Wesana Health Holdings
Inc. (“
Wesana” or the
“
Company”) (
CSE:WESA;
OTCQB:WSNAF), today announced the successful closing of
the sale by Wesana Health Inc. (“WHI”), a subsidiary of the
Company, of WHI’s right and interest in the SANA-013 intellectual
property and development related assets (the
“
Transaction”) pursuant to the terms of the asset
purchase agreement with Lucy Scientific Discovery Inc.
(
NASDAQ:LSDI) (“
Lucy”) dated
March 20, 2023 (as subsequently amended, supplemented or otherwise
modified, the “
Asset Purchase Agreement”).
Transaction
Details:
Pursuant to the Asset Purchase Agreement, a
subsidiary of Lucy has acquired the SANA-013 intellectual property
and development related assets for an aggregate consideration
comprised of US$570,000 and 1,000,000 common shares of Lucy
(“Lucy Parent Shares”), with the US$570,000
payment being modified to be satisfied as follows: US$300,000 in
cash, which was paid at the signing of the Asset Purchase
Agreement; US$178,000 in cash, payable in installments over
the course of the one (1) year following the closing of the
Transaction; and, at the closing, US$92,000 in assumed
liabilities.
The Lucy Parent Shares will provide the Company,
through WHI, economic exposure to the future growth potential
associated with SANA-013 and other initiatives underway or
contemplated by Lucy.
“We are thrilled to announce the sale of WHI’s
drug development program, SANA-013,” said Daniel Carcillo, Wesana
founder and Chief Executive Officer. “Lucy’s expertise and reach
serves to amplify the program’s potential. We look forward to a
brighter future for mental wellness.”
The Company plans to pay and settle outstanding
liabilities of the Company with the net proceeds from the
Transaction and any amounts received pursuant to the promissory
note with APS Innovations LLC (with a principal balance of
approximately US$1,223,989), after which the Company will not have
additional material liabilities. An amendment to the Asset Purchase
Agreement to reflect the above-modified payment and related matters
was entered into on closing.
ON BEHALF OF THE BOARDDaniel Carcillo, Chairman and Chief
Executive OfficerPhone: 702-329-8038
About Wesana Health
Wesana was an emerging life sciences company
championing the development and delivery of psychedelic and
naturally-sourced therapies to treat traumatic brain injury. The
Company was developing evidence-based formulations and protocols
that empower patients to overcome neurological, psychological and
mental health ailments caused by trauma. It discontinued its
psychedelics business, disposed of the assets in 2023, and is now
looking for new business opportunities.
About Lucy
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) is
a licensed producer of compounds for medicinal products. Holding a
Controlled Drugs and Substances Dealer's License granted by Health
Canada's Office of Controlled Substances, Lucy Scientific Discovery
Inc. and its wholly-owned subsidiary, LSDI Manufacturing Inc.,
operate under Part J of the Food and Drug Regulations promulgated
under the Food and Drugs Act (Canada). This specialized license
authorizes LSDI to develop, sell, deliver, and manufacture
pharmaceutical-grade active pharmaceutical ingredients (APIs) used
in controlled substances and their raw material precursors. Lucy’s
focus is on pioneering innovative therapies for patients in need,
and through its lead candidate SANA-013, dedicated to advancing the
understanding and applications of psychedelic medicine, improving
mental health outcomes, and enhancing well-being for individuals
worldwide.
Lucy Media Contact:Lucas
WentworthLucas@NisonCo.comNisonCo Public Relations
Lucy Investor Contact: Addo Investor
Relations, Inc. lucyscientific@addo.com
Cautionary Note Regarding Forward-Looking
Information
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward looking information”) within the meaning of applicable
securities laws including under the United States Private
Securities Litigation Reform Act of 1995 with respect to the
Transaction, the Company and Lucy, including, but not limited to:
the anticipated Transaction benefits, including the ability of Lucy
to pursue further research and development related to SANA-013 and
the ability of Lucy to pursue or continue the initiatives that are
underway or contemplated by Lucy, the satisfaction of post-closing
obligations by all applicable parties under the terms of the
Transaction, and the ability of Wesana to repay its outstanding
liabilities, and any other statement that may predict, forecast,
indicate or imply future plans, intentions, levels of activity,
results, financial position, operational or financial performance
or achievements. Often, but not always, forward-looking information
can be identified by the use of words such as “plans”, “expects”,
“is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates”, “will”, “projects”, or “believes” or
variations (including negative variations) of such words and
phrases, or statements that certain actions, events, results or
conditions “may”, “could”, “would”, “might” or “will” be taken,
occur or be achieved. Except for statements of historical fact,
information contained herein constitutes forward-looking
information. Forward-looking information is not a guarantee of
future performance and is based upon a number of expectations and
assumptions of management at the date the statements are made.
Although management believes that the
anticipated future results, performance or achievements expressed
or implied by the forward-looking information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking information because it
involves assumptions, known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements to differ materially from anticipated future results,
performance or achievements expressed or implied by such
forward-looking information. Certain risk factors include but are
not limited to the risks associated with there being no assurance
as to the Company’s ability to continue as a going concern; there
being no assurance that Lucy will have the requisite capital
resources to pursue research and development efforts currently
targeted for SANA-013; there being no assurance that Lucy will
achieve the results currently targeted for SANA-013; the
detrimental impact of future losses and negative cash flow from
operations; requirements for additional capital; lack of product or
service revenue; research and development of drugs targeting the
central nervous system being particularly difficult; failure to
comply with health and data protection laws and regulations; delays
in pre-clinical and clinical testing resulting in delays in
commercializing; inability to file investigational new drug
applications or clinical trial applications to commence clinical
trials in a timely manner; difficulty enrolling patients in
clinical trials; competition from other biotechnology and
pharmaceutical companies; violations of laws and regulations
resulting in repercussions; psychedelic inspired drugs possibly
never being approved as medicines; regulatory or political change;
reliance on third parties to plan, conduct and monitor preclinical
studies and clinical trials; requirements of commercial scale and
quality manufactured drug supply; negative results from
pre-clinical and clinical trials or studies of others; unfavourable
publicity or consumer perception; not achieving publicly announced
milestones; reliance on the capabilities and experience of key
executives and scientists; disruptions due to acquisitions or
collaborations; risk of product liability claims; COVID-19;
litigation; conflicts of interest; limited operating history;
general economic, market and business conditions and other risk
factors, including those found in the Company’s management
discussion and analysis for the years ended December 31, 2022 and
2021 and the Company’s annual information form dated September 3,
2021 filed on the Company’s profile on SEDAR at www.sedar.com and
discussed in the Company’s other public filings, including the
Company’s management information circular in respect of its annual
general and special meeting of shareholders held on June 9, 2023,
available on SEDAR.
Forward-looking information is provided and made
as of the date of this news release and the Company does not
undertake any obligation to revise or update any forward-looking
information other than as required by applicable law.
The Company does not by way of this news release
affirm or adopt any statements, reports or public filings related
or attributed to Lucy in this news release or made by Lucy outside
of this news release.
Lucy Scientific Discovery (NASDAQ:LSDI)
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Lucy Scientific Discovery (NASDAQ:LSDI)
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부터 6월(6) 2023 으로 6월(6) 2024