Publicly traded psychedelics company Psycheceutical Bioscience Inc. BWVI is signing an exclusive purchase option with end-to-end pharma R&D company Vici Health Sciences’ majority equity stake.
The company develops cutting-edge gear and novel compounds for next-gen mental health treatments, most notably proprietary NeuroDirect and Janus particle delivery technologies.
The agreement would establish the testing and further development of Psycheceutical’s products at Vici’s in-house facilities in Maryland, including project and clinical management, manufacturing tech transfer services and regulatory filing services.
The total exercise price is set in approx. $10.5 million, to be paid partly in cash and partly in equity before April 2023.
The two companies previously announced a strategic relationship to test and develop Psycheceutical’s patented technologies and branded formulations of psychedelic compounds. The current option contemplates Psycheceutical will provide support and resources to Vici to enhance the organization’s lab capabilities as well as to strategically scale Vici’s growth.
Psycheceutical CEO, Chad Harman, affirms that this strategic partnership demonstrates the company’s commitment to revolutionize the availability and use of psychedelic medicines for mental health treatments.
“We believe that the combination of our own world-class clinical research team and the pharmaceutical research and development lab at Vici will position our drug development pipeline to best move forward without interruption,” stated Harman.
As agreed, Psycheceutical’s new R&D advisor will be Anish Dhanarajan, Vici’s CEO and founder and former manager of formulation development at Pfizer, GSK, Mallinckrodt and CorePharma.
Regarding the new deal, Dhanarajan said: “We’re excited, as passionate scientists, to continue to work on bringing Psycheceutical’s innovative psychedelic pharmaceutical projects to market. We will continue to play a critical role in bringing new concepts to the market through our diligent services that we provide for our client base.”
Image and article originally from www.benzinga.com. Read the original article here.