001. These trials will compare the pharmacokinetics of AL001 against traditional lithium carbonate in treating neurological and psychiatric conditions. The company is collaborating with Massachusetts General Hospital for these trials, which aim to optimize lithium distribution in the brain.
Alzamend Neuro’s recent actions, including the equity securities sale and the technological advancement for clinical trials, reflect its efforts to enhance financial flexibility and support ongoing development projects. These developments are based on information from SEC filings and company press releases.
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