In a news release, specialty life sciences companyRevive Therapeutics Ltd. (RVV:TSX.V; RVVTF:OTCMKTS), which focuses on developing therapeutics for infectious diseases and rare disorders, announced that it has executed a non-binding letter of intent (LOI) to acquire the full intellectual property (IP) rights pertaining to the psilocybin assets owned by PharmaTher Inc., a wholly-owned subsidiary of Newscope Capital Corp. (PHRM:CSE; PHRRF:OTC Pink).
The firm noted that PharmaTher is a specialty life sciences company engaged in researching and developing psychedelic pharmaceuticals and it activities involve the discovery of novel applications for psychedelic medicines like psilocybin and ketamine combined with U.S. FDA-approved drugs for treating depression and pain and neurological related disorders such as Parkinson's disease and other movement disorders.
The company mentioned that purchase of PharmaTher's IP portfolio comes after its prior announcement stating that the two companies had agreed to partner together on an exclusive research collaboration formed to advance the development of psilocybin for cancer treatments and to investigate new applications for certain undisclosed psychedelic compounds.
The firm stated that the acquired assets will include all IP and work derived from PharmaTher's pre-clinical research activities in traumatic brain injury and stroke, all IP pertaining to neurological disorders, cancers and novel combinations of psilocybin and FDA approved drugs and all work and IP derived from a study being currently undertaken by the National Health Research Institute in Taiwan.
Revive will also gain the rights for key provisional patent applications with the U.S. Patent and Trademark Office, which apply to the use of psilocybin in the treatment of neurological brain injuries and migraines, the treatment of liver carcinoma, melanoma, breast neoplasms, Kidney neoplasms and acute myeloid leukemia and for novel combinations of certain FDA approved drugs with psilocybin to treat neurological disorders.
Revive Therapeutics' CEO Michael Frank remarked, "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."
"PharmaTher discovers novel uses of psychedelic pharmaceuticals, such as psilocybin, and combinations with FDA-approved drugs for development internally or with pharmaceutical partners, such as Revive, which has a unique oral drug delivery system to complement our psilocybin development program...I am pleased that we have found a home for our psilocybin program which will allow us to solely focus our resources on our clinical-stage product pipeline with FDA-approved ketamine to treat neurological disorders, such as Parkinson's disease and movement disorders, depression and pain," stated PharmaTher's CEO Fabio Chianelli.
Revive stated that it will proceed with its due diligence investigation and after that time the final terms of the acquisition will be detailed in a definitive agreement. The company expects that the transaction will close on or before Jan. 31, 2021, subject to ordinary closing conditions and the execution of an agreed upon definitive agreement.
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