Grey Matters Health

What Grey Matters Health does

Grey Matters Health Inc. is a Canadian publicly-traded healthcare company (CSE: GREY; OTCQB: AGNPF; Frankfurt: AGW2) headquartered in Delta, Canada, that operates a U.S.-based network of dedicated brain PET scanning clinics under the NovaScan Neuroimaging Clinics brand. Founded in 2015 as Algernon Pharmaceuticals Inc. and rebranded to Grey Matters Health in April 2026 following a 10-to-1 share consolidation, the company is focused on the early detection of Alzheimer's disease and other neurodegenerative disorders using the FDA-cleared CareMiBrain PET Brain Scanning System — a standalone brain-only PET scanner that delivers 25% less radiation than traditional PET/CT systems and identifies beta-amyloid plaques. Its inaugural clinic opened in March 2026 at HCA Florida University Hospital in Davie, Florida, under a five-year lease with renewal options, with expansion planned across additional U.S. sites.

The company's core technology is the CareMiBrain hardware platform, complemented by exclusive radiology reading services provided through a strategic partnership with American Molecular Imaging. Revenue mechanics include direct-to-patient brain PET imaging services at NovaScan clinics (usage-based) and B2B clinical trial imaging for CROs and pharmaceutical sponsors, exemplified by an LOI with Catalyst MedTech for at least 200 scans at a Tampa, Florida location. The company has pursued a non-dilutive equipment financing strategy, including a CA$4 million agreement with Catalyst MedTech for four CareMiBrain systems with an option for six additional units.

Beyond the NovaScan platform, Grey Matters Health maintains three wholly-owned subsidiaries: Algernon NeuroScience (Phase 2a DMT human stroke trial in Europe with Validcare as CRO), NASH Pharmaceuticals (drug development for NASH, CKD, IBD, IPF, and chronic cough), and Seyltx Inc. The company has 1-10 employees and approximately 5.4 million common shares outstanding post-consolidation. The customer base is split between patients seeking early Alzheimer's and neurological diagnosis (primary) and enterprise clients including clinical trial sponsors and the exclusive radiology reading partner (secondary).

Name

Grey Matters Health

Legal name

Grey Matters Health Inc.

Website

https://algernonhealth.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Grey Matters Health operates NovaScan Neuroimaging Clinics, a U.S. network of brain-only PET scanning centers using the FDA-cleared CareMiBrain system for early detection of Alzheimer's and other neurodegenerative disorders, serving patients and clinical trial sponsors from its Canadian-listed parent company.

Ownership category

akta.pro rank

Product category

Neuroimaging Services

NAICS

Diagnostic Imaging Centers (621512)

SIC

Services-Health Services (8000)

akta.pro primary industry

Advanced Imaging & Specialty Radiology Centers (PET/CT, Nuclear Medicine, Interventional Radiology) (HLAFAKAB)

akta.pro secondary industry

Cognitive & Behavioral Neurology (Dementia/Memory Disorders) (HLAKAIAH)

Keywords

• Brain PET imaging
• Alzheimer's diagnostics
• Neuroimaging clinics
• PET brain scanning
• Neurological imaging services

Headquarters

HQ city

Delta

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Brain PET Imaging Services: Revenue generated from providing brain-specific PET scanning services to patients at NovaScan Neuroimaging Clinics. The company operates imaging centers offering diagnostic scans for Alzheimer's disease and other neurological conditions.
2. Equipment Financing: CA$4 million non-dilutive equipment financing agreement with Catalyst MedTech for four CareMiBrain systems, with an option for six additional systems for future clinic expansion.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Grey Matters Health operates NovaScan Neuroimaging Clinics, a U.S. network of dedicated brain PET scanning centers that use the FDA-cleared CareMiBrain PET Brain Scanning System to image patients for early detection of Alzheimer's disease and other neurodegenerative disorders. In addition to imaging services, the company pursues pharmaceutical research through wholly owned subsidiaries Algernon NeuroScience (neurology), NASH Pharmaceuticals (liver disease), and Seyltx Inc. (chronic cough).

