PsyBio Therapeutics to Make Significant
Environmental, Social, and Governance (ESG) Commitment to Promote
Mental and Neurological Health While Working to Develop State of
the Art Technologies, Process Skills and Capabilities in
Lesotho and Across Africa
OXFORD,
Ohio and COCONUT CREEK,
Fla., March 15, 2022 /CNW/ - PsyBio Therapeutics
Corp. (TSXV: PSYB) (OTCQB: PSYBF) ("PsyBio" or the
"Company"), an integrated and intellectual property driven
biotechnology company developing novel, bespoke psychoactive
medicinal candidates targeting the potential treatment of mental
health challenges, neurological disorders and other human health
conditions, today announces that it has entered into a definitive
agreement (the "Agreement") to acquire all of the issued and
outstanding shares of Everest Pharma (Pty) Ltd. ("Everest"),
a Lesotho Company located in Southern
Africa, as part of its ongoing Impact Investment Strategy
(the "Acquisition"). The Acquisition will increase new
research and development capabilities for PsyBio, while promoting
the development of local knowledge and expertise in Lesotho. Everest is one of the select and
limited companies with a psychedelic product license.
![PsyBio Therapeutics Corp. Logo (CNW Group/PsyBio Therapeutics Corp.) PsyBio Therapeutics Corp. Logo (CNW Group/PsyBio Therapeutics Corp.)](https://mma.prnewswire.com/media/1766323/PsyBio_Therapeutics_Corp__PsyBio_Therapeutics_Announces_Proposed.jpg)
PsyBio is developing an advanced life science platform
technology in the emerging psychedelic research industry. The filed
intellectual property is based on producing and scaling drug
candidates using genetically modified organisms. This Acquisition
will add to PsyBio's abilities which encompass fully translational
capabilities in its current scientific laboratory and animal
testing facilities. The PsyBio team has extensive experience in
drug discovery and development based on synthetic biology,
metabolic engineering, medicinal chemistry and clinical
pharmacology, as well as clinical and regulatory expertise
progressing drugs through human studies and governmental protocols.
The team collectively has managed thousands of clinical trials and
has achieved numerous regulatory approvals including therapeutics,
diagnostics and devices and the Company has filed sixteen patent
applications to date on its discovery accomplishments.
"Acquiring Everest is the next step of an important growth
strategy for PsyBio, following the initial licensing of development
technology of psychedelic compounds and their derivatives," stated
Michael Spigarelli, MD, PhD, MBA,
PsyBio's Chief Medical Officer. "The next step is for PsyBio to
collaborate with Everest's current leadership and management team
to develop local scientific and manufacturing capabilities as part
of our Impact Investment Strategy. This will allow for the
production, licensing, sales and distribution of psycho-targeted
therapeutics intended to potentially improve mental and
neurological health to be undertaken not only in the United States and Europe, but also in Africa. It will also augment our research
capabilities and contribute to the local health and economies of
such jurisdictions."
Upon completion of the Acquisition, PsyBio will acquire
Everest's active License to Trade covering a portfolio of: growing
of spices, aromatics, drugs, and pharmaceutical crops; manufacture
of pharmaceuticals, medicinal chemical and botanical products;
retail sale of pharmaceutical and medical goods, cosmetic and
toilet articles in specialized stores, as well as other topics
covered under its general business of growing, cultivating and
exporting psilocybin mushrooms and resins.
"The opportunity to demonstrate our environmental, social, and
governance commitments while we produce readily manufacturable
psycho-targeted therapeutic candidates, furthers PsyBio's role as
one of the only biotechnology companies in the psychoactive
therapeutic industry developing its own compounds," stated
Evan Levine, PsyBio's Chief
Executive Officer. "The ability to help committed and talented
local individuals develop their skills and provide for their
families and extended communities fits well within our impact
investment objectives and we are extremely excited to see this type
of expansion continue forward once the Acquisition closes."
The aggregate consideration paid by the Company pursuant to the
Agreement includes: (i) US$100,000;
and (ii) 2,100,000 subordinate voting shares of the Company (the
"SVS"), at a deemed issuance price of C$0.14 per SVS. In addition, PsyBio has agreed to
pay the seller rent in the amount of US$30,000 per annum for rental of the facilities
currently used by Everest, and US$30,000 per annum for consulting fees. Closing
of the Acquisition is expected to occur on or about March 31,
2022, and is subject to certain conditions including, but not
limited to, the approval of regulatory authorities, including the
TSX Venture Exchange ("TSXV").
About PsyBio Therapeutics Corp.
