Grey Matters Health Signs LOI for 200 Brain PET Scans in Tampa Clinical Trial
CSE: GREY | FRANKFURT: AGW0 | OTCQB: AGNPF
Overview
Grey Matters Health Inc. announced that it has signed a non-binding Letter of Intent with Catalyst MedTech to provide a minimum of 200 brain Positron Emission Tomography (PET) scans for an upcoming Alzheimer's Disease clinical trial. The PET scans will be performed at the company's second planned NovaScan Neuroimaging Clinics location in Tampa, Florida. According to the company, the parties will work towards signing a definitive services agreement within the next 60 days.
The clinical trial will be conducted by an international Contract Research Organization specializing in Alzheimer's Disease research. The company stated that clinical trials for new AD drugs that require patients to have a positive AD diagnosis must include confirmation through either a spinal tap or brain PET scan utilizing an isotopic tracer, with brain PET scans being considered far less invasive than spinal taps.
Key Highlights
- Minimum of 200 brain PET scans contracted for first year of Tampa location operations
- Tampa clinic planned to open by end of Q4 2026
- Services agreement to be finalized within 60 days
- Scans will utilize the FDA-cleared CareMiBrain™ dedicated brain PET scanner
- Currently 162 drugs under development for Alzheimer's Disease requiring brain PET scans in Phase 2 trials
Strategic Context
CEO Christopher J. Moreau stated that the services agreement "will provide a significant base of initial revenue" for the Tampa location's first year of operation. The company emphasized that providing brain PET scans to Contract Research Organizations is an important part of their business model and represents "a key first step in securing contracts from a growing market segment that can provide recurring revenue streams."
According to Grey Matters, while each clinic will primarily work with neurologists, geriatricians, and primary care physicians for patient referrals, additional scans through CRO service agreements will serve as an important revenue driver. The company noted that all 162 drugs currently under development for Alzheimer's Disease will require brain PET scans when they advance to Phase 2 clinical trials.
Operational Timeline
- First location: Davie, Florida clinic planned to open in Q3 2026
- Second location: Tampa, Florida clinic planned by end of Q4 2026
- Definitive services agreement target: Within 60 days
Technology Platform
The company's NovaScan Neuroimaging Clinics will feature the FDA-cleared CareMiBrain™ system, described as a standalone diagnostic brain PET scanner that does not require an integrated CT component. According to Grey Matters, this results in 25% less radiation exposure for patients and enables patients to remain comfortably seated in an open, upright environment during scanning.
About Grey Matters Health Inc.
Grey Matters is a Canadian healthcare company focused on the provision of brain specific PET scanning services through a planned network of new neuroimaging clinics in the U.S. for the early-stage detection of Alzheimer's Disease, and other forms of dementia, as well as epilepsy, neuro-oncology, and movement disorders including Parkinson's disease. Grey Matters has a program for Repirinast, a repurposed drug for CKD, and is also the parent company of Algernon NeuroScience, a wholly owned subsidiary, that has been advancing a psychedelic program investigating a proprietary form of DMT for stroke and traumatic brain injury recovery.
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