Grey Matters Health Inc. (GREY:CSE; AGW0:FRA; AGNPF:OTCQB) announced an increase to its non-brokered private placement financing to CA$1.25 million and the closing of the second and final tranche of the offering.
According to the company, the second tranche generated gross proceeds of CA$750,000 through the sale of 1,875,000 units at an issue price of CA$0.40 per unit. With the completion of the second tranche, the financing totaled CA$1.25 million from the sale of 3,125,000 units, including the first tranche that closed on June 5, 2026. The company stated that the offering is now closed.
Certain insiders participated in the second tranche in the amount of CA$449,000. The company said the participation constituted a related party transaction under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Grey Matters stated it relied on exemptions from valuation and minority shareholder approval requirements because neither the fair market value of the units purchased by insiders nor the consideration paid by those insiders exceeded 25% of the company's market capitalization.
The company also reported that it paid cash finder's fees of CA$28,000 and issued 70,000 finder's warrants in connection with the second tranche.
Grey Matters said proceeds from the financing will be used to advance its Alzheimer's Disease program toward the opening of its first U.S. brain-specific neuroimaging clinic, as well as for general and administrative expenses and working capital purposes.
The company noted that the securities issued and issuable under the offering are subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable Canadian securities legislation.
Early Detection, Blood Testing, and AI Continue to Expand Alzheimer's Imaging Market
The Alzheimer's disease diagnostics market continued to attract attention as demand for earlier detection tools, imaging technologies, and biomarker testing expanded. According to a May 2026 report from Precedence Research, the global Alzheimer's disease diagnostics market was valued at US$9.94 billion in 2025 and is projected to reach US$27.90 billion by 2035. The report stated that brain imaging held a 38% share of the market in 2025, citing the growing use of imaging methods to identify early structural and amyloid markers associated with Alzheimer's disease. The report also noted increasing investment in advanced imaging equipment and broader clinical adoption of amyloid imaging.
The push toward earlier diagnosis has also accelerated the adoption of blood-based Alzheimer's testing. As reported by Reuters on May 16, the U.S. Food and Drug Administration cleared Fujirebio Diagnostics' Lumipulse test, the first blood test approved to help detect Alzheimer's disease. According to Reuters, the test measures blood biomarkers associated with amyloid plaque accumulation in the brain, offering a less invasive alternative to PET imaging or spinal taps for initial screening. Reuters reported that positive results would still require more advanced diagnostic evaluation.
Industry groups have also highlighted the growing role of blood biomarkers in Alzheimer's diagnosis. The Alzheimer's Association reported that blood-based biomarker tests meeting specific performance thresholds may serve either as a triage tool before PET imaging or, in some circumstances, as a substitute for PET amyloid imaging or cerebrospinal fluid testing. The organization noted that negative results can help rule out Alzheimer's pathology with a high degree of confidence, while positive findings may be confirmed through PET imaging or other diagnostic methods.
Research published in medical journals has also demonstrated the growing concentration of AI development within imaging specialties. A 2025 analysis published in JAMA Network Open found that approximately 76% of FDA-authorized AI-enabled medical devices were associated with radiology applications, making imaging the dominant area for AI deployment in healthcare.
Analyst Commentary Focused on Alzheimer's Imaging Strategy
1In a March 26 report, analyst Stewart Thomson discussed Grey Matters Health Inc.'s plans to enter the Alzheimer's disease diagnostics market through a network of specialized neuroimaging clinics in the United States.
