Revive Therapeutics Ltd (RVVTF)

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https://finance.yahoo.com/news/pharmather-announces-sale-psilocybin-program-140200533.html

PharmaTher Announces Sale of Psilocybin Program

Newscope Capital Co

TORONTO, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Newscope Capital Corporation (CSE: PHRM) (OTCQB: PHRRF), who through its wholly-owned subsidiary, PharmaTher Inc. (“PharmaTher” or the “Company”), is a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals, is pleased to announce that, further to its press release dated December 21, 2020, it has entered into an asset purchase agreement (the “Agreement”) with Revive Therapeutics Ltd. (“Revive”) (CSE: RVV, USA: RVVTF) to sell the full rights to PharmaTher’s intellectual property (the “Acquired Assets”) pertaining to psilocybin (the “Acquisition”).

Pursuant to the Agreement, Revive will pay aggregate consideration of up to CAD $10 million (the “Purchase Price”). The Purchase Price will be satisfied as follows: (i) $3 million in cash will be paid on the closing date; (ii) $4 million will be satisfied through the issuance of securities in the capital of Revive and (iii) up to $3 million, in either cash or securities in the capital of Revive, in the event that Revive achieves certain milestones, which include Revive obtaining FDA orphan drug designation for psilocybin in the treatment of stroke, traumatic brain injury, or cancer, the commencement of a Phase 2 clinical trial and the regulatory filing for market authorization, such as U.S. Food and Drug Administration (“FDA”) approval. In addition to the Purchase Price, Revive will also pay Newscope Capital Corporation a low single digit royalty on all future net sales of products derived from the Acquired Assets.

“We are very pleased with the sale of our psilocybin program as it pertains to the intellectual property and research for the use of psilocybin in the treatment of stroke, traumatic brain injury and cancer to Revive as it provides us with non-dilutive funding to advance the clinical development of ketamine in the treatment of Parkinson’s disease, KETABET™ in the treatment of depression and the development of our proprietary microneedle delivery technologies to deliver psychedelic pharmaceuticals including ketamine, esketamine, psilocybin, MDMA, LSD and DMT for various mental health, neurological and pain disorders,” said Fabio Chianelli, CEO of PharmaTher. “We are now in a strong position to unlock the value of our unique psychedelic-based product pipeline and microneedle delivery technologies, and to advance our lead program ketamine to treat Parkinson’s disease towards FDA Phase 2 clinical trials.”