Oscillate Plc - Psych Capital Investee Update
PR Newswire
LONDON, United Kingdom, December 05
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
5 December 2023
Oscillate Plc
AQSE: MUSH
("Oscillate" or the "Company")
Psych Capital Investee Update
The Directors note that the acquisition of Short Wave Pharma Inc. ("Shortwave") by Psych Capita Plc ("Psych") completed in November 2023. As consideration, Psych issued 71,170,131 ordinary shares for a deemed value of £3.5 million for Short Wave.
Oscillate, continues to own 46,042,516 ordinary shares of Psych from when the company admitted to the Aquis Growth Market in June 2022, representing 12.75% of the issued share capital of Psych. At the current bid price, the shareholding is worth approximately £1.38 million. The Directors will continue to assess this investment to ascertain an exit opportunity should it feel appropriate and within the planning of the Company's own future.
In the meantime, the Directors remain optimistic at the advances that the Short Wave acquisition represents in the innovative psychedelics space.
Shortwave Pharma is developing breakthrough therapies to address unmet medical needs in mental health, particularly in the field of eating disorders. Short Wave is an Israeli-based biopharmaceutical company developing novel formulations of psilocybin and additional APIs, as well as customised delivery methods, to effect significant therapeutic benefits for patients suffering from mental health disorders, with an initial focus on eating disorders.
Steve Xerri, CEO of Oscillate commented: "It would be prudent of shareholders in Oscillate to acknowledge and be kept aware of the close developments in Psych, they have gained a new CEO who is keen to oversee the trial phasing of this science and trials are due to be started in Q1 2024. We are watching closely and we wish the board of directors every success in their near, mid and future plans.
For the shareholders of Oscillate, the Psych investment represents a solid and meaningful investment in the innovative medical science space, and provides an exciting opportunity for what this investment can bring in the short term."
Psych's announcement is found at the following link: Investegate | Company Announcement
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries
Company:
John Treacy
ir@oscillateplc.com
https://oscillateplc.com
Corporate Adviser:
Peterhouse Capital Limited
Guy Miller & Heena Karani
Telephone: +44 (0) 20 7220 9796
