THE INFORMATION CONTAINED WITHIN THIS
ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE
INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU)
NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE
("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
DiscovOre plc
AQSE: ORE
(“DiscovOre plc” or the “Company”)
Period of
Exclusivity Conditional Investment Agreement with Sirgartan
Therapeutics & Strategic Advisors
Particulars of the RIS Announcement
1. Conditional Investee Overview: Sirgartan
Therapeutics
2. Underlying Terms of the Conditional Investment
Agreement
3. Strategic Advisors
4. Director Statement
1. Overview: Sirgartan
Therapeutics (“Sigartan”)
Further to the announcement on 24th June 2021 whereby the Company posted a circular
to convene a General Meeting on 13th July 2021 to approve a broadened investment
strategy enabling lawful investment into medical psychedelic
opportunities, the Company is pleased to provide a commercial
update regarding the execution of a Period of Exclusivity &
Conditional Investment Agreement with Sirgartan Therapeutics
(“Sirgartan”).
Company Overview
Sirgartan is developing a novel glutamatergic therapy that could
make a significant difference in the treatment of
obsessive-compulsive disorder (“OCD”), a debilitating and common
mental illness, and is then looking to augment it with a
psychoactive compound as a co-therapy.
Sirgartan is an early-stage, pre-revenue therapeutics company
aiming to transform the treatment landscape for patients with OCD
and other related disorders through the development of an
innovative glutamatergic therapy. The company was established in
2020 with the mission of improving treatment options for OCD, a
field which has historically been underfunded and seen limited
innovation.
Sirgartan has identified an obtainable market opportunity of
>£300M for the treatment of OCD patients in the EU5 countries of
France, Germany, Italy, Spain,
and the UK. Following penetration of key EU5 markets, it plans to
launch the product in other geographies for OCD and pursue steps
for label expansion to other indications.
Sirgartan Team:
Mr Jon
Tancock (Director)
Managing Director at OLR Consulting, Jon provides consultancy
services to start-up enterprises within pharmaceutical, scientific,
technology and RE / investment sectors covering areas including
corporate structure, seed capital, establishment, development and
funding options / investment in potential ‘rapid growth’
opportunities. Jon has worked with, and for, some of the largest
pharmaceutical companies in the world.
Jon has a BSc in Pure and Applied Chemistry and has experience
in bioprocess system design within European and US
Biopharmaceutical / Medical device sector.
Dr Nick
Sireau (Director)
Chair and Founder of Orchard, a non-profit focused on
accelerating research into OCD and developing new and better
treatments for this debilitating mental disorder.
Nick is also Chair and CEO of the AKU Society, a non-profit that
helps patients with the ultra rare genetic disease Alkaptonuria
(AKU, also known as Black Bone Disease). Nick recently co-led
DevelopAKUre, an international consortium of clinical trial
centres, universities, pharmaceutical companies and patient groups
that successfully carried out phase 2 and phase 3 studies of a
small molecule treatment for AKU called nitisinone that was
authorised by the European Medicines Agency and the European
Commission in 2020. Nick is also Chair and Co-founder of Findacure,
a non-profit that focuses on all rare diseases, and founder of
NovAKUre, a biotech owned by the AKU Society.
Nick holds an MSc in Business Management and PhD in Social
Psychology.
Mr Vincenzo
Garyza (Non Executive Director)
Head of Business Planning & Operations and Chief of Staff
for Data Science and AI at AstraZeneca. Vincenzo has over 20 years’
experience across Strategy & Operations, Medical Affairs,
Business Development and Project Management within R&D at
leading multinational pharmaceutical companies. He co-founded
Orchard Charity together with Nick Sireau where he remains a
Trustee.
Vincenzo holds a MSc in Organic Chemistry from Bologna
University and an MBA in strategic Management from Aston Business
School. He is also an Honorary Associate of the Cambridge Judge Business School and is an inventor
on multiple patents.
Professor Trevor Robbins (Senior Advisor to Sirgartan)
Professor Robbins works in the areas of neuropsychopharmacology
and behavioural and cognitive neuroscience. Professor Robbins has
strong interests in drug discovery, having consulted for most of
the major pharmaceutical companies, and in translational research
(as Director of the MRC/Wellcome Trust co-funded Behavioural and
Clinical Neuroscience Institute). Professor Robbins is a
co-inventor of CANTAB, a widely-used computerised cognitive test
battery which is made available by Cambridge Cognition plc. H index
>150, citations>70,000 (Web of Science). In top-cited in
Neuroscience list. Recent accomplishments: Distinguished Research
Contribution, American Psychological Association, 2011; Grete
Lundbeck Brain Prize; 2014. Wellcome Trust Senior Investigator
Award 2014.
Prof Robbins is leading a major research study into the
neuroscience of OCD at the University of
Cambridge.
Market Need:
Obsessive-Compulsive Disorder (OCD)
is a common, chronic and long-lasting mental health condition in
which a person experiences uncontrollable, intrusive and
reoccurring thoughts (obsessions) and behaviours (compulsions) that
(s)he feels the urge to repeat over and over, in the attempt to
temporarily relieve the unpleasant feelings brought on by the
obsessive thought.
OCD is the fourth most common mental disorder after depression,
alcohol/substance misuse, and social phobia/anxiety. According to
the World Health Organisation, it is one of the 10 most disabling
of all medical disorders.[1] It affects 2-3% of the population,
women, men and children. The condition typically starts during
adolescence and early adulthood, although symptoms can develop at
any age. Once the condition has developed, it interferes
significantly with the person's life (or with the development of a
child) and puts a great social and economic burden on the person
and their environment, with considerable economic burden on the
family and society.
