PharmaTher (CSE: PHRM) has seen the completion of the sale of its psilocybin program to that of Revive Therapeutics (CSE: RVV). Under the terms of the agreement, Revive has acquired the full rights to PharmaTher’s intellectual property as it pertains to psilocybin.
The assets sold under the arrangement includes a number of IP, including all intellectual and work property derived from pre-clinical research with the National Health Research Institute in traumatic brain injury and stroke, as it pertains to psilocybin, as well as the data related to the target goal of obtaining FDA orphan drug designation. Also included is three key provisional patent applications filed in the US.
With respect to patents, the applications are for the use of psilocybin in the treatment of neurological brain injury, the use of psilocybin in the treatment of cancer, and psilocybin pharmaceutical combination therapies.
“We are pleased with our purchase of PharmaTher’s psilocybin portfolio as it complements Revive’s current psilocybin-based programs in oral thin film delivery, a clinical study for a drug abuse disorder and the development of a biosynthetic version of psilocybin. Revive is positioned to advance its unique prescription-based psilocybin program for future clinical development with the objective in commercializing its product offerings through the FDA approval pathway.”
Michael Frank, CEO of Revive Therapeutics
The terms of the acquisition will see aggregate consideration of $10 million paid to PharmaTher for the IP and data, consisting of the following:
- $3.0 million in cash paid upon closing
- $4.0 million in Revive common shares
- Up to $3.0 million in the capital of Revive upon certain milestones, including FDA orphan drug status being obtained for psilocybin in the treatment of strike, traumatic brain injury, or cancer, and the commencement of a phase 2 clinical trial
PharmaTher last traded at $0.43 on the CSE.
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