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


Investor Relations

KCSA Strategic Communications

Phil Carlson

(212) 896-1233


Aion Therapeutic Inc.

Graham Simmonds

Executive Vice Chair & CEO

(416) 843-2881


Certain information set forth in this news release may contain 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 obligation to update forward-looking information except as otherwise may be required by applicable securities law.

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(END) Dow Jones Newswires

May 05, 2022 07:07 ET (11:07 GMT)

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