OCD symptoms can range from mild to severe. Some people with OCD
may spend a couple of hours a day engaged in obsessive-compulsive
thinking and behaviour; for others the condition can completely
take over their lives.
Existing treatments (medication and psychotherapeutic) are
out-dated and usually only partially successful. Up to 30%–40% of
patients do not respond to the available treatment options.[2] [3]
Given the chronic nature of the condition with a significant
life-long impact and economic burden there is an urgent need to
develop new and effective treatments, and improve early
detection. |
At least 50% of the European population will suffer from mental
health illness during their lifetime. Mental (also known as
psychological or psychiatric) disorders can be paralysing and
life-threatening for an individual and have substantial impact on
the wider community. Mental disorders are among the leading
causes of disability worldwide and present a major disease
burden.
In 2010, mental illness was the largest cause of disability in
the UK. It contributed up to 22.8% of the total, while cancer
represented 15.9% and cardiovascular disease 16.2%.
The cost of mental illness in England alone was estimated to be £105.2
billion a year and growing. This estimate took into account direct
costs of services, lost productivity at work and reduced quality of
life.
Mental disorders are extremely diverse and to date understudied.
Despite increasing awareness, psychological disorders are
surrounded by stigma and they are often overlooked. In comparison
with physical health, mental health care is largely neglected with
limited availability, accessibility, and quality of treatments.
Sirgartan believes that mental illness should no longer be
underestimated and stigmatized. Novel treatments and therapies are
desperately needed, and resources invested into their development
will be repaid by economic and social growth of a healthier
society.
Glutamatergic drugs, such as the one targeted by Sirgartan, are
also being studied as treatments for a number of psychiatric
disorders and have important potential in the treatment of OCD.
This drug, if brought to market, could be life-changing for the
millions of OCD patients showing resistance to available
treatments.
Sirgartan Proposition:
Sirgartan is aiming to develop this unique therapy as an OCD
treatment. The application of this molecule could then be extended
to other related mental disorders.
2. Underlying Terms of the
Conditional Investment Agreement
Period of Exclusivity:
- Period of Exclusivity to be over 30 business
days
- Due Diligence of the opportunity and
ensuring the opportunity is consistent with the Company’s legal
opinion.
- Subject to the shareholders consenting to
the resolutions at the General Meeting on 13th
July 2021 permitting investment in
medical psychedelic opportunities.
- Completion of Sirgartan internal report to
be submitted to the company and its legal counsel to ensure
consistency with legal opinion
Conditional Investment Agreement:
Subject to the terms outlined in the period of exclusivity the
company have entered a conditional investment agreement enabling an
acquisition of up to a minimum of 20% of Sirgartan Therapeutics
through a subscription for new ordinary shares. The company will
update the market accordingly on definitive terms being agreed by
all parties should DiscovOre plc elect to proceed.
3. Strategic Advisors
Subject to the completion of the definitive investment
agreement, the Company will form an advisory board that shall be
comprised of Mr Jon Tancock, Mr
Vincenzo Garzya and Dr Nick Sireau. On appointment, each advisor shall
be awarded 500,000 Options with a strike price of 4p and a life to
expiry of 3-years. The options shall vest on completion of 6-months
of service.
The role of the advisors will be to provide the company a
quarterly management report of the activities and requirements of
Sirgartan and to also contribute broader oversight of potential
opportunities and where appropriate introduce members of the
medical psychedelic community that may compliment the company’s
investment portfolio in the medical psychedelics industry.
4. Director, Burns Singh
Tennent-Bhohi, commented:
“Sirgartan represents a well-formed and structured
opportunity for the company as, today, we look to broaden our
investment policy to include medical psychedelics. It is also
important that the company align themselves with a team such as
Sirgartan that command a strong track record, a wealth of
experience and credibility
Sirgartan’s scientific approach,
focus on commerciality and innovative strategy to introduce a
psychoactive compound as co-therapy represents a balanced and
formulaic proposition in identifying an augmented treatment for
those suffering with OCD.
As we continue to progress our review
of Sirgartan, the company will be publishing marketing material
that will be distributed for our shareholders and the wider
market.”
DiscovOre plc,
London, 13th July 2021
The Directors of the Company, who have
issued this RIS announcement after due and careful enquiry, accept
responsibility for its content.
Enquiries
Company:
Burns Singh Tennent-Bhohi (Director)
Conrad Windham (Director)
info@discovoreplc.com
Direct Office Line: +44 (0) 20 3778 0755
Corporate Adviser:
Peterhouse Capital Limited
Guy Miller & Mark Anwyl
Telephone: +44 (0) 20 7220 9796
[1] Bobes J, Gonzalez MP, Bascaran MT, Arango C, Saiz PA,
Bousono M. (2001). Quality of life and disability in patients with
obsessive-compulsive disorder. Eur Psychiatry 2001;16:239-45.
[2] Saxena, S., Bota, R.G., Brody, A.L., (2001). Brain–behavior
relationships in obsessive– compulsive disorder. Semin. Clin.
Neuropsychiatry 6 (2), 82–101.
[3] Atmaca, M. (2015). Treatment-refractory obsessive compulsive
disorder. Progress in Neuro-Psychopharmacology and Biological
Psychiatry 2016 Oct 3;70:127–33.
