- The Company knows on good authority that Mr. Anthony
Durkacz, dissident Director/shareholder made unauthorized
contact(s) with an intent to interfere with the company’s banking
relationships
FSD Pharma Inc. (Nasdaq:HUGE) (CSE:HUGE) (the
"Company" or "FSD Pharma") announced today that it
has filed a criminal complaint with Toronto Police Services,
Financial Crimes Unit, against Mr. Donal Carroll, the Company's
former chief financial officer. The complaint asserts that Mr.
Carroll has intentionally interfered with the Company's banking in
order to disrupt FSD’s business in the midst of an ongoing proxy
contest, in alleged contravention of criminal law and Mr. Carroll's
fiduciary and other duties to the Company.
The company has grounds to believe that Mr. Carroll through his
conduct has committed the criminal offence of fraud (Criminal code,
s. 380) as well as the criminal offence of breach of trust
(Criminal Code, s. 336).
The Company knows on good authority that Mr. Anthony Durkacz,
dissident Director/shareholder made un-authorized contact(s) with
an intent to interfere with the company’s banking
relationships.
The company suspects that Mr. Carroll and Mr. Durkacz aim was to
disrupt Company's clinical trials and R&D efforts, its annual
and special meeting of shareholders scheduled for May 14, 2021, and
other ongoing Company business.
The Company is assessing all avenues available to it, both to
address such alleged wrongdoing.
About FSD Pharma
FSD Pharma Inc. (www.fsdpharma.com) is a publicly-traded holding
company.
FSD BioSciences, Inc., a wholly-owned subsidiary, is a specialty
biotech pharmaceutical R&D company focused on developing over
time multiple applications of its lead compound, ultramicro PEA by
down-regulating the cytokines to effectuate an anti-inflammatory
response.
The Company filed an IND with the FDA on August 28, 2020 and was
approved on September 25, 2020 to initiate a phase 2 clinical trial
for the use of FSD201 to treat COVID-19, the disease caused by the
SARS-CoV-2 virus. The trial is currently underway and is expected
to randomize 352 patients in a controlled, double-blind multicenter
study.
Severe COVID-19 is characterized by an over-exuberant
inflammatory response that may lead to a cytokine storm and
ultimately death. The Company is focused on developing ultra-micro
PEA for its anti-inflammatory properties to avoid the cytokine
storm associated with acute lung injury in hospitalized COVID-19
patients.
The Company is not making any express or implied claim that its
product has the ability to eliminate, cure or contain the COVID-19
(or SARS-2 Coronavirus) infection at this time.
Forward-Looking Statements
Neither the Canadian Securities Exchange nor its regulation
services provider accept responsibility for the adequacy or
accuracy of this release.
The Company's subject area experts continue to review the
scientific evidence/claims/research relevant to the application of
PEA and ultramicronized-PEA. The company is not making any express
or implied claims that its product has the ability to eliminate,
cure or contain the COVID-19 (or SARS-2 Coronavirus) at this
time.
The Phase 2 clinical trial program is subject to a favorable
toxicology study and successful completion of ongoing laboratory
studies, access to additional financing and review by the FDA of
our IND application. The duration and cost of clinical trials can
vary significantly depending on multiple factors, including the
enrollment rate of patients, country in which trials are conducted,
and specific trial protocols required. The process of developing
pharmaceutical products and receiving the necessary regulatory
approvals for commercialization typically takes several years.
Accordingly, no near-term revenues from product sales or services
are expected from our ultramicronized-PEA candidate(s). The
milestones described above represent customary inflection points
for financing by clinical-stage biotech companies. However, there
is no assurance that the Company will be able to achieve these
clinical milestones, nor, if successful in doing so, that the
Company will be able to access additional financing on terms or
timing acceptable to the Company.
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 FDA approvals, including the
approval of our IND submission, the completion of any trials
regarding the use of FSD201 to treat COVID-19 or whether FSD201 may
be effective in treating COVID-19, the costs associated with such
planned trials, our ability to obtain required funding and the
terms and timing thereof and the ultimate development of any FDA
approved synthetic compounds. 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. Certain
of these risks and uncertainties are described in the Company's
continuous disclosure filings available under the Company's SEDAR
profile at www.sedar.com and on the Company’s EDGAR profile at
www.sec.gov. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210513005614/en/
Investors: Gryphon Advisors Inc. 1.833.292.5847 toll-free
in North America (1.416.902.5565 by collect call)
inquiries@gryphonadvisors.ca www.fsdfuture.com
Nathan Coyle Interim Chief Financial Officer, FSD Pharma Inc.
ncoyle@fsdpharma.com
Media: Joel Shaffer Longview Communications and Public
Affairs jshaffer@longviewcomms.ca
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