TORONTO, Canada -- December 22, 2020 -- InvestorsHub NewsWire --
Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company
focused on the research and development of therapeutics for medical
needs and rare disorders, is pleased to announce that it has
entered into a non-binding letter of intent (the “LOI”), dated
December 20, 2020, to acquire the full rights to PharmaTher Inc.’s
(“PharmaTher”) intellectual property (the “Acquired Assets”)
pertaining to psilocybin (the “Acquisition”). PharmaTher, a
wholly-owned subsidiary of Newscope Capital Corporation (CSE: PHRM)
(OTC Pink: PHRRF), is a specialty life sciences company focused on
the research and development of psychedelic pharmaceuticals.
The Acquired Assets will include all of the
following:
- all intellectual and work property derived from PharmaTher’s
pre-clinical research activities in traumatic brain injury and
stroke, with the aim to obtain U.S. Food and Drug Administration
(“FDA”) Orphan Drug Designation;
- all intellectual property portfolio covering neurological
disorders, cancers and novel combinations of psilocybin and FDA
approved drugs;
- all intellectual and work property derived from the study being
currently undertaken by the National Health Research Institute in
Taiwan; and
- key provisional patent applications with the U.S. Patent and
Trademark Office, which include:
- Psilocybin in the Treatment of Neurological Brain Injury -
United States Provisional Application Serial No. 63/011,493 –
Relates to pharmaceutical compositions comprising psilocybin and
their use for the treatment of neurological brain injuries and
migraines.
- Use of Psilocybin in the Treatment of Cancer, United States
Provisional Application Serial No. 63/113,913 – Psilocybin’s use of
significant unmet medical needs for Liver Carcinoma, Melanoma,
Breast Neoplasms, Kidney Neoplasms and Acute Myeloid Leukemia.
- Psilocybin Pharmaceutical Combination Therapies, United States
Provisional Application Serial No. 63/125,106 – Novel combinations
of certain FDA approved drugs with psilocybin as a potential
therapeutic option to reduce the side effects and improve the
effectiveness of psilocybin to treat neurological disorders.
The Acquisition follows the previously announced
exclusive research collaboration agreement with PharmaTher to
accelerate the development of psilocybin in the treatment of cancer
and the discovery of novel uses of undisclosed psychedelic
compounds.
“Our psychedelics pharmaceutical program has
been predominantly focused on the development and evaluation of our
novel orally dissolvable thin film strip for psilocybin, and with
the acquisition of PharmaTher’s proprietary psilocybin platform it
will complement our objectives in commercializing a unique
prescription-based psilocybin product for neurological disorders
and FDA orphan drug indications,” said Michael Frank, CEO of
Revive.
“PharmaTher discovers novel uses of psychedelic
pharmaceuticals, such as psilocybin, and combinations with
FDA-approved drugs for development internally or with
pharmaceutical partners, such as Revive, which has a unique oral
drug delivery system to complement our psilocybin development
program,” said Fabio Chianelli, CEO of PharmaTher. “I am pleased
that we have found a home for our psilocybin program which will
allow us to solely focus our resources on our clinical-stage
product pipeline with FDA-approved ketamine to treat neurological
disorders, such as Parkinson’s disease and movement disorders,
depression and pain.”
The final terms of the Acquisition will be
agreed to by the parties after the completion of due diligence by
Revive. The Acquisition is expected to close on or before January
31, 2021, subject to customary closing conditions, including but
not limited to, the negotiation and execution of a definitive
agreement.
About PharmaTher Inc.
PharmaTher Inc., a wholly-owned subsidiary of
Newscope Capital Corporation (CSE: PHRM) (OTC Pink: PHRRF), is a
specialty life sciences company focused on the research and
development of psychedelic pharmaceuticals. PharmaTher discovers
novel uses of psychedelic pharmaceuticals, such as ketamine and
psilocybin, and combinations with FDA-approved drugs for FDA
approval to treat neurological disorders, such as Parkinson’s
disease and movement disorders, depression and pain. Learn
more at: PharmaTher.com and follow us
on Twitter, LinkedIn and Facebook.
About Revive Therapeutics
Ltd.
Revive is a life sciences company focused on the
research and development of therapeutics for infectious diseases
and rare disorders, and it is prioritizing drug development efforts
to take advantage of several regulatory incentives awarded by the
FDA such as Orphan Drug, Fast Track, Breakthrough Therapy and Rare
Pediatric Disease designations. Currently, the Company is exploring
the use of Bucillamine for the potential treatment of infectious
diseases, with an initial focus on severe influenza and COVID-19.
With its recent acquisition of Psilocin Pharma Corp., Revive is
advancing the development of Psilocybin-based therapeutics in
various diseases and disorders. Revive’s cannabinoid pharmaceutical
portfolio focuses on rare inflammatory diseases and the company was
granted FDA orphan drug status designation for the use of
Cannabidiol
(CBD) to treat autoimmune hepatitis (liver
disease) and to treat ischemia and reperfusion injury from organ
transplantation. For more information, visit www.ReviveThera.com.
For more information, please contact:
Michael Frank
Chief Executive Officer
Revive Therapeutics Ltd.
Tel: 1 888 901 0036
Email: mfrank@revivethera.com
Website: www.revivethera.com
Neither the Canadian Securities Exchange nor
its Regulation Services Provider have reviewed or accept
responsibility for the adequacy or accuracy of this
release.
Cautionary Statement
This press release contains ‘forward-looking
information’ within the meaning of applicable Canadian securities
legislation. These statements relate to future events or future
performance. The use of any of the words “could”, “intend”,
“expect”, “believe”, “will”, “projected”, “estimated” and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Revive’s current belief or assumptions
as to the outcome and timing of such future events. Forward looking
information in this press release includes information with respect
to the Offering, including the intended use of proceeds.
Forward-looking information is based on reasonable assumptions that
have been made by Revive at the date of the information and is
subject to known and unknown risks, uncertainties, and other
factors that may cause actual results or events to differ
materially from those anticipated in the forward-looking
information. Given these risks, uncertainties and assumptions, you
should not unduly rely on these forward-looking statements. The
forward-looking information contained in this press release is made
as of the date hereof, and Revive 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
applicable securities laws. The foregoing statements expressly
qualify any forward-looking information contained herein. Reference
is made to the risk factors disclosed under the heading “Risk
Factors” in the Company’s annual MD&A for the fiscal year ended
June 30, 2020, which has been filed on SEDAR and is available under
the Company’s profile at www.sedar.com.
Revive Therapeutics (QB) (USOTC:RVVTF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Revive Therapeutics (QB) (USOTC:RVVTF)
Historical Stock Chart
From Sep 2023 to Sep 2024