Streetwise Ownership Overview*
Grey Matters Health Inc. (GREY:CSE; AGW0:FRA; AGNPF:OTCQB)
| Strike Price | Number | Expiry Date |
|---|---|---|
| $2.4 | 340,000 | 08/01/26 |
| $2.4 | 4,480 | 08/01/26 |
| $2.4 | 196,000 | 08/19/26 |
| $2.4 | 4,000 | 08/19/26 |
| $9.38 | 114,887 | 07/04/27 |
| $10.31 | 4,338 | 07/04/27 |
| $10.31 | 8,192 | 08/22/27 |
| $10.63 | 149,560 | 08/22/27 |
| $25 | 450,000 | 05/22/30 |
| $2.5 | 550,000 | 05/22/30 |
| $15 | 517,500 | 06/30/30 |
| $15 | 116,667 | 07/24/30 |
| $1.5 | 126,429 | 11/14/30 |
| $1.5 | 150,000 | 11/28/30 |
| $1.5 | 251,786 | 12/23/30 |
| $1.5 | 83,929 | 12/31/30 |
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 04/21/26 | AGN | 10 | GREY | 1 |
| 03/03/23 | AGN | 1 | AGN | 4 |
| 11/24/21 | AGN | 100 | AGN | 1 |
| 02/19/19 | BTH | 1 | AGN | 1 |
| 10/17/18 | BTH | 2 | BTH | 1 |
Thomson wrote that the company's strategy was centered on brain-optimized Positron Emission Tomography (PET) imaging, stating that Grey Matters intended to focus on diagnosing Alzheimer's disease using brain-specific PET scans. He also referenced the company's stated objective of targeting what it described as a CA$6.9 billion emerging market.
According to Thomson, Grey Matters planned to establish dedicated neuroimaging medical clinics focused on Alzheimer's disease detection. He stated that the facilities were expected to utilize FDA-cleared brain-specific PET scanning technology designed for early-stage identification of the disease.
Thomson assigned Grey Matters a "Technical Rating: Strong Speculative Buy" and established short-, medium-, and long-term price targets of CA$0.08, CA$0.17, and CA$0.40, respectively. According to the report, all three price targets have since been achieved.
Alzheimer's Program and Neuroimaging Clinic Plans
Grey Matters has stated that it intends to establish a national network of private U.S. neuroimaging medical clinics dedicated to providing FDA-cleared, brain-specific, neuro-optimized PET scanning technology for the detection of Alzheimer's disease. The company has also identified potential applications for epilepsy, Parkinson's disease, multiple sclerosis, brain cancers, and other indications utilizing new tracers.
According to the investor presentation, the company's planned clinics would utilize the CareMiBrain PET Brain Scanning System, which Grey Matters describes as an FDA-cleared brain imaging system that received clearance in 2024 and carries a CE Mark for Europe. The company stated that the system provides brain-specific PET scanning without a CT scan and is designed as a compact imaging platform.
Grey Matters reported that scans performed using the system are covered by U.S. Medicare, Medicaid, and private insurance, with reimbursement of at least CA$4,500 per scan. The company also stated that the systems acquired for its clinics would be the first CareMiBrain units purchased for operation in the United States.
The investor presentation further states that PET brain scanning is used to confirm Alzheimer's disease diagnoses and that confirmatory beta-amyloid PET scans are required before patients receive newly approved antibody therapies. Grey Matters noted that treated Alzheimer's patients may undergo additional PET brain scans to monitor treatment progress.
According to the presentation, the company plans a network of 200 neuroimaging clinic locations across the United States as part of its Alzheimer's disease initiative.
Ownership and Share Structure2
Management and insiders own about 11% of the company, and about 21% is owned by institutions. The rest is with retail.
Top shareholders include Alpha North Asset Management with 20.52%, Chief Executive Officer Christopher Moreau with 5.05%, Chairman of the Board Harry Bloomfield with 1.97%, Chief Financial Officer James Kinley with 1.4%, and Director Rajpaul Attariwala with 1.2%.
Grey Matters has 54.1 million outstanding shares, a market cap of CA$1.37 million, and a 52-week range of CA$0.035 - CA$0.10.
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Important Disclosures:
- Grey Matters Health has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Grey Matters Health.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
- This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.
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1. Disclosure for the quote from the Stewart Thomson article published on March 26, 2026
- For the quoted article (published on March 26, 2026), Grey Matters Health has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
- Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts. The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
2. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
