Oxford, Ohio and Denver, Colorado--(Newsfile Corp. - January 10, 2023) - PsyBio Therapeutics Corp. (TSXV: PSYB) (OTCQB: PSYBF) ("PsyBio" or the "Company"), an intellectual property driven biotechnology company focused on the discovery and development of novel psycho-targeted therapeutics being designed to improve mental health and neurological conditions, is pleased to announce the addition of life sciences veteran Ian Wisenberg to the Company's board of directors (the "Board") and as an independent member of the Company's audit committee.
Mr. Wisenberg's career spans over three decades in biotechnology international business with an emphasis in finance, capital formation, corporate and business development. Ian has been an integral leader charting innovation and growth across several Bridgewest Group biotech companies. As CEO and board director of BioCina Pty Ltd. ("BioCina"), an Australian-based biologics contract development and manufacturing organization ("CDMO"), he leads a highly accomplished team, recognized for its strong history as a multi-product biologics development and manufacturing.
Prior to taking the helm at BioCina, Ian was founder and Chief Business Officer of BioArdis, a preclinical biopharmaceutical development company, Chief Financial Officer at BioDuro, a CDMO which was acquired by Advent International in 2019, and previous to these roles ran a very successful global life sciences consulting practice, BioGlobal Consulting Group, which had an extensive client list of biotech and pharma companies in the USA and abroad. Ian is from Cape Town, South Africa, and attended the University of Cape Town.
In connection with the appointment of Mr. Wisenberg to the Board, he was issued the option (the "Option") to purchase 500,000 Subordinate Voting Shares (the "Shares") at an exercise price of C$0.05, being the closing price of the Shares on January 9, 2023, which are exercisable until January 9, 2028, subject to certain vesting conditions, pursuant to the Company's stock option plan which was approved by shareholders on August 11, 2022 (the "Plan").
The Company also announces that the Board has approved the repricing and expiry date extension of 8,945,800 Options previously granted pursuant to the Plan to certain employees, directors and consultants of the Company to mirror the pricing and expiry date of the grant to Mr. Wisenberg (the "Amended Options"). All of the Amended Options are subject to approval of the TSX Venture Exchange (the "TSXV") and the Amended Options issued to insiders are subject to disinterested shareholder approval at the Company's next shareholder meeting expected to be held in Q4 2023 (the "Special Meeting"). Additional information regarding the Amended Options will be available in the management information circular prepared in connection with the Special Meeting. Prior to the Amended Options receiving TSXV approval and disinterested shareholder approval, as applicable, the Amended Options are not eligible for exercise.
To retain valued team members in the context of a significant drop in the trading price of the Company's Shares on the TSXV over the past 24-months due to macro issues in the broader capital markets, certain of the outstanding Options no longer offer an adequate incentive to certain employees, directors and consultants of the Company, as currently priced at C$0.35. Recognizing that Option grants are a critical element of the Company's compensation policy, the Board is of the view that it is in the best interest of the Company to reprice the outstanding Options granted to certain employees, directors and consultants, to ensure the exercise price of the Options is more in line with the current market price of the Shares.
The Company wishes to clarify that further to its press releases dated January 5, 2023 that the Company announces its intention to apply to the TSXV to extend its previously announced non-brokered private placement offering of units of the Company (the "Units") consisting of up to 40,000,000 Units at a price of C$0.05 per Unit for aggregate gross proceeds of up to C$2,000,000 (the "Offering"). Each Unit is comprised of one Share and one subordinate voting share purchase warrant (a "Warrant") exercisable at C$0.10 per Share for a period of 24 months following the closing date of the Offering. The expiry date of the Warrants may be accelerated by the Company at any time and upon 30 days' notice, if the closing price of the Shares on the TSXV is greater than C$0.20 for any 10 non-consecutive trading days following the date that is four months and one day after the date of issuance and prior to the expiry date of the Warrants. The Offering was initially announced in the Company's December 1, 2022 press release and the closing of the first tranche of the Offering was announced on January 5, 2023. The first tranche of the Offering was closed on January 5, 2023 (the "First Tranche"). Pursuant to the First Tranche, 12,665,612 Units were issued to purchasers at a price of C$0.05 per Unit for aggregate gross proceeds of C$633,281. Following the completion of the First Tranche, 27,334,388 Units remain available under the offering for aggregate gross proceeds of up to C$1,366,719. The Company intends to use the proceeds of the Offering for cGMP manufacturing, clinical trials and general corporate and working capital purposes.
About PsyBio Therapeutics Corp.
PsyBio Therapeutics is an intellectual property driven biotechnology company developing novel psycho-targeted therapeutics to being designed to improve mental health and neurological conditions. The team has extensive experience in drug discovery based on synthetic biology and metabolic engineering as well as clinical and regulatory expertise progressing drugs through human studies and regulatory protocols. Research and development is currently ongoing for naturally occurring psychoactive tryptamines originally discovered in different varieties of hallucinogenic mushrooms, other tryptamines and phenethylamines and combinations thereof. The Company utilizes a bio-medicinal chemistry approach to therapeutic development, in which psychoactive compounds can be utilized as a template upon which to develop precursors and analogs, both naturally and non-naturally occurring.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this press release include statements regarding: the ability of PsyBio to develop novel formulations to potentially treat neurologic and psychologic conditions and other disorders; the ability of PsyBio to launch clinical trials; the ability of PsyBio to build and protect its intellectual property portfolio of novel drug candidates; the ability to achieve cost competitive synthesis with reduced environmental impact over current production methods; the ability of PsyBio to move target candidates into scaled commercial manufacturing and regulatory application; the ability of the Company to close the Offering on the terms described herein, if at all; and the Company's anticipated use of proceeds from the Offering.
In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that: PsyBio will be successful in protecting its intellectual property; PsyBio will be successful in discovering new valuable target molecules; PsyBio will file one or more IND Applications with the FDA; PsyBio will be successful in obtaining all necessary approvals for clinical trials; PsyBio will be successful in launching clinical trials; the results of preclinical safety and efficacy testing will be favourable; PsyBio's technology will be safe and effective; a confirmed signal will be identified in PsyBio's selected indications; and that drug development involves long lead times, is very expensive and involves many variables of uncertainty. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting PsyBio's business and results of operations; decreases in the prevailing process for psilocybin and nutraceutical products in the markets in which PsyBio operates; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
PsyBio makes no medical, treatment or health benefit claims about PsyBio's proposed products. The FDA or other similar regulatory authorities have not evaluated claims regarding psilocybin and other next generation psychoactive compounds. The efficacy of such products has not been confirmed by FDA-approved research. There is no assurance that the use of psilocybin and other psychoactive compounds can diagnose, treat, cure, or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. PsyBio has not conducted clinical trials for the use of its intellectual property. Any references to quality, consistency, efficacy and safety of potential products do not imply that PsyBio verified such in clinical trials or that PsyBio will complete such trials. If PsyBio cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the PsyBio's performance and operations.
The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PsyBio Therapeutics Corp.
For further information, please contact:
Evan Levine
CEO, PsyBio Therapeutics Corp.
t: 513.449.9585
e: ir@psybiolife.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150875
