2 February 2024
PSYCH CAPITAL
PLC
("Psych",
"Psych Capital", or "the Company")
Operational Update, Grant of
Share Options and Allocation of Shares
London, UK, 2 February,2024 - Psych
Capital Plc, an investment firm focused on innovative
drug-development in the field of mental health is pleased to report
that the phase 1 POC study of psilocybin-assisted therapy for
anorexia nervosa patients conducted by the Department of Eating
Disorders at the Sheba Medical Center has been awarded an
additional grant from the newly founded IPR-TLV, the Institute for
Integrative Psychedelic Research at the University of Tel-Aviv.
This demonstrates the growing acceptance and integration of
research in psychedelic assisted treatment in addressing critically
unmet mental health conditions. Shortwave Pharma, recently acquired
by Psych Capital PLC, is the exclusive commercial partner to the
Sheba Trial.
Rivki Stern CEO of the Company
stated: "Despite the on-going war in Israel, and perhaps because of
it, we see a growing consideration of innovative treatments for
mental health conditions, which are known to be exacerbated in war
and crisis environments. We expect this to advance regulatory
acceptance of psychedelic based medicine for mental health issues
in Israel."
Grant of Share Options
The Company further announces that
it has granted share options over ordinary shares of the Company,
as part of a new unapproved share option scheme, to existing
directors ("Share Options"). The Share Options are in recognition
for the uncompensated work done by the directors leading up to and
following the acquisition of Shortwave Pharma Inc, and were decided
upon at the time of completion of the acquisition in November last
year.
Details of the Share Options granted
are as follows:
|
Name and board
position
|
Number of Share Options
Received
|
|
Rivki Stern Youdkevich
(CEO)
|
4,000,000
|
|
Roy Kait (Non-Executive
Director)
|
2,000,000
|
|
Stephen Murphy (Co-Founder &
Executive director)
|
2,000,000
|
|
William Potts (Co-Founder &
CIO)
|
2,000,000
|
The Share Options approved in November, have an
expiry date of January 2026. 25% of the Share Options granted will
vest every 6 months, with the first 25% vesting on 19 November
2023. The second batch will vest on 20 May 2024, the third batch on
19 November 2024, and the final batch of 25% will vest on 19 May
2025.
The exercise price for each Share Option is
£0.0295, being the mid-market price on the day before this
announcement.
To the extent that persons receiving a grant of
Share Options is a party to the Lock-In Agreements, any further
ordinary shares acquired during the period of the lock-in
restrictions will be subject to the terms of the lock-in
arrangements.
The Share Options granted are in
addition to the 31,835,832 options already granted to
directors, technical advisory board members, founders and employees
of the Company. The directors of the
Company are confident that the total number of share options
granted, including the Share Options detailed in this announcement,
is an acceptable level that is in line with the corporate
governance structure that the Company currently has in
place.
Issue of Shares to Consultants
The Company announces that it has
issued 572,197 new ordinary shares to certain legal advisers in
lieu of cash fees for services rendered.
Application will be made for the
572,197 new ordinary shares to be admitted to trading on the Aquis
Growth Market ("Admission"). It is expected that Admission of the
new ordinary shares will become effective at 8.00 a.m. on or around
8 February 2024. The new ordinary shares will be issued credited as
fully paid and will rank in full for all dividends and other
distributions declared, made or paid after Admission and will
otherwise rank on Admission pari passu in all respects with the
existing ordinary shares.
Total Voting Rights
Following the issue of the 572,197
new ordinary shares, in accordance with the Financial Conduct
Authority's Disclosure and Transparency Rules, Psych Capital hereby
announces that the Company has 361,775,664 ordinary shares of
£0.001 each ("Ordinary Shares") in issue, each share carrying the
right to one vote.
The above figure of 361,775,664
Ordinary Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.
The directors of the Company accept
responsibility for the contents of this announcement.
Enquiries:
Company:
William Potts: +44 20 3838
7621
Rivki Stern: +972 54 762
1621
info@psych.capital
https://psych.capital
Peterhouse Capital Limited:
Corporate Adviser:
Guy
Miller / Narisha Ragoonanthun: + 44 (0) 20 7469 0930
Corporate Broker
Lucy Williams: +44 (0) 20 7469
0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)
