Mr. Christopher Moreau reports

GREY MATTERS TAKES DELIVERY OF THE FIRST BRAIN DEDICATED PET SCANNING SYSTEM FOR ITS FLAGSHIP NOVASCAN NEUROIMAGING CLINIC IN FLORIDA

Grey Matters Health Inc. has taken delivery of its first brain dedicated PET (positron emission tomography) scanning system for its flagship NovaScan neuroimaging clinic location, opening soon in Davie, Fla.

The clinic will be the first of its kind in the United States to offer brain only PET scanning to assist in meeting the growing demand for early Alzheimer's detection through beta-amyloid imaging and to provide a key diagnostic imaging tool for other neurodegenerative diseases as well.

The clinic will feature the U.S. Food and Drug Administration-cleared CareMiBrain system, a groundbreaking, new streamlined PET scanner, that does not need an integrated computed tomography component to produce high-quality images, resulting in 25 per cent less radiation exposure for patients and a comfortable chair styled design. Brain PET scans for beta-amyloid plaque detection associated with advancing Alzheimer's disease are covered by Medicare, Medicaid and private insurance for patients 65-plus.

"Taking delivery of our first brain dedicated PET scanner is a tremendous milestone for the company," said Christopher J. Moreau, chief executive officer of Grey Matters Health. "We look forward to launching our flagship location in Florida, which will be the first of many neuroimaging clinics we plan to open across the U.S. featuring this revolutionary new technology. Each clinic will offer the highest level of care possible to our patients, providing an improved diagnostic imaging experience that will reduce patient claustrophobia and dizziness through sitting instead of lying prone, with added radiology reporting features and advantages for referring physicians as well."

The inaugural clinic will be located at the HCA Florida University medical office building, on the HCA Florida University hospital campus. It will be the first such clinic in the U.S. to provide brain dedicated PET scans to aid the medical community in the diagnosis of AD.

The CareMiBrain PET brain scanning system will also be utilized in the clinic to conduct imaging related to other neurodegenerative diseases as well, including frontotemporal dementia, Parkinson's and Lewy body dementia, and will be additionally utilized for select neuro-oncology applications.

The U.S. FDA has recently approved two new monoclonal antibody treatments for AD, which are also covered by Medicare, Medicaid and private insurance, designed to slow the progression of the disease by dissolving beta-amyloid plaque in the brain -- Leqembi (Eisai and Biogen) and Kisunla (Eli Lilly) -- and both require a positive beta-amyloid brain scan (or spinal tap) for patients to be authorized to receive them. These drugs have helped create a billion-dollar market opportunity for the brain-specific PET scan and AD treatment space, and patients receiving treatment also require additional brain PET scans to monitor their progress.

The current supply of PET/CT scanners in the U.S. -- a hybrid of PET and CT technology -- is vastly insufficient to serve the massive new market emerging for AD diagnostics and treatment. The majority of PET/CT scanners, 45 per cent of which are located in hospitals, are primarily prioritized as cancer diagnostic and theranostic tools, and for cardiac imaging, making it challenging to schedule brain-specific scans on a timely basis.

Grey Matters continues preparations for the opening of its first clinic including the securing all required licences, completion of all construction work, and the installation of all technical and operations systems.

The company will provide an update shortly on its planned official clinic opening date, as well as when it will begin accepting patient referrals.

About Grey Matters Health Inc.

Grey Matters is a Canadian health care company focused on the provision of brain dedicated PET scanning services through a planned network of new neuroimaging clinics in the U.S. for the early-stage detection of Alzheimer's disease and other forms of neurodegenerative diseases, including frontotemporal dementia, Parkinson's and Lewy body dementia, and will additionally offer select neuro-oncology imaging applications too.

We seek Safe Harbor.