Mydecine Innovations today announced it entered a definitive share exchange agreement to acquire 100% of NeuroPharm.
Mydecine Innovations will acquire all issued and outstanding shares in the capital of NeuroPharm for $6 million, which will be payable in common shares in the capital of the company.
NeuroPharm is currently developing evidence-based medicine of psychedelic based therapies to address mental health conditions that are frequently experienced by veterans and frontline workers. Mental health conditions include PTSD, depression, addiction, anxiety, Panic disorders and migraine and cluster headaches.
“According to recent published data, as many as 20 veterans on average commit suicide per day in the U.S. alone, and, to me, this is a heart-breaking staggering statistic that unfortunately is overlooked by so many. We owe everything to our veterans, EMS and frontline personnel, yet the best solutions for their long-term mental health are currently non-existent. Aligning ourselves with the amazing team at NeuroPharm affords us the ability to make a positive change. Myself and the rest of the Mydecine team are truly honoured to be a part of this effort to finally make a difference and we are incredibly excited about what we will all accomplish together,” Mydecine CEO Josh Bartch said in a news release.
NeuroPharm’s leadership team is mostly scientists and military personnel with drug development experience. It has extensive established relationships with global military organizations and can oversee all areas of the product lifecycle, including medical mushroom cultivation, drug delivery system development, clinical trial execution, all the way through to product commercialization.