InvestmentPitch Media Video Discusses FSD Pharma's Closing of its acquisition of Canadian Specialty Psychedelic Pharmaceutical Company Lucid Psycheceuticals - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - September 22, 2021) - FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FSE: 0K9A), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions in legal psychedelics and medical cannabis, has closed its acquisition of Lucid Psycheceuticals. Founded in 2020, Lucid Psycheceuticals ( www.LucidPsycheceuticals.com ), a Canadian-based specialty psychedelic pharmaceutical company, is developing novel molecules and combinations with the goal of addressing Total Brain Health and targeting some of the most challenging neurodegenerative diseases, such as Multiple Sclerosis, Alzheimer's disease and Parkinson's disease.
To close the acquisition, FSD Pharma is issuing approximately US$9 million or CDN$11.3 million in FSD Pharma stock.
Lucid's co-founder and CEO, Dr. Lakshmi Kotra is taking on the role CEO of Lucid, which will be the Company's wholly-owned subsidiary. In that newly created role, he will continue to assess and advance FSD Pharma's innovative drug development programs. Dr. Kotra is a Professor of Medicinal Chemistry at the University of Toronto, and senior scientist at Krembil Brain Institute at the University Health Network.
Anthony Durkacz, Interim CEO, stated, " The acquisition of Lucid represents a positive and exciting step in pursuit of our strategic objectives at FSD Pharma, as we advance a diversified pipeline of novel, patent-protected drug candidates. These are leading edge molecules to target therapies for mental health disorders and neurodegenerative diseases in a totally unique way, through the regulatory process. We are excited that Dr. Kotra, an award-winning researcher and accomplished executive with experience in drug discovery and clinical development, will now be leading this effort ."
Dr. Kotra, Lucid CEO, added, " Energized by the tremendous opportunity that the combination of the two companies represents, I am thrilled to join the FSD Pharma team at this pivotal time as it works to accelerate the development of a robust pipeline of innovative treatments that address significant unmet needs in neurodegenerative and mental health disorders. Lucid recently licensed novel compounds from UHN for the potential treatment of neurodegenerative disorders, such as multiple sclerosis, and is also developing a psychedelics-class of compounds for mental health disorders. These add to the current anti-inflammatory pipeline under development at FSD. As we move forward, we will be adding complementary expertise to the Company's team, as well as partnering with experienced organizations globally. We are laser focused on completing advanced preclinical studies and scale-up activities to successfully move FSD Pharma's assets through the clinical trials. This transformative transaction is a mutually synergistic step toward addressing total brain health, and the Company's team is excited at the new possibilities and therapeutics ."
This acquisition was well received in the medical community.
Hance Clarke, M.D., Ph.D., an anesthesiologist, renowned pain specialist, Director of Pain Services at Toronto General Hospital, and expert scientific advisor for Lucid, commented, " I am pleased to see FSD Pharma and Lucid combining expertise to fuel research and development efforts for novel therapies. Lucid has a truly exciting pipeline and stellar team leading the progress of novel therapeutics for mental health and neurodegenerative disorders ."
Eleanor N. Fish, Ph.D., Professor, University of Toronto Faculty of Immunology and Emerita Scientist, UHN, a world-renowned immunologist and cytokines expert, remarked: " I am delighted at the news of FSD Pharma's acquisition of Lucid, which under Dr. Kotra's leadership, is developing exciting technologies for the treatment of multiple sclerosis and mental health challenges. I am very hopeful these next generation therapeutics will reach patients to address this unmet clinical need ."
Mark Taylor, Director, Technology Development and Commercialization at University Health Network, commented: " Congratulations to Lucid and FSD Pharma on taking this important step to accelerate potential treatment options for patients with multiple sclerosis based on technology developed at UHN. Working with our industry partners on moving our research forward means working together to create a healthier world ."
FSD is actively pursuing additional potential acquisition targets in the healthcare and biotech space to bring innovative treatments to market to treat various mental health disorders and neurodegenerative diseases.
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