Lucy Scientific Discovery, Inc. Achieves Major Milestone with Successful Completion of its Acquisition of the Assets of Wesana Health
05 Juli 2023 - 3:00PM
Lucy Scientific Discovery Inc. ("Lucy" or "the Company") (NASDAQ:
LSDI) proudly announces the successful completion of its
acquisition of Wesana Health Inc.'s ("Wesana") SANA-013 assets,
marking a significant milestone in the field of mental health
therapeutics. This acquisition strengthens Lucy's position as a
leader in innovative drug development research and accelerates the
development and commercialization of this groundbreaking treatment.
SANA-013 is being developed for the treatment of several mental
health and central nervous system (CNS) related conditions,
including Major Depressive Disorder (MDD), Migraine,
Episodic Cluster Headaches, and Trigeminal Neuralgia
(TG). This novel combination allows both psilocybin and CBD to act
in the brain, while also inducing a potent anti-inflammatory effect
that, together, leads to anti-depressant effects. According to
Emergen Research, the global depression treatment market size was
$12.1 billion in 2019 and is expected to reach $16.1 billion in
2027, with a revenue CAGR of 3.9% from 2020-2027.
Lucy Scientific Discovery Inc. is also pleased to announce the
formation of Lucy Discoveries Holdings, a new entity that will
serve as a platform for the continued advancement of psychedelic
medicine research and development. Lucy Discoveries Holdings will
focus on expanding and diversifying Lucy's portfolio of innovative
therapies, catering to the unmet needs of patients worldwide.
"We are delighted to finalize the acquisition of Wesana's
SANA-013 assets and announce the formation of Lucy Discoveries
Holdings," said Richard Nanula, Executive Chairman of the Board,
Lucy Scientific Discovery Inc. "This strategic move significantly
enhances our capabilities in the development of psychedelic
medicine, reinforcing our commitment to revolutionizing mental
health treatments. We are excited about the opportunities ahead and
the potential to positively impact the lives of individuals around
the world."
“I am pleased to announce the sale of our highly anticipated
drug development program, SANA-013, to Lucy Scientific Discovery,”
said Daniel Carcillo, Wesana founder and Chief Executive Officer.
“This partnership will enable us to leverage Lucy's resources,
expertise, and global reach, solidifying our commitment to making a
lasting impact in the field of mental health and underscores the
tremendous potential of SANA-013. Our team at Wesana Health has
worked tirelessly to develop this innovative program, and I am
personally honored to be joining the exceptional team at Lucy, and
together, we will bring hope and healing to individuals worldwide,
forging a brighter future for mental wellness.”
The completion of this acquisition and the establishment of Lucy
Discoveries Holdings position Lucy Scientific Discovery Inc. as a
leader in the field of mental health therapeutics. With a robust
pipeline of cutting-edge treatments and a commitment to improving
patient outcomes, Lucy is poised to make a profound impact on
mental wellness.
About Lucy Scientific Discovery
Inc. Lucy Scientific Discovery Inc. (NASDAQ:
LSDI) is a licensed producer of compounds for medicinal products.
Holding a Controlled Drugs and Substances Dealer's License granted
by Health Canada's Office of Controlled Substances, Lucy Scientific
Discovery Inc. and its wholly-owned subsidiary, LSDI Manufacturing
Inc., operate under Part J of the Food and Drug Regulations
promulgated under the Food and Drugs Act (Canada). This specialized
license authorizes LSDI to develop, sell, deliver, and manufacture
pharmaceutical-grade active pharmaceutical ingredients (APIs) used
in controlled substances and their raw material precursors. Lucy’s
focus is on pioneering innovative therapies for patients in need,
and through its lead candidate SANA-013, dedicated to advancing the
understanding and applications of psychedelic medicine, improving
mental health outcomes, and enhancing well-being for individuals
worldwide.
Note Regarding Forward-Looking StatementsThis
press release may contain forward-looking statements.
Forward-looking statements give our current expectations or
forecasts of future events. You can identify these statements by
the fact that they are not related to historical or current facts.
Forward-looking statements involve risks and uncertainties and
include statements regarding, among other things, our projected
revenue growth and profitability, our growth strategies and
opportunity, anticipated trends in our market and our anticipated
needs for working capital. They are generally identifiable by use
of the words "may," "will," "should," "anticipate," "estimate,"
"plans," "potential," "projects," "continuing," "ongoing,"
"expects," "management believes," "we believe," "we intend" or the
negative of these words or other variations on these words or
comparable terminology. In particular, these include statements
relating to future actions, prospective products, market
acceptance, future performance, results of current and anticipated
products, sales efforts, expenses, and the outcome. Most of these
factors are outside Lucy’s control and may cause actual future
events to differ materially from the expected results, include, but
are not limited to: (i) the occurrence of any event, change or
other circumstance that could give rise to the legality of this
consumer product, (ii) inability to recognize the anticipated
benefits of the opportunity, which may be affected by, among other
things, competition and the ability of the company to grow and
manage growth profitability, (iii) costs related to the production,
(iv) the ability to implement business plans, forecasts, and other
expectations of the opportunity, as well as identify and realize
additional opportunities, (v) the outcome of any legal proceedings
that may be instituted against Lucy following the announcement of
the new product line, and (vi) other risks and uncertainties
indicated in the filings that are made from time to time with the
SEC by Lucy (including those under the “Risk Factors” sections
therein).
These statements are based on our management's expectations,
beliefs and assumptions concerning future events affecting us,
which in turn are based on currently available information.
Although we believe that the estimates and projections reflected in
the forward-looking statements are reasonable, our expectations may
prove to be incorrect.
Media Contact:NisonCo Public RelationsMichelle
Meltonmichelle@nisonco.com
Investor Contact:Addo Investor Relations,
Inc.lucyscientific@addo.com
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