Champignon Brands (CSE: SHRM) announced today that they have signed a definitive agreement to acquire that of Novo Formulations Ltd. Novo is a biotechnology focused firm that is currently developing novel and innovative delivery systems for the pharmaceutical and nutraceutical industries.
The acquisition of Novo and their delivery systems platform and R&D advancements is anticipated to compliment Champignon’s current patent portfolio. The Novo roster consists of a number of PhD and technician scientists with decades worth of experience in building novel intellectual property in the medical field. Additionally, the team has vast experience in developing and marketing novel delivery systems.
Presently, Novo is working with a host of pharmaceutical and nutral molecules, as well as ketamine, anaesthetics and adaptogenics. The firm is currently conducting its operations out of a Quebec facility that is licensed for pharmaceutical work, as well as at a pharmacy in Ontario. The company is currently developing, formulating, and commercializing delivery platforms that include trandermal, intranasal, oral, sublingual and suppository methods.
The addition of Novoformulations allows Champignon to deliver medications in a safer, more effective and more expeditious manner than our peers, from bench top in the laboratory, to preclinical and clinical trials. We are intent on the commercialization of products throughout North America, as rapidly as is safely and effectively practicable.
Champignon Chief Executive Officer Gareth Birdsall
Champignon Brands is acquiring Novo for a total purchase price of $3.1 million, which is being satisfied through the issuance of 12.5 million common shares of the issuer. Champignon intends to utilize Novo’s current product development infrastructure to develop psilocybin and MDMA based formulations with the goal of developing rapid onset treaments that are effective against depression, PTSD, and substance and alcohol use disorders.
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Champignon Brands last traded at $0.32 on the CSE.
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