Actinogen Medical Secures $4.77 Million Underwriting Ahead of Alzheimer’s Trial

Underwriting Agreement Secures Funding Into 2027

Actinogen Medical (ASX:ACW) has struck an underwriting deal with Forrest Capital to fully cover the exercise of two tranches of unlisted options expiring in September 2026. This commitment locks in approximately $4.77 million in additional capital, cushioning the company’s finances as it nears a critical milestone: the release of topline results from its pivotal XanaMIA Alzheimer’s disease trial in November.

The underwriting agreement covers 127.2 million outstanding options, which, if exercised, will inject fresh funds without the need for a placement to cover any shortfall. Actinogen will issue shares to Forrest or its nominees on 23 September, with a 5% fee payable to Forrest for the underwriting service. Importantly, the issuance of these shares will not require shareholder approval or impact the company’s placement capacity under ASX rules.

Trial Progress and Cash Position Bolster Confidence

The timing of the underwriting aligns with a phase of heightened activity for Actinogen. The XanaMIA Phase 2b/3 trial, designed to assess Xanamem’s ability to slow Alzheimer’s progression, remains on track for topline data in November. The trial enrolled 247 patients with biomarker-confirmed mild to moderate Alzheimer’s disease, and has passed multiple independent safety reviews.

Meanwhile, the open-label extension (OLE) phase launched in March 2026 has seen strong uptake, with 89% of main trial participants opting to continue on active Xanamem therapy. This continuation phase will provide valuable longer-term safety and limited efficacy data.

Actinogen’s cash position stood at $16.7 million as of June 2026, and with the additional proceeds from exercised options and an expected R&D tax incentive rebate, the company says it has a runway extending well beyond the pivotal readout, likely into late 2027 or early 2028. This financial buffer reduces immediate funding uncertainty ahead of the trial results.

Regulatory and Patent Advances Support Development

Actinogen has also secured positive alignment with major regulators, including the European Medicines Agency and the US Food and Drug Administration, on a streamlined pathway toward potential approvals. This regulatory progress complements recent patent acceptances covering Xanamem’s use in cognitive decline among healthy elderly populations and key manufacturing processes.

Adding to the momentum, a peer-reviewed publication in the British Journal of Psychiatry detailed positive antidepressant effects of Xanamem in a phase 2 trial targeting treatment-resistant depression with cognitive impairment. This expands the drug’s potential beyond Alzheimer’s disease.

Underwriting Terms and Risks

The underwriting agreement contains standard commercial terms, including a range of termination events such as significant market falls, regulatory investigations, or material adverse changes to the company’s business or financial position. These clauses provide Forrest with protections but also mean the funding is contingent on stable market and company conditions through the option expiry dates.

Actinogen’s CFO, Will Souter, highlighted the underwriting as a vote of confidence from a long-term shareholder and a crucial enabler as the company approaches its pivotal trial readout. The deal ensures the company will not need to seek alternative funding for the remaining options, simplifying capital management during this critical period.