VANCOUVER, British Columbia, Feb. 28, 2022 (GLOBE NEWSWIRE) -- FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, has entered into a firm agreement in connection with the sale of its 64.43-acre, former cannabis processing facility located in Cobourg, Ontario.
The purchaser has agreed to pay a cash sum of CAD$16,500,000, including a deposit of CAD$660,000, which was received by FSD Pharma on February 24, 2022.
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The transaction, which is non-dilutive to the shareholders, is expected to close on May 31, 2022, subject to a number of conditions. Management believes this infusion of cash should increase the value of each share by about $0.40, at current prices.
FSD Pharma Inc. is a biotechnology company with three drug candidates in different stages of development.
FSD Pharma, through FSD BioSciences, a wholly owned subsidiary, is currently assessing next steps for FSD-PEA, an ultra micro-PEA compound with anti-inflammatory properties shown to be safe following positive Phase 1 clinical results. FSD-PEA has the potential to address a range of inflammatory conditions. FSD Pharma is currently analyzing what is the best indication to go for a Phase 2 trial
Lucid Psycheceuticals, also a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-PSYCH and Lucid-MS. Lucid-MS is Neuroprotective compound which, in pre-clinical models, has shown to prevent and reverse Myelin degradation, which is a cause for Multiple Sclerosis as well as other Neuro-degenerative disorders. It has shown excellent results in several animal models. The current treatment market is valued at US$23 billion globally. Lucid-PSYCH is a psycho-active molecule which has shown excellent results for depression in pre-clinical models. According to the World Health Organization, it is estimated that 300 million people worldwide are living with depression.
The shares are trading at $1.30 on the Canadian Securities Exchange. For more information, please visit the company’s website, www.FSDpharma.com, or contact Zeeshan Saeed, President and Founder, at 416-854-8884 or by email at zsaeed@FSDpharma.com. For investor relations in Canada email IR@FSDPharma.com and in the United States, contact Stephen Kilmer at SKilmer@FSDpharma.com.
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