Vancouver, British Columbia, February 28, 2022 (GLOBE NEWSWIRE) — FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FSE: 0K9), Life specializing in building a portfolio of assets and biotechnology solutions The Science Holding Company has entered into a firm agreement in connection with the sale of its 64.43 acres of former cannabis processing facility in Cobourg, Ontario.
The purchaser has agreed to pay C $ 16,500,000 in cash, including a C $ 660,000 deposit received by FSD Pharma on February 24, 2022.
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The transaction, which has not been diluted for shareholders, is expected to close on May 31, 2022, subject to several conditions. Management believes that this cash injection will increase the value of each stock by about $ 0.40 at current prices.
FSD Pharma Inc. is a biotechnology company with three candidate drugs at various stages of development.
FSD Pharma is currently assessing the next steps through its wholly owned subsidiary FSD BioSciences. FSD-PEAAn ultra-micro PEA compound with anti-inflammatory properties that has been shown to be safe following positive Phase 1 clinical results. FSD-PEA has the potential to address a variety of inflammatory conditions. FSD Pharma is currently analyzing the best indications for advancing to Phase 2 trials.
Lucid Psycheceuticals, also a wholly owned subsidiary, is focused on research and development of its lead compounds, Lucid-PSYCH and Lucid-MS. Lucid-MS Is a neuroprotective compound that has been shown in preclinical models to prevent and reverse myelin degradation, which is responsible for multiple sclerosis and other neurodegenerative diseases. It has shown excellent results in some animal models. The current treatment market is valued at US $ 23 billion worldwide. Lucid-PSYCH Is a psychoactive molecule that has shown excellent results for depression in preclinical models. According to the World Health Organization, it is estimated that 300 million people around the world live with depression.
The stock is traded on the Canadian Stock Exchange for $ 1.30. For more information, please visit the company’s website. www.FSDpharma.comOr President and Founder Zeeshan Saeed (416-854-8884) or email ( zsaeed@FSDpharma.com.. For Canadian investor public relations, send an email to IR@FSDPharma.com and contact Stephen Kilmer in the United States. SKilmer@FSDpharma.com..
The information in this Investmentpitch Media Ltd video is for viewers only. FSD Pharma has paid no more than $ 2,000 in cash to produce the current news release in video format. Corporate information is based on publicly available information. The information provided by Investmentpitch Media Ltd. through its media services should not be construed as a recommendation, offer or offer to buy or sell securities, but only as an information media service. Investmentpitch Media Ltd makes no warranties or promises regarding the accuracy or completeness of this information. All due diligence must be done by the viewer or his financial adviser. Investing in securities is speculative and risky.
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InvestmentPitch Media Video describes a deal between life sciences holding company FSD Pharma’s to sell a former cannabis processing facility in Cobourg, Ontario for $ 16,500,000. The video is available at Investmentpitch.com and the Canadian Business Journal.
Source link InvestmentPitch Media Video describes a deal between life sciences holding company FSD Pharma’s to sell a former cannabis processing facility in Cobourg, Ontario for $ 16,500,000. The video is available at Investmentpitch.com and the Canadian Business Journal.