Revive Therapeutics (CSE: RVV) this morning announced that it has entered into a letter of intent to acquire PharmaTher Inc’s (CSE: PHRM) psilocybin program. The proposed acquisition is to consist of a number of intellectual property-related assets to PharmaTher’s psilocybin research.
The letter of intent follows the previous announcement between the two firms that they had partnered to advance the study of psilocybin in the treatment of cancer, as well as the discovery of novel uses for certain psychedelic compounds. A number of assets are to be acquired under the LOI including:
- All IP from pre-clinical research activities in traumatic brain injury and stroke that is currently working towards an FDA orphan drug designation.
- All IP related to neurological disorders, cancers, and novel combinations of psilocybin with FDA approved drugs.
- All IP related to a study being currently conducted by the Nationa Health Research Institute in Taiwan
- Provisional patent applications in the US, including “Psilocybin in the Treatment of Neurological Brain Injury,” “Use of Psilocybin in the Treatment of Cancer,” and “Psilocybin Pharmaceutical Combination Therapies.”
Commenting on the announcement, Revive Therapeutics CEO Michael Frank stated, “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.“
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The sale of PharmaTher’s psilocybin program meanwhile is said to enable the company to focus its resources on its clinical stage product pipeline with ketamine. The company is currently working on an FDA-approved program studying ketamine as a treatment for neurological disorders such as Parkinson’s disease and movement disorders, depression, and pain.
Final terms of the transaction are to be agreed upon after due diligence is completed by Revive, with the transaction expected to close by January 31.
Revive Therapeutics last traded at $0.69 on the CSE.
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