Alpha Cognition Announces Change of CFO, Grant of Stock Options and Addition to the Board of Directors
VANCOUVER, British Columbia--(BUSINESS WIRE)--Alpha Cognition Inc. (TSX-V: ACOG) (OTCQB: ACOGF) (“Alpha Cognition”, or the “Company”), a biopharmaceutical company committed to developing novel therapies with the potential to transform the lives of people with debilitating neurodegenerative disorders, today announces the appointment of Don Kalkofen as Chief Financial Officer (CFO) to replace Jeremy Wright. Mr. Wright will continue to assist the Company in a consulting capacity.
Mr. Kalkofen brings extensive biotechnology industry leadership experience, including a successful track record in finance, corporate development and strategic leadership. As Alpha Cognition’s CFO, Mr. Kalkofen will lead all aspects of the Company’s financial operations and play a critical role in supporting corporate strategy.
“I’m pleased to welcome Don as the newest member of our leadership team,” said Michael McFadden, Chief Executive Officer of Alpha Cognition. “Don’s considerable experience in corporate finance, as well as his track record of successfully supporting the financing of clinical-stage biotech company development, will be critical as we enter our next phase of growth for the Company.”
Mr. Kalkofen’s experience includes twenty years as a CFO in both public and private companies. Prior to joining Alpha Cognition, Mr. Kalkofen most recently served as CFO of Protagonist Therapeutics Inc. (Nasdaq: PTGX), a publicly traded biopharmaceutical company where he was instrumental in supporting its successful capital and debt financings, in excess of $550 million. Mr. Kalkofen has also held key management positions, including acting as the CFO of several financial services and global SAAS companies, as well as supporting global medical device and specialty pharmaceutical companies in key financial areas. He started his career at PricewaterhouseCoopers, received his B.A. in accounting from Washington State University, and is a Certified Public Accountant and Certified Global Management Accountant.
“I am excited to join Alpha Cognition at such a critical time, where we have multiple programs advancing through clinical development, each with the potential to set a new standard of care for patients.” said Mr. Kalkofen. “I look forward to working with the team in support of building a fully integrated biopharmaceutical company that brings medicines to the market for patients, where there is a significant unmet need, and to drive long-term value for shareholders.”
In connection with Mr. Kalkofen’s appointment as CFO of the Company, he has been granted 450,000 stock options pursuant to the Company’s stock option plan, exercisable at a price of $0.93 CAD for a period of ten years from the date of grant, subject to certain vesting provisions.
The Company also announces at this time that Michael McFadden, the Company’s CEO, has been appointed to the board of directors.
About Alpha Cognition Inc.
Alpha Cognition Inc. is a clinical stage, biopharmaceutical company dedicated to developing treatments for patients suffering from neurodegenerative diseases, such as Alzheimer's disease and Amyotrophic Lateral Sclerosis (ALS), for which there are limited treatment options.
ALPHA-1062, is a patented new chemical entity being developed as a new generation acetylcholinesterase inhibitor for the treatment of Alzheimer's disease, with expected minimal gastrointestinal side effects. ALPHA-1062's active metabolite is differentiated from donepezil and rivastigmine in that it binds neuronal nicotinic receptors, most notably the alpha-7 subtype, which is known to have a positive effect on cognition. ALPHA-1062 is also being developed in combination with memantine to treat moderate to severe Alzheimer's dementia and as an intranasal formulation for traumatic brain injury.
ALPHA-0602 (Progranulin) is expressed in several cell types in the central nervous system and in peripheral tissues, promotes cell survival, regulates certain inflammatory processes, and plays a significant role in regulating lysosomal function and microglial responses to disease. Its intended use for the treatment of neurodegenerative diseases has been patented by the Company and Alpha-0602 has been granted an Orphan Drug Designation for the treatment of ALS by the FDA.
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This news release is not, and under no circumstances is to be construed as, an advertisement or a public offering of securities. No securities commission or similar authority in Canada or in any other jurisdiction has reviewed or in any way passed upon this news release or the merits of the securities described herein and any representation to the contrary is an offence.
This news release includes forward-looking statements within the meaning of applicable securities laws. Except for statements of historical fact, any information contained in this news release may be a forward-looking statement that reflects the Company’s current views about future events and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements can be identified by the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “target,” “seek,” “contemplate,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward-looking statements in this news release include statements regarding the Company’s business strategy, market size, potential growth opportunities, capital requirements, clinical development activities, the timing and results of clinical trials, regulatory submissions, potential regulatory approval and commercialization of the technology. Although the Company believes that we have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. The Company cannot assure that the actual results will be consistent with these forward-looking statements as a result of known and unknown risks, uncertainties, assumptions and other factors. These risks, uncertainties, assumptions and other factors include those associated with clinical studies and manufacturing, as well as development and commercialization of the Company’s products; the need for additional financing to maintain operations; risks posed by the economic and political environments in which the Company operates and intends to operate; market instability due to the COVID-19 pandemic; the potential for losses arising from the expansion of operations into new markets; increased competition; assumptions regarding market trends and the expected demand and desires for the Company’s products and proposed products; reliance on industry manufacturers, suppliers and key personnel; the failure to adequately protect intellectual property; a failure to adequately manage future growth; adverse market conditions; and failure to satisfy ongoing regulatory requirements or obtain regulatory approvals. These forward-looking statements speak only as of the date of this news release and, other than as required by applicable securities laws, the Company undertakes no obligation to revise or update any forward-looking statements, even if new information becomes available in the future.
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