TORONTO, February 17, 2021 (GLOBE NEWSWIRE) – Revive Therapeutics Ltd. (Revive or the Company) (CSE: RVV, USA: RVVTF), a life science company focused on the research and development of therapeutics for medical needs and rare diseases, is pleased to announce that , following its press release dated December 21, 2020, it entered into an asset purchase agreement (the Agreement) with Newscope Capital Corporation (Newscope) (CSE: PHRM) (OTCQB: PHRRF) to acquire all rights of PharmaTher Inc. (PharmaTher) (the Acquired Assets) relating to Psilocybin (the Acquisition). PharmaTher, a wholly-owned subsidiary of Newscope, is a life sciences company focused on the research and development of psychedelic pharmaceuticals.
Under the terms of the agreement, Revive will pay a total consideration of up to C $ 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 by the issuance of securities in the capital of Revive and (iii) up to $ 3 million, in cash or securities in the capital of Revive, in the event that Revive reaches certain milestones, including Revive obtaining FDA Orphan Drug Designation for Psilocybin for the Treatment of Stroke, Traumatic Brain Injury or Cancer, the start of a Phase 2 clinical trial, and the regulatory filing of marketing authorization, such as US Food and Drug Administration (FDA) approval. In addition to the purchase price, Revive will also pay Newscope a low single-digit royalty on all future net sales of products derived from the acquired assets.
The acquired assets will include all of the following:
- All intellectual and professional properties derived from the preclinical research activities of the national health research institutes (NHRIs) on traumatic brain injuries and strokes, with regard to psilocybin for the purpose of obtaining orphan drug designation from the FDA.
- Top provisional patent applications with the US Patent and Trademark Office, which include:
|(I)||Psilocybin in the Treatment of Neurological Brain Injury – US Provisional Application Serial No. 63/011,493 relates to pharmaceutical compositions comprising psilocybin and their use for the treatment of neurological brain damage and migraine headaches.|
|(ii)||Use of Psilocybin in the Treatment of Cancer, US Interim Application Serial No. 63/113 913 Psilocybin uses significant unmet medical need for liver carcinoma, melanoma, breast neoplasms, renal neoplasms, and cancer. acute myeloid leukemia.|
|(iii)||Psilocybin Drug Combination Therapies, US Interim Application Serial No. 63 / 125,106 New Combinations of Certain FDA Approved Drugs with Psilocybin as a Potential Treatment Option to Reduce Side Effects and Improve the Effectiveness of psilocybin to treat neurological disorders.|
With this acquisition, we have solidified our base by having a leading psychedelic pharmaceutical platform focused on proprietary psilocybin therapies that includes the development of an oral thin-film product in collaboration with the University of Wisconsin- Madison, a new biosynthetic version of psilocybin based on a natural biosynthesis enzyme platform developed by Dr. Gavin Williams, professor and researcher at North Carolina State University, a clinical study with the University of Wisconsin evaluating psilocybin in the treatment of disorders related to methamphetamine use, and PharmaThers’ research and intellectual property initiatives on psilocybin in stroke, traumatic brain injury, cancer, and drug combinations, said Michael Frank, CEO of Revive . We are now in a position to advance our psilocybin program for the future clinical development of various unmet clinical needs in mental health, cancer and neurological disorders.
We are pleased to have partnered with the PharmaThers psilocybin program with Revive as they have positioned themselves as a leader in the pharmaceutical development of psilocybin with their unique product offerings and delivery technologies as well as their commitment to commercialization. of a biosynthetic form of psilocybin for long-term durability, said Fabio Chianelli, CEO of Newscope.
About Revive Therapeutics Ltd.
Revive is a life sciences company focused on research and development of therapeutics for infectious diseases and rare diseases, and prioritizes drug development efforts to take advantage of several regulatory incentives granted by the FDA such as as Orphan Drug, Fast Track, Breakthrough Therapy and Rare Pediatric Disease Designations. Currently, the company is exploring the use of Bucillamine for the potential treatment of infectious diseases, with an initial focus on severe influenza and COVID-19. With its recent acquisition of Psilocin Pharma Corp., Revive is advancing the development of psilocybin-based therapies in various diseases and disorders. Relaunches cannabinoid pharmaceutical portfolio focused on rare inflammatory diseases and the company was granted orphan drug status from the FDA for the use of cannabidiol (CBD) to treat autoimmune hepatitis (liver disease) and for treat ischemia and reperfusion injury due to organ transplantation. For more information visit www.ReviveThera.com.
For more information please contact:
Chief Executive Officer
Revive Therapeutics Ltd.
Phone: 1 888 901 0036
Neither the Canadian Securities Exchange nor its regulatory services provider has reviewed or accepts responsibility for the adequacy or accuracy of this release.
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, intended, estimated and similar expressions and statements relating to matters which are not historical facts are intended to identify forward-looking information and is based on Revive’s current beliefs or assumptions about the outcome and timing of such future events. Forward-looking information contained in this press release includes information relating to The Companys cannabinoid, psychedelic and infectious disease programs. Forward-looking information is based on reasonable assumptions that have been made by Revive on the date of the information and is subject to risks, uncertainties and other known and unknown factors which may cause actual results or events to differ materially from those anticipated in the forward-looking information. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Revive 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. Reference is made to the risk factors disclosed under the heading Risk Factors in the Company’s Annual MD&A for the fiscal year ended June 30, 2020, which has been filed on SEDAR and is available under the Company Profile at addresswww.sedar.com.
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