Product overview

Grey Matters Health is a Canadian healthcare company operating a platform-plus-subsidiaries architecture. The core offering is NovaScan Neuroimaging Clinics, a U.S. network of dedicated brain PET scanning centers using the FDA-cleared CareMiBrain PET Brain Scanning System for early detection of Alzheimer's and other neurodegenerative disorders. The portfolio also includes three subsidiaries: Algernon NeuroScience (neurological drug research including DMT stroke trials), NASH Pharmaceuticals (therapeutic drugs for NASH, CKD, IBD, IPF, and chronic cough), and Seyltx Inc.

Differentiator

Problem solved

Functional benefit

Brands

• NovaScan Neuroimaging Clinics: A network of dedicated brain PET scanning centers using FDA-cleared CareMiBrain technology for early detection of Alzheimer's Disease and other neurological conditions including dementia, epilepsy, Parkinson's disease, multiple sclerosis, and brain cancer.

Products and services

• NovaScan Neuroimaging Clinics U.S. network of dedicated brain PET scanning centers operated by Grey Matters Health, providing brain PET imaging services focused on the early detection of Alzheimer's disease and other neurodegenerative disorders using the FDA-cleared CareMiBrain PET Brain Scanning System.

Quantifiable outcome

• 25% less radiation than traditional PET/CT scanners
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• HCA Florida University HospitalcoreStrategic or Co-development Partner · 25 March 2026Partnership with HCA Florida University Hospital for the inaugural NovaScan Neuroimaging Clinic location at the HCA Florida University Medical Office Building. The five-year lease with five-year renewal option establishes the flagship showcase location for brain PET scanning services.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Positron Corporation: Positron develops dedicated organ-specific PET cameras, including its Attrius brain/cardiac PET system, making it the closest equipment-side analogue to Grey Matters' CareMiBrain brain-only PET platform and a direct competitor in dedicated neurological PET imaging.
• Cerveau Technologies: Cerveau supplies tau PET ligands (e.g., MK-6240) used in Alzheimer's disease neuroimaging and is a key enabler in the same diagnostic workflow Grey Matters is building clinics around, making it a direct value-chain peer in brain PET for Alzheimer's.
• Life Molecular Imaging: Life Molecular Imaging develops and distributes PET radiotracers for neurodegenerative diseases, including approved and pipeline amyloid and tau ligands. It is a direct supplier-side peer in the Alzheimer's brain PET imaging value chain.

Broad incumbents

• Eli Lilly (Avid Radiopharmaceuticals): Eli Lilly's Avid Radiopharmaceuticals franchise commercializes Amyvid (florbetapir) and Tauvid (flortaucipir) PET imaging agents for Alzheimer's disease. As the established pharma-side incumbent in amyloid/tau PET imaging, it is a broad competitor to Grey Matters' clinic-based offering.
• GE HealthCare: GE HealthCare manufactures widely deployed PET/CT systems used in neurological imaging across hospitals and imaging centers. It is a broad incumbent whose installed base represents the default alternative to Grey Matters' dedicated brain-only PET model.
• Siemens Healthineers: Siemens Healthineers is a leading manufacturer of PET/CT scanners (e.g., Biograph family) used in neuroimaging. Its installed base and OEM relationships make it a broad incumbent competitor to the CareMiBrain brain-only PET platform.
• RadNet: RadNet operates one of the largest U.S. outpatient diagnostic imaging center networks, including PET offerings. It is a broad incumbent that competes for referring physicians, patients, and hospital partnerships in the same diagnostic imaging services market.
• Akumin: Akumin operates a U.S. network of outpatient diagnostic imaging centers, including PET/CT services. It is a broad incumbent with comparable fixed-site diagnostic imaging operations serving similar referring physician and patient populations.

Emerging players

• Clario (formerly Bioclinica): Clario provides clinical trial imaging services, including neuroimaging reads and analysis for pharmaceutical sponsors. It overlaps directly with Grey Matters' enterprise clinical trial imaging motion (e.g., the Catalyst MedTech Alzheimer's trial LOI).
• Invicro: Invicro is a neuroimaging CRO offering PET imaging acquisition, analysis, and central reading services for clinical trials. It is an emerging-player peer to Grey Matters' clinical trial brain PET services offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/bthbiomedical
• Facebookfacebook.com/AlgernonPharmaceuticals
• LinkedInlinkedin.com/company/breathtec-biomedical-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds14 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grey Matters Health