Scythian Biosciences Inc. (SCYB:TSX.V), a preclinical research and development company that is developing a proprietary cannabinoid-based combination drug therapy for the treatment of concussions and traumatic brain injury, has just completed a reverse takeover and expects to begin trading on the TSX Venture Exchange on Aug. 8 under the ticker symbol SCYB.
Scythian has merged with a wholly owned subsidiary of Kitrinor Metals Inc., and the company's name changed to Scythian Biosciences. The transaction has constituted a change of business, and shares have been consolidated on the basis of one new common share for 20 old common shares. Following the transaction, there will be approximately 5.25 million shares outstanding.
The company completed a subscription receipt financing for gross proceeds of $13.285 million. Clarus Securities was the lead agent, and Haywood Securities and Canaccord Genuity acted as agents. Aphria Inc., which produces, supplies and sells medical cannabis and is one of Canada's lowest cost producers, participated in the offering as a strategic lead investor.
Scythian's lead product is a drug therapy for concussions, a condition that has gained a lot of attention recently in the National Football League and in other sports. There is currently a class-action settlement with the NFL over concussions.
According to the company, there currently is no drug treatment for concussions. Scythian therapy attempts to inhibit the immune response to concussions and inhibit inflammation. "Scythian's mission is to be the first accepted drug regimen for concussive treatment," the company announced on March 31. "Scythian has recently formed a collaboration with the University of Miami and its world renowned neuroscientific team to conduct pre-clinical and clinical trials of its drug regimen. The University of Miami believes that Scythian's scientific approach shows significant promise and differs from previous approaches to treat this growing problem. The collaboration with the University of Miami allows access to their extensive knowledge base in the fields of traumatic brain injury and concussions and allows for Scythian's clinical studies to be undertaken at their world-class facilities."
Scythian also stated that "Gillian A. Hotz, PhD, is leading Scythian's program at the University of Miami. Dr. Hotz is a nationally recognized behavioral neuroscientist and expert in neurotrauma, concussion management, and neurorehabilitation. She has extensive experience in neurocognitive testing. Dr. Hotz has been the co-director of University of Miami Miller School of Medicine's Concussion Program since 1995."
Go Green B.C. Medicinal Marijuana Ltd., a wholly owned subsidiary of Scythian, has applied to Health Canada, according to the company, to become a licensed producer "under the ACMPR that would enable it to cultivate and sell Medical Marijuana to patients across Canada. The licensing application is currently pending and Go Green is in the Security Phase of the licensing process."
Editor's note: An earlier version of this article incorrectly stated that the NFL Alumni Association endorsed the mission of Scythian; the Association does not endorse any drug company in this article.
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