Grey Matters Health Inc. (GREY:CSE; AGW0:FRA; AGNPF:OTCQB) announced the closing of the first tranche of its previously announced non-brokered private placement financing.
According to the company, gross proceeds from the first tranche totaled CA$500,000 from the sale of 1,250,000 units at an issue price of CA$0.40 per unit. The financing was originally announced on April 22, 2026, and updated on May 25, 2026.
The company reported that certain insiders participated in the first tranche in the amount of CA$184,000. Grey Matters stated that the participation constituted a related party transaction under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The company said it relied on exemptions from the valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 because neither the fair market value of the units purchased by insiders nor the consideration paid by insiders exceeded 25% of the company's market capitalization.
Grey Matters also reported that it paid cash finder's fees of CA$8,000 and issued 20,000 finder's warrants in connection with the first tranche.
The company stated that proceeds from the offering 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.
Grey Matters said the offering remains open and that it expects to close additional tranches on or before June 30, 2026.
Early Detection and AI Reshape Alzheimer's Imaging
According to a May report from Precendence Research on the Alzheimer's disease diagnostics market, the sector was valued at US$9.40 billion in 2025 and was projected to reach US$26.21 billion by 2035. The report stated that growth had been driven by "the growing demand for early Alzheimer's detection and minimally invasive, biomarker-based diagnostics." The report also noted that brain imaging represented 38% of the market in 2025, while imaging technologies accounted for 45% of the total market share. According to the report, "imaging methods are becoming increasingly employed to identify early structural and amyloid markers in the brain to help diagnose patients," while "rapid advancements in investments in imaging infrastructure and the increasing inclination for high-resolution gadgets for evaluating neurological diseases" also contributed to market growth.
The report further stated that artificial intelligence continued to play a growing role in Alzheimer's diagnostics. According to the report, "AI and machine learning are being integrated and are becoming increasingly adopted to improve accuracy, automate analysis, and facilitate earlier detection of the progression of Alzheimer's disease." It also noted that AI-powered tools were helping clinicians analyze MRI, PET, and biomarker data and "detect the onset of Alzheimer's disease." The report added that "the elderly population has been increasing worldwide, and there is a greater focus on screening and care provision for cognitive impairments at the first stage of cognitive decline."
The broader imaging sector also continued to expand its use of AI technologies. The Imaging Wire reported in March that the U.S. Food and Drug Administration had authorized 1,451 AI-enabled medical devices through the end of 2025. According to the publication, radiology accounted for 1,104 devices, or 76% of all AI-enabled medical device authorizations. The report stated that the updated figures showed "continued momentum for medical imaging" and that radiology maintained its position as the medical specialty with the largest number of AI-related clearances.
Additional commentary published by Becker's Hospital Review on May 18 described radiology as being at "a pivotal inflection point" as imaging volumes continued to increase across hospitals, emergency departments, and outpatient centers. The publication wrote that demand for imaging services had expanded because of "aging populations, increased utilization of advanced imaging, broader screening programs, and the ongoing shift toward data-driven diagnostics." Becker's also noted that artificial intelligence had demonstrated "meaningful potential" in areas including workflow prioritization, quality assurance, detection support, and operational efficiency, while healthcare organizations continued evaluating how AI technologies could be integrated into imaging operations.
Analyst Discussed Alzheimer's Diagnostic Clinic Strategy
1In a March 26 report, Stewart Thomson examined Grey Matters Health Inc.'s entry into the Alzheimer's disease diagnostics sector and described the company as "a Canadian healthcare company." Thomson wrote that the company's business model centered on brain-optimized Positron Emission Tomography imaging, stating that "this plan will make the company's main business diagnosing Alzheimer's disease, using high-technology brain-optimized Positron Emission Tomography (PET) scans for diagnosis."
The report also referenced "the goal of capturing a US$6.9 billion emerging market" and highlighted the company's plans to focus on Alzheimer 's-related neuroimaging services.
According to Thomson, Grey Matters was "entering the Alzheimer's Disease (AD) diagnostic market segment with plans to establish a network of dedicated neuroimaging medical clinics in the U.S." He added that the proposed facilities were expected to utilize "the most advanced, FDA-cleared brain-specific PET scanner to focus on early-stage detection of the disease."
Thomson assigned the company a "Technical Rating: Strong Speculative Buy" and identified short-, medium-, and long-term price targets of CA$0.08, CA$0.17, and CA$0.40, respectively. All three targets have been achieved.
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 |
Neuroimaging Clinic Development Plans
According to the company's May 2026 presentation, the first NovaScan Neuroimaging Clinic is planned for Davie, Florida, at the HCA Florida University Medical Office Building on the HCA Florida University Hospital campus. The presentation states that approximately six million people live within a one-hour drive of the location.
The company said the clinic will utilize the CareMiBrain PET Brain Scanning System, which it described as an FDA-cleared brain-specific PET imaging system. The presentation states that the system received FDA clearance in 2024 and that it operates without a CT scan component.
Grey Matters' presentation states that NovaScan Neuroimaging Clinics are intended to focus on brain-specific neuroimaging, including Alzheimer's disease detection. The company also identified epilepsy, Parkinson's disease, multiple sclerosis, brain cancers, and other indications using new tracers as areas of focus for the clinic model.
The presentation further states that Grey Matters plans to establish a national network of private U.S. neuroimaging medical clinics and identifies NovaScan Neuroimaging Clinics as the branding for its Alzheimer's initiative. The company reported that Catalyst MedTech is providing clinical solutions and regulatory support for the initiative, while American Molecular Imaging will provide radiology reading services for the company's U.S. neuroimaging clinics. Grey Matters also stated that GE HealthCare Technologies will supply Vizamyl F18-PET tracers for its Florida clinics.
According to the presentation, a NovaScan Neuroimaging Clinic is expected to occupy approximately 1,750 square feet and require capital expenditures of approximately US$1.1 million, including scanner acquisition and clinic buildout costs. The company reported that the CareMiBrain system will be the first such system purchased for operation in the United States.
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 US$1.37 million, and a 52-week range of US$0.035 - US$0.10.
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.
For additional disclosures, please click here.
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.
