PharmaTher
Announces
Sale of Psilocybin
Program
TORONTO,
February 17,
2021 --
InvestorsHub NewsWire --
Newscope
Capital Corporation (CSE: PHRM)
(OTCQB:
PHRRF),
who
through its wholly-owned subsidiary, PharmaTher
Inc. ("PharmaTher"
or the "Company"), is
a specialty life sciences company focused on the research and
development of psychedelic pharmaceuticals,
is
pleased to announce
that, further to its
press release dated December 21, 2020, it has entered into
an asset
purchase
agreement (the
"Agreement") with
Revive Therapeutics Ltd. ("Revive") (CSE: RVV, USA: RVVTF) to
sell
the full
rights to PharmaTher's
intellectual property
(the "Acquired Assets") pertaining to psilocybin (the
"Acquisition").
Pursuant
to the Agreement, Revive
will pay
aggregate consideration of up to CAD $10
million (the "Purchase
Price"). The Purchase Price will be satisfied as follows: (i) $3
million in cash will be paid on the closing date; (ii) $4 million
will be satisfied through the issuance of securities in the capital
of Revive and (iii) up to $3 million, in either cash or securities
in the capital of Revive, in the event that Revive achieves certain
milestones, which include Revive obtaining FDA orphan
drug designation for psilocybin in the treatment of
stroke, traumatic brain injury, or cancer, the commencement of a
Phase 2 clinical trial and the regulatory filing for market
authorization, such as U.S. Food and Drug
Administration ("FDA") approval. In
addition to the Purchase Price, Revive will also pay
Newscope
Capital
Corporation a low single
digit royalty on
all
future net
sales
of
products derived from the Acquired Assets.
"We
are very pleased with the sale of our psilocybin program as it
pertains to the intellectual property and
research for the use of psilocybin in the treatment of stroke,
traumatic brain injury
and
cancer
to Revive
as it
provides
us with
non-dilutive
funding
to
advance
the
clinical
development of
ketamine in the treatment of Parkinson's
disease, KETABET™
in the treatment of
depression
and the development of our proprietary microneedle delivery
technologies to deliver
psychedelic
pharmaceuticals
including ketamine,
esketamine,
psilocybin, MDMA, LSD and DMT for
various mental health, neurological and pain disorders," said Fabio
Chianelli, CEO of PharmaTher. "We
are now in a
strong
position to unlock
the value of our
unique psychedelic-based product pipeline and
microneedle
delivery
technologies,
and
to
advance
our lead program ketamine to treat Parkinson's disease
towards
FDA Phase 2 clinical trials."
"We
are pleased with our purchase of
PharmaTher's
psilocybin portfolio as it complements
Revive's
current psilocybin-based programs in oral thin film delivery, a
clinical study for a drug abuse disorder and the development of a
biosynthetic version of psilocybin," said Michael Frank, CEO of
Revive. "Revive is positioned to advance its
unique prescription-based psilocybin program for future
clinical development with the
objective in commercializing
its product offerings through the FDA approval
pathway."
The
Acquired Assets will include all of the following:
-
All
intellectual and work property derived from pre-clinical research
activities from the National Health Research Institutes ("NHRI") in
traumatic brain injury and stroke, as it relates to psilocybin with
the aim to obtain FDA Orphan Drug Designation.
-
Key
provisional patent applications with the U.S. Patent and Trademark
Office, which include:
(i)Psilocybin in the
Treatment of Neurological Brain Injury - United States Provisional
Application Serial No. 63/011,493 – Relates to pharmaceutical
compositions comprising psilocybin and their use for the treatment
of neurological brain injuries and migraines.
(ii)Use
of Psilocybin in the Treatment of Cancer, United States Provisional
Application Serial No. 63/113,913 – Psilocybin's use of significant
unmet medical needs for Liver Carcinoma, Melanoma, Breast
Neoplasms, Kidney Neoplasms and Acute Myeloid Leukemia.
(iii)Psilocybin
Pharmaceutical Combination Therapies, United States Provisional
Application Serial No. 63/125,106 – Novel combinations of certain
FDA approved drugs with psilocybin as a potential therapeutic
option to reduce the side effects and improve the effectiveness of
psilocybin to treat neurological disorders.
The Company cautions that psilocybin is still under early-stage
research and development and is not making any express or implied
claims as to their success alone and in combination of FDA approved
drugs or commercial viability.
About
PharmaTher Inc.
PharmaTher Inc., a
wholly-owned subsidiary of Newscope
Capital
Corporation (CSE: PHRM) (OTCQB:
PHRRF), is a specialty life
sciences company focused on the research and development of
psychedelic pharmaceuticals for FDA approval to
treat mental health,
neurological
and
pain disorders.
Learn
more at: PharmaTher.com and
follow us on
Twitter, LinkedIn
and Facebook.
For more
information, please contact:
Fabio
Chianelli
Chief
Executive Officer
PharmaTher
Inc.
Tel:
1-888-846-3171
Email:
info@pharmather.com
Website:
www.pharmather.com
Neither
the Canadian Securities Exchange nor its Regulation Services
Provider have reviewed or accept responsibility for the adequacy or
accuracy of this release.
Cautionary
Statement
This
press release contains 'forward-looking information' within the
meaning of applicable Canadian securities legislation. These
statements relate to future events or future performance. The use
of any of the words "could", "intend", "expect", "believe", "will",
"projected", "estimated", "potential", "aim" and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Newscope
Capital
Corporation's (the "Company) current
belief or assumptions as to the outcome and timing of such future
events. Forward-looking
information is based on reasonable assumptions that have been made
by the Company at the date of the information and is subject to
known and unknown risks, uncertainties, and other factors that may
cause actual results or events to differ materially from those
anticipated in the forward-looking information. Given these risks,
uncertainties and assumptions, you should not unduly rely on these
forward-looking statements. The forward-looking information
contained in this press release is made as of the date hereof, and
Company is not obligated to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws. The
foregoing statements expressly qualify any forward-looking
information contained herein. Factors that could cause actual
results to differ materially from those anticipated in these
forward-looking statements are described under the caption "Risk
Factors" in Company's management's discussion and analysis for the
period of November
30,
2020 ("MD&A"), dated January
27,
2021,
which is available on the Company's profile at www.sedar.com.
This
news release does not constitute an offer to sell or the
solicitation of an offer to buy, and shall not constitute an offer,
solicitation or sale in any state, province, territory or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state, province, territory or
jurisdiction.