200 Brain PET Scans, 162 Alzheimer's Drugs: A Diagnostic Push Takes Shape

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1. Disclosure for the quote from the Stewart Thomson article published on March 26, 2026

1. For the quoted article (published on March 26, 2026), Grey Matters Health has paid Street Smart, an affiliate of Streetwise Reports, US$3000.
2. 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.

Grey Matters Health Inc. (GREY:CSE; AGW0:FRA; AGNPF:OTCQB) announced that it signed a non-binding Letter of Intent with Catalyst MedTech to provide a minimum of 200 brain Positron Emission Tomography (PET) scans for an upcoming Alzheimer's Disease clinical trial to be conducted by an international Contract Research Organization specializing in Alzheimer's research. According to the company, the scans would be performed at NovaScan Neuroimaging Clinics' planned second location in Tampa, Florida, with the parties working toward a definitive services agreement within the next 60 days.

The company said clinical trials for new Alzheimer's drugs requiring a positive diagnosis as part of study enrollment must include confirmation through either a spinal tap or a brain PET scan utilizing an isotopic tracer. Grey Matters stated that a brain PET scan involves taking images of the brain after patients are injected with radioactive isotopes to determine the presence and level of Alzheimer's involvement. The company added that, compared with a spinal tap, a brain PET scan is considered a less invasive procedure.

Christopher J. Moreau, CEO of Grey Matters Health, said in a company news release: "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."

Moreau added in the same release that, "Providing brain PET scans to CRO's 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™."

Grey Matters stated that additional scans generated through Contract Research Organization services agreements are expected to be an important revenue source for the clinics. The company also noted that there are currently 162 drugs under development for Alzheimer's Disease and stated that when those programs move into Phase 2 clinical trials, they will require a series of brain PET scans for enrolled patients.

Martin Shirley, President and CEO of Catalyst MedTech, said in a company news release: "The future of Alzheimer's diagnosis and therapeutic development will require scalable access to high-quality, neuro-optimized PET imaging. 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."

Grey Matters said NovaScan Neuroimaging Clinics will utilize the FDA-cleared CareMiBrain system, which the company described as a standalone diagnostic brain PET scanner that does not require an integrated CT component and results in 25% less radiation exposure for patients. The company stated that the system allows patients to remain seated in an open, upright environment during imaging. Additional information in the company presentation described the CareMiBrain system as FDA-cleared in 2024 and noted that scans are covered by U.S. Medicare, Medicaid, and private insurance.

Brain Imaging Demand Grows as Early Detection and AI Reshape Diagnostics

Precedence Research wrote in a January 2026 report that rising imaging volumes and increased demand for earlier disease detection had driven growth across the medical imaging industry. The firm stated that the global AI in medical imaging market was calculated at US$2.57 trillion in 2026 and projected to reach approximately US$22.97 trillion by 2035. According to the report, "The growing imaging patient volumes and strong focus on earlier detection of diseases drive the market growth." The report also stated that more than 5 billion imaging exams were performed annually worldwide and were increasing by 6% to 7% per year. Precedence further reported that a global radiologist shortage of 30% to 40% had accelerated AI adoption and that AI reduced reporting turnaround times by 30% to 50%. The publication also stated that more than 700 AI-based medical imaging algorithms had received regulatory clearance or approval globally.

According to a review published in the Journal of Nuclear Medicine, amyloid PET imaging had been available in research studies for two decades and had received approval for clinical use from the U.S. Food and Drug Administration, the European Medicines Agency, and other regulatory agencies worldwide. The review stated that, "Amyloid PET is a crucial tool for the diagnosis of Alzheimer's disease, as it allows the noninvasive detection of amyloid plaques, a core neuropathologic feature that defines the disease." Researchers noted that the clinical use of amyloid PET was expected to increase alongside the development of anti-amyloid therapies and broader use of biomarkers in clinical settings.

The publication also reported that abnormal amyloid and tau accumulation could be quantified in vivo using PET imaging and stated that several fluorine-18 tracers had been developed for broader clinical use. According to the review, these compounds "all share a high affinity for fibrillar amyloid aggregates," allowing detection of amyloid pathology and related diseases. Researchers further concluded that "Amyloid PET can detect cerebral Aβ deposition with precision, has good specificity for AD neuropathology," and stated that its use could help guide early differential diagnosis and patient selection for disease-specific therapies.

The review also highlighted the expanding role of PET imaging in clinical trials and patient management. Researchers reported that amyloid PET had been used to screen treatment eligibility and assess target engagement for anti-Aβ therapies. Data from the IDEAS study involving more than 18,000 patients showed that amyloid PET findings had been associated with changes in patient management in more than 60% of cases, while diagnostic changes occurred in approximately 35% of patients after imaging.

Clinic Expansion and Operational Timeline

Grey Matters stated that the Alzheimer's clinical trial scans would be assigned to the planned second NovaScan Neuroimaging Clinics location in Tampa, Florida, which the company said is expected to be established by the end of Q4 2026.

The company also said work is currently underway at its inaugural dedicated brain PET scanning clinic located at the HCA Florida University Medical Offices building in Davie, Florida, on the campus of HCA Florida University Hospital. Grey Matters stated that the Davie location is planned to open in Q3 of this year. 

According to the company presentation, Grey Matters' plan is to establish a national network of private U.S. neuroimaging medical clinics focused on brain-specific PET scanning technology for conditions including Alzheimer's Disease, epilepsy, Parkinson's disease, multiple sclerosis, and brain cancers. The presentation also noted plans for 200 neuroimaging clinic locations in the United States.

The company presentation also identified Catalyst MedTech as a launch partner and described it as the exclusive U.S. distributor of the CareMiBrain PET brain-specific scanner. Grey Matters stated that Catalyst had entered into a US$4 million supply, financing, and services agreement with Algernon Health and was providing clinical and regulatory support services to Grey Matters.

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%, and 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.