TIDMAPOL
RNS Number : 4823K
Apollon Formularies plc
05 May 2022
05 May 2022
Apollon Formularies Plc
Apollon Formularies plc Acquires Intellectual Property from Aion
Therapeutic
Apollon Formularies plc (AQSE: APOL) ("Apollon" or the
"Company"), a UK based international pharmaceutical company trading
on the Aquis Stock Exchange, and Aion Therapeutic Inc. (CSE: AION)
("Aion"), a BC based international pharmaceutical company trading
on the Canadian Securities Exchange, are pleased to announce that
Apollon has acquired certain intellectual property from AI
Pharmaceuticals Ltd., a wholly owned Jamaican subsidiary of
Aion.
Under the terms of the Agreement, Apollon will acquire the
following patents and all associated supporting data including the
pre-clinical testing results from BIOENSIS.
1. Compositions and Methods for Treatment of Cancers.
2. Compositions and Methods for Treatment of Inflammation.
3. Methods for Treatment of Human Cancers using Mushroom Compositions.
4. Methods for Treatment of Human Cancers using Cannabis Compositions.
Apollon has purchased the patents from Aion via a cash payment
of GBP95,957.18 and the issuing of 4,348,679 ordinary shares in the
Company. These ordinary shares will be subject to a complete
trading restriction for a period of six (6) calendar months from
the date of the stock transfer. After the six (6) month restriction
period, twenty percent (20%) of such stock received will become
eligible for trading, and an additional twenty percent (20%) will
be tradable at the end of each following three-month period, with
all trading restrictions being fully removed at the end of eighteen
(18) months.
In addition to the cash payment and Apollon shares, Apollon will
pay to Aion a royalty fee of four percent (4%) of Net Revenues on
all products produced and sold globally that are derived from or
based on the purchased intellectual property assets. The royalty
fee shall be due from Apollon on a quarterly basis after the first
commercial product sales.
Stephen Barnhill, MD, Chairman and CEO of Apollon Formularies
plc, stated: "This intellectual property acquisition is a win-win
for both companies. Apollon's Jamaican affiliate, Apollon
Formularies Jamaica Limited, has Cannabis Licensing Authority (CLA)
issued medical cannabis licenses for processing, retail therapeutic
sales, and research and development which allows performing human
clinical trials with approval of the Ministry of Health (MOH) and
cultivation. Apollon's CLA licenses also currently allow the export
of these products from Jamaica to countries globally allowing legal
import.
"Apollon has a state-of-the art, high volume processing and
manufacturing facility in Jamaica allowing production of these
products. Apollon intends to immediately make these medical
cannabis and medicinal mushroom products available at Apollon's
International Cancer and Chronic Pain Institute in Kingston,
Jamaica and at our CLA-licensed dispensary in Negril, Jamaica, as
well as initiating human clinical trials to validate the successful
results seen in the pre-clinical testing."
Graham Simmonds, CEO of Aion, commented: "Apollon's CLA-licenses
and current infrastructure to begin manufacturing these products
immediately for Jamaican and international sales, resulting in a
quarterly royalty payment to Aion for the life of the patents,
could provide significant continuing revenue for Aion for a long
period of time. Aion will continue developing and/or licensing
products based on our six other patent applications, which include
indications in use for psychotic disorders, weight loss and
obesity, viral disorders, and interstitial cystitis."
As previously stated in May 2021 press releases, AI
Pharmaceuticals and Apollon Formularies Jamaica made arrangements
for the testing of their respective formulations and products
independently and jointly. BIOENSIS, an independent pre-clinical
predictive pharmaceutical testing laboratory, previously evaluated
the effect of mushroom and cannabis formulations on multiple cancer
cell lines in 3D cell cultures. The success of that arrangement and
those tests led to the transaction announced today.
Dr. Barnhill, CEO of Apollon, is also the Executive Chairman of
Aion and serves as a director and executive officer of AI
Pharmaceuticals.
About Apollon Formularies plc and Apollon Formularies Jamaica
Ltd
Apollon Formularies plc is an international medical cannabis
company headquartered in the United Kingdom. Apollon Formularies
Jamaica Limited is a pharmaceutical company incorporated and
operating in the Commonwealth of Jamaica. Apollon Jamaica is
licensed by the Jamaican government's Cannabis Licensing Authority
(CLA) to cultivate, perform research and development, process, and
sell medical cannabis therapeutic products that include legal
medical cannabis to treat various illnesses under medical
supervision. Apollon and Apollon Jamaica are parties to a
Commitment Agreement whereby Apollon is entitled to 95% of Apollon
Jamaica's Net Profits, and per a Stock Pledge Agreement that
includes Stephen D. Barnhill, M.D., Apollon is to be assigned the
entire 49% equity interest of Apollon Jamaica held by Dr. Barnhill,
which is the maximum interest in a medical cannabis company allowed
to be held by a non-Jamaican, upon the CLA approving the
assignment.
The Directors of Apollon accept responsibility for the contents
of this announcement.
For additional information, please visit www.apollon.org.uk or
contact:
Apollon Formularies
Tel: +44 771 198 0221
Stene Jacobs stene@apollon.org.uk
Peterhouse Capital Limited (Corporate Adviser)
Tel: +44 207 220 9795
Guy Miller gm@peterhousecapital.com
BlytheRay (Financial PR/IR-London)
Tel: +44 207 138 3204
Tim Blythe/Megan Ray apollon@blytheray.com
About Aion Therapeutic Inc. and AI Pharmaceuticals Ltd
Aion Therapeutic Inc. through its wholly-owned subsidiary, AI
Pharmaceuticals Jamaica Limited, is in the business of research and
development, treatment, data mining and state-of-the-art artificial
intelligence (machine learning) techniques, focused on the
development of combinatorial pharmaceuticals, nutraceuticals and
cosmeceuticals utilizing compounds from cannabis (cannabinoids),
psychedelic mushrooms (psilocybin), fungi (edible mushroom),
natural psychedelic formulations (Ayahuasca), and other medicinal
plants in a legal environment for this type of discovery. In
addition, Aion Therapeutic is creating a strong international
intellectual property portfolio related to its discoveries.
For further information, please contact:
Public Relations
KCSA Strategic Communications
Anne Donohoe
aion@kcsa.com
Investor Relations
KCSA Strategic Communications
Phil Carlson
(212) 896-1233
aion@kcsa.com
Aion Therapeutic Inc.
Graham Simmonds
Executive Vice Chair & CEO
(416) 843-2881
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forward-looking information that involve substantial known and
unknown risks and uncertainties. This forward-looking information
is subject to numerous risks and uncertainties, certain of which
are beyond the control of the Company, including, but not limited
to, the impact of general economic conditions, industry conditions,
and dependence upon regulatory approvals. Readers are cautioned
that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking information. The parties undertake no
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END
ACQUPUWUAUPPGGA
(END) Dow Jones Newswires
May 05, 2022 07:07 ET (11:07 GMT)
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