PHARMADRUG
COMPLETES ACQUISITION OF SAIRIYO THERAPEUTICS
INC.
Toronto, Ontario
-- February
2, 2021 -- InvestorsHub NewsWire -
PharmaDrug Inc. (CSE: BUZZ)
(OTC:
LMLLF) ("PharmaDrug" or the
"Company"), a specialty pharmaceutical company
focused on the development and commercialization of
controlled-substances and natural medicines such as
psychedelics, cannabis
and naturally-derived approved drugs, today announced that it has
completed the previously announced (see press releases dated
January 12, 2021 and January 25, 2021) acquisition of Sairiyo
Therapeutics Inc. (“Sairiyo”) on February 2,
2021.
Sairiyo is a biotechnology company focused on
repurposing and developing improved formulations of naturally
derived compounds for serious, rare, and life-threatening diseases
with the aim to obtain
European Medicines Evaluation Agency
and U.S. Food and Drug Administration
(“FDA”)
approval. Sairiyo is
advancing the clinical development of its lead drug candidate,
Cepharanthine, a repurposed and reformulated naturally-derived
compound for the potential treatment of cancer, neurological,
inflammatory and infectious diseases.
Cepharanthine is a
natural product and an approved drug
used for more than 70 years in Japan to treat a variety of acute
and chronic diseases. In clinical research, Cepharanthine
exhibits multiple pharmacological properties including
anti-oxidative, anti-inflammatory, immuno-regulatory, anti-cancer,
anti-viral and anti-parasitic properties1. Sairiyo has
an exclusive license from a research and development organization
to develop and commercialize reformulated Cepharanthine for all
diseases and exclusive rights to the patent, method of
manufacturing, clinical supply, pre-clinical data and know-how to
support FDA clinical trials.
Sairiyo is currently focused on advancing the
clinical development of Cepharanthine to treat rare cancer
diseases. Sairiyo recently received FDA orphan drug
designation for Cepharanthine in the treatment of esophageal
cancer.
Chairman and CEO Daniel Cohen commented, “We are
extremely excited to close the acquisition of Sairiyo and enter
into a new phase for PharmaDrug. The acquisition helps complete
PharmaDrug’s business model by adding a vertical in research and
development.”
Management will immediately move to integrate
Sairiyo into the Company with a goal to refine its Cepharanthine
strategy including, but not exclusively, advancing the drug into
FDA clinical trials for esophageal cancer. Management will also
actively seek other avenues for the drug’s diverse opportunities.
PharmaDrug and Sairiyo have also already begun to develop a
strategy to commence unique and value adding research in the
psychedelic space.
Under the terms of the agreement, PharmaDrug
acquired all of the issued and outstanding shares of Sairiyo in
consideration for the issuance of an aggregate of 75,000,000 units
of PharmaDrug ("Units"). Each Unit is
comprised of one common share of Pharmadrug and one common share
purchase warrant (a "Warrant") of
Pharmadrug. Each Warrant entitles the holder thereof to
acquire one common share in the capital of Pharmadrug at any time
on or before the August 2, 2022 at an exercise price of $0.10 per
share.
About PharmaDrug Inc.
PharmaDrug is a specialty pharmaceutical company
focused on the research, development and commercialization of
controlled-substances and natural medicines such as psychedelics,
cannabis and naturally-derived approved drugs. The Company
owns 80% of Pharmadrug Production GmbH, a German medical cannabis
distributor, with a Schedule I European Union narcotics license and
German EuGMP certification allowing for the importation and
distribution of medical cannabis to pharmacies in Germany and
throughout the EU. The Company also owns 100% of Super Smart, a
Dutch company building a modern adult use psychedelic retail
business with an elevated and educational focus. PharmaDrug
recently acquired Sairiyo Therapeutics, a biotech company that
specializes in researching and reformulating established natural
medicines with a goal of bringing them through regulatory and
research driven clinical trials.
For further information, please
contact:
Daniel Cohen, Chairman and CEO
dcohen@pharmadrug.co
(647) 202-1824
Caution Regarding Forward-Looking
Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED
NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
This press release contains “forward-looking
information” within the meaning of applicable securities
legislation. All statements, other than statements of historical
fact, included herein is forward-looking information. Generally,
forward-looking information may be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “proposed”, “is expected”, “budgets”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not
anticipate”, or “believes”, or variations of such words and
phrases, or by the use of words or phrases which state that certain
actions, events or results may, could, would, or might occur or be
achieved. In particular, this press release contains
forward-looking information in relation to: advancing the clinical
development of Cepharanthine; advancing into FDA clinical trials
for esophageal cancer; finding other avenues for Cepharanthine’s
diverse opportunities; developing a strategy to commence unique and
value adding research in the psychedelic space. This
forward-looking information reflects the Company's current beliefs
and is based on information currently available to the Company and
on assumptions the Company believes are reasonable. These
assumptions include, but are not limited to the ability of the
Company to successfully execute on its plans for the Company and
Sairiyo; and the Company's continued response and ability to
navigate the COVID-19 pandemic being consistent with, or better
than, its ability and response to date.
Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements
of the Company to be materially different from those expressed or
implied by such forward-looking information. Such risks and other
factors may include, but are not limited to: general business,
economic, competitive, political and social uncertainties; general
capital market conditions and market prices for securities; the
actual results of the Company's future operations; competition;
changes in legislation affecting the Company; the ability to obtain
and maintain required permits and approvals, the timing and
availability of external financing on acceptable terms; lack of
qualified, skilled labour or loss of key individuals; risks related
to the COVID-19 pandemic including various recommendations, orders
and measures of governmental authorities to try to limit the
pandemic, including travel restrictions, border closures,
non-essential business closures, service disruptions, quarantines,
self-isolations, shelters-in-place and social distancing,
disruptions to markets, economic activity, financing, supply chains
and sales channels, and a deterioration of general economic
conditions including a possible national or global recession; and a
deterioration of financial markets that could limit the Company’s
ability to obtain external financing.
A description of additional risk factors that may
cause actual results to differ materially from forward-looking
information can be found in the Company’s disclosure documents on
the SEDAR website at www.sedar.com. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on
forward-looking information. Readers are cautioned that the
foregoing list of factors is not exhaustive. Readers are further
cautioned not to place undue reliance on forward-looking
information as there can be no assurance that the plans, intentions
or expectations upon which they are placed will occur. Such
information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results
may differ materially from those
anticipated.
The Company's securities have not been registered
under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"), or applicable state securities laws, and may not
be offered or sold to, or for the account or benefit of, persons in
the United States or "U.S. Persons", as such term is defined in
Regulations under the U.S. Securities Act, absent registration or
an applicable exemption from such registration requirements. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in the United States or any jurisdiction in which such
offer, solicitation or sale would be
unlawful.
Forward-looking information contained in this
press release is expressly qualified by this cautionary statement.
The forward-looking information contained in this press release
represents the expectations of the Company as of the date of this
press release and, accordingly, are subject to change after such
date. However, the Company expressly disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities
law.
References:
-
Bailly,
C., 2019. Cepharanthine: An update of its mode of action,
pharmacological properties and medical applications. Phytomedicine
62, 152956.
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