PsyBio Therapeutics is fully integrated and intellectual
property driven biotechnology company developing novel psychoactive
medicinal candidates produced by genetically modified organisms
targeting the potential treatment of mental health challenges,
neurological disorders, and other human health conditions. The team
has extensive experience in drug discovery based on synthetic
biology and metabolic engineering as well as clinical and
regulatory expertise progressing drugs through human studies and
regulatory protocols. Research and development activities are
currently ongoing for naturally occurring psychoactive tryptamines
originally discovered in different varieties of hallucinogenic
mushrooms, other tryptamines and phenethylamines and combinations
thereof. The Company utilizes a bio-medicinal chemistry approach to
therapeutic development, in which psycho-targeted compounds can be
utilized as a template upon which to develop precursors and
analogs, both naturally and non-naturally occurring, specifically
because they are already known to have an effect within the
brain.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute
"forward-looking information" ("forward-looking
information") within the meaning of applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking information and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that discusses predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as
"expects", or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results
"may" or "could", "would", "might" or "will" be taken to occur or
be achieved) are not statements of historical fact and may be
forward-looking information. Forward looking-statements in this
press release include statements regarding: the closing of the
Acquisition; the timing of closing of the Acquisition; the
anticipated benefits and implications of the Acquisition; the
ability of PsyBio to increase its research and development
capabilities while promoting the development of local knowledge and
expertise in Lesotho; the ability
of PsyBio to expand its operations beyond the United States; the ability of PsyBio to
comply with local laws and regulations that may be applicable to
Everest; the ability of PsyBio to develop novel formulations to
potentially treat neurologic and psychologic conditions and other
disorders; the ability of PsyBio to launch clinical trials; the
ability of PsyBio to build its intellectual property portfolio of
novel drug candidates; the ability of PsyBio to move target
candidates into scaled commercial manufacturing and regulatory
application; the ability to achieve cost competitive synthesis with
reduced environmental impact over current production methods; and
the ability of PsyBio to move target candidates into scaled
commercial manufacturing and regulatory application.
In disclosing the forward-looking information contained in this
press release, the Company has made certain assumptions, including
that: PsyBio will be able to successfully integrate Everest as a
subsidiary; PsyBio will benefit from the Acquisition; PsyBio will
be successful in complying with local laws and regulations that may
be applicable to Everest; PsyBio will be successful in protecting
its intellectual property; PsyBio will be successful in discovering
new valuable target molecules; PsyBio will be successful in
obtaining Investigational New Drug Applications and will be able to
obtain all necessary approvals for clinical trials; PsyBio will be
successful in launching clinical trials; the results of preclinical
safety and efficacy testing will be favorable; PsyBio's technology
will be safe and effective; a confirmed signal will be identified
in PsyBio's selected indications; and that drug development
involves long lead times, is very expensive and involves many
variables of uncertainty. Although the Company believes that the
expectations reflected in such forward-looking information are
reasonable, it can give no assurance that the expectations of any
forward-looking information will prove to be correct. Known and
unknown risks, uncertainties, and other factors which may cause the
actual results and future events to differ materially from those
expressed or implied by such forward-looking information. Such
factors include, but are not limited to: compliance with extensive
government regulations; domestic and foreign laws and regulations
adversely affecting PsyBio's business and results of operations;
decreases in the prevailing process for psilocybin and
nutraceutical products in the markets in which PsyBio operates; the
impact of COVID-19; and general business, economic, competitive,
political and social uncertainties. Accordingly, readers should not
place undue reliance on the forward-looking information contained
in this press release. Except as required by law, the Company
disclaims any intention and assumes no obligation to update or
revise any forward-looking information to reflect actual results,
whether as a result of new information, future events, changes in
assumptions, changes in factors affecting such forward-looking
information or otherwise.
PsyBio makes no medical, treatment or health benefit claims
about PsyBio's proposed products. The U.S. Food and Drug
Administration ("FDA") or other similar regulatory
authorities have not evaluated claims regarding psilocybin and
other next generation psychoactive compounds. The efficacy of such
products has not been confirmed by FDA-approved research. There is
no assurance that the use of psilocybin and other psychoactive
compounds can diagnose, treat, cure, or prevent any disease or
condition. Vigorous scientific research and clinical trials are
needed. PsyBio has not conducted clinical trials for the use of its
intellectual property. Any references to quality, consistency,
efficacy and safety of potential products do not imply that PsyBio
verified such in clinical trials or that PsyBio will complete such
trials. If PsyBio cannot obtain the approvals or research necessary
to commercialize its business, it may have a material adverse
effect on the PsyBio's performance and operations.
The TSXV has neither approved nor disapproved the contents of
this news release. Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE PsyBio Therapeutics Corp.