Mr. Christopher Moreau reports

GREY MATTERS HEALTH SIGNS LOI WITH CATALYST MEDTECH FOR 200 BRAIN PET SCANS FOR ALZHEIMER'S CLINICAL TRIAL AT 2ND NOVASCAN LOCATION PLANNED FOR TAMPA

Grey Matters Health Inc. has signed a non-binding letter of intent (LOI) with Catalyst MedTech to provide a minimum of 200 brain PET (positron emission tomography) scans for a coming Alzheimer's disease (AD) clinical trial, to be conducted by an international contract research organization (CRO) specializing in AD research. The PET scans will be performed at the company's second NovaScan Neuroimaging Clinics location planned for Tampa, Fla. The parties will work toward signing a definitive services agreement in the next 60 days.

Clinical trials for new AD drugs that require patients to have a positive AD diagnosis as part of the study must include a confirmation of AD by either a spinal tap or a brain PET scan utilizing an isotopic tracer. A brain PET scan involves taking a series of pictures of the brain (after the patient is injected with radioactive isotopes) to determine the presence and level of AD involvement. Compared with a spinal tap, a brain PET scan is considered a far less invasive and preferred procedure.

"A services agreement with Catalyst MedTech for a minimum of 200 brain PET scans in our first year of operation for our planned second Florida location in Tampa, will provide a significant base of initial revenue," said Christopher J. Moreau, chief executive officer of Grey Matters Health. "Providing brain PET scans to CROs is an important part of our business model, and this is a key first step in securing contracts from a growing market segment that can provide recurring revenue streams for our NovaScan Neuroimaging Clinics."

While each clinic will principally work in partnership with neurologists, geriatricians, primary care physicians, and other medical professionals and organizations in the local market to generate brain PET scan patient referrals for each clinic, additional scans generated through CRO services agreements will be an important revenue driver for the clinics as well. There are currently 162 drugs under development for AD, and, when they move into a phase 2 clinical trials, they will all require a series of brain PET scans for enrolled patients.

"The future of Alzheimer's diagnosis and therapeutic development will require scalable access to high-quality, neuro-optimized PET imaging," said Martin Shirley, president and chief executive officer of Catalyst MedTech. "Our collaboration with Grey Matters Health represents an important step toward building the infrastructure needed to support the growing demands of neurological clinical research and patient care."

Catalyst MedTech is a leading U.S. provider of molecular imaging and nuclear medicine solutions for physician practices and health care systems nationwide. The company combines OEM (original equipment manufacturer) innovation, nationwide clinical and technical support, ISO-certified quality systems, and exclusive U.S. distribution rights for the CareMiBrain dedicated brain PET platform to expand access to advanced neurological imaging.

The scans for the coming AD clinical trial would be assigned to the second planned NovaScan Neuroimaging Clinics location, to be established by the end of Q4 2026 in Tampa, Fla. Work on the company's inaugural dedicated brain PET scanning clinic is in progress at the HCA Florida University Medical Offices building in Davie, on the campus of the HCA Florida University Hospital, approximately 20 minutes southwest of Fort Lauderdale and four hours from Tampa. The Davie clinic is planned to be open in Q3 of this year.

NovaScan Neuroimaging Clinics will feature the U.S. FDA-cleared (U.S. Food and Drug Administration) CareMiBrain system, a groundbreaking, new stand-alone diagnostic brain PET scanner that does not need an integrated computed tomography (CT) component to produce high-quality, non-inferior images, resulting in 25 per cent less radiation exposure for patients. Unlike conventional PET/CT systems, CareMiBrain enables patients to remain comfortably seated in an open, upright environment while the scanner moves into position -- helping reduce claustrophobia, dizziness and motion-related discomfort during imaging.

Grey Matters' plan is to establish a new, national network of private U.S. neuroimaging medical clinics, dedicated to offering brain-specific, neuro-optimized PET scanning technology for detection of AD, epilepsy, Parkinson's disease, multiple sclerosis and brain cancers.

About Grey Matters Health Inc.

Grey Matters is a Canadian health care company focused on the provision of brain-specific PET scanning services through a planned network of new neuroimaging clinics in the United States 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 (chronic kidney disease), 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 (dimethyltryptamine) for stroke and traumatic brain injury recovery. The company's chronic cough drug, ifenprodil, which works by stopping cough in the brain, was sold for $2-million (U.S.) cash and a 20-per-cent equity position in Seyltx, a private U.S.-based drug development company that continues to advance research on the drug.

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