TORONTO, March 23, 2020
/CNW/ - FSD Pharma Inc. (Nasdaq: HUGE) (CSE: HUGE.CN) (FRA:
0K9A) ("FSD Pharma" or the "Company") today announced
that it has taken steps to mitigate the impact of the novel
coronavirus SARS-CoV-2 pandemic on its wholly-owned subsidiary, FV
Pharma Inc. ("FV Pharma"), a licensed producer under Canada's Cannabis Act and Regulations, and its
facility in Cobourg,
Ontario. The Company's actions are aligned with evolving
guidance from provincial and local Canadian health officials.
Effective immediately, FSD Pharma management has implemented a
systematic and orderly scale back of FV Pharma's cultivation
operations and a furlough policy for its workforce, except for
certain personnel working staggered shifts to ensure continuity of
operations and licensure. The Company has also closed its facility
to collaboration partners and ceased their
operations.
"Following a COVID-19 Declaration of Emergency by the Government
of Ontario and confirmation of the
presence of coronavirus infections in the town of Cobourg with nearly 19,000 residents, we have
taken necessary steps to ensure the safety of FV Pharma's
employees, the Cobourg community
and our in-facility partners," said Raza
Bokhari, MD, Executive Co-Chairman & CEO. "The COVID-19
pandemic is rapidly shifting and we have assembled a working group
within FSD Pharma to perpetually monitor the unprecedented market
realities that are shaping the local and global business landscape.
We are putting forth our best efforts to make deliberate,
definitive and difficult decisions to mitigate any present and
future setbacks. We are committed to persevere through these
unchartered times and are prepared to recalibrate our strategic
objectives and deliverables to adapt to the new normal that is
emerging. We are confident that we are resiliently positioned to
continue to advance our specialty pharmaceutical R&D efforts to
target the endocannabinoid system of the human body."
About FSD Pharma
FSD Pharma Inc. (Nasdaq: HUGE; CSE: HUGE.CN; FRA: 0K9A) is a
publicly traded holding company, since May
2018.
FSD BioSciences Inc., a wholly-owned subsidiary, is a specialty
biotech pharmaceutical R&D company focused on developing over
time a robust pipeline of FDA-approved synthetic compounds
targeting the endocannabinoid system of the human body to treat
certain diseases of the central nervous system and autoimmune
disorders of the skin, GI tract, and the musculoskeletal
system.
Through its acquisition of Prismic Pharmaceuticals in 2Q19, FSD
BioSciences Inc. is also making an effort to help address the
opioid crisis by developing opioid-sparing prescription drugs
utilizing the micronized formulations of palmitolylethanolamide
(PEA).
The Company has Phase 1 first-in-human safety and tolerability
trials for its lead candidate, FSD 201 micro-PEA, currently
underway in Australia by principal
researcher Jason Lickliter, MD,
Chief Medical Officer of Nucleus Network.
FSD's wholly-owned subsidiary, FV Pharma, is a licensed producer
under Canada's Cannabis Act and
Regulations, having received its cultivation license on
October 13, 2017, and its full Sale
for Medical Purposes license on June 21,
2019. The Company is licensed to cultivate cannabis in
approximately 25,000 square feet of its facility in Cobourg, Ontario.
Forward-Looking Statements
Neither the Canadian Securities Exchange nor its regulation
services provider accept responsibility for the adequacy or
accuracy of this release.
Certain statements contained in this press release constitute
"forward-looking information" and "forward-looking statements"
within the meaning of applicable Canadian and U.S. securities laws
(collectively, "Forward-Looking Information"). Forward-Looking
Information includes, but is not limited to, information with
respect to FSD Pharma's strategy, plans or future financial or
operating performance, receipt of any U.S. Food and Drug
Administration ("FDA") approvals, development of any FDA approved
synthetic compounds, the successful treatment of diseases by such
compounds, the ability to address the opioid crisis, the
development of opioid sparing prescription drugs utilizing the
micronized formulations of palmitolylethanolamide ("PEA"), the
intention and timing of the initiation of Phase 1 first-in-human
safety and tolerability trials for PP 101 micro-PEA, maintenance of
FSD Pharma's Cannabis Act License, the ability to cultivate and
sell cannabis produced in FSD Pharma's facility, the progress and
funding of the CBD Research Project, the ability and technical
feasibility of algae being utilized to produce pharmaceutical-grade
cannabinoids and the ultimate success of the CBD Research Project,
the production of prescription drugs that can treat diseases
affecting the central nervous system, and related royalty fees. The
use of words such as "budget", "intend", "anticipate",
"believe", "expect", "plan", "forecast", "future", "target",
"project", "capacity", "could", "should", "focus", "proposed",
"scheduled", "outlook", "potential", "estimate" and other similar
words, and similar expressions and statements relating to matters
that are not historical facts, or statements that certain events or
conditions "may" or "will" occur, are intended to identify
Forward-Looking Information and are based on FSD Pharma's current
beliefs or assumptions as to the outcome and timing of such future
events. Such beliefs or assumptions necessarily involve known and
unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in such
Forward‐Looking Information. Forward‐Looking Information is not a
guarantee of performance. The Forward-Looking Information contained
in this press release is made as of the date hereof, and FSD Pharma
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 law. Because of the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on Forward Looking-Information. The
foregoing statements expressly qualify any Forward-Looking
Information contained herein.
SOURCE FSD Pharma Inc.