Mr. Daniel Carcillo reports
WESANA HEALTH ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED SANA-013 ASSET SALE
Wesana Health Holdings Inc. subsidiary Wesana Health Inc. (WHI) has successfully closed the sale of WHI's right and interest in the SANA-013 intellectual property and development-related assets pursuant to the terms of the asset purchase agreement with Lucy Scientific Discovery Inc. dated March 20, 2023.
Transaction details
Pursuant to the asset purchase agreement, a subsidiary of Lucy has acquired the SANA-013 intellectual property and development-related assets for an aggregate consideration comprising $570,000 (U.S.) and one million common shares of Lucy (Lucy parent shares), with the $570,000 (U.S.) payment being modified to be satisfied as follows: $300,000 (U.S.) in cash, which was paid at the signing of the asset purchase agreement; $178,000 (U.S.) in cash, payable in instalments over the course of the one year following the closing of the transaction; and, at the closing, $92,000 (U.S.) in assumed liabilities.
The Lucy parent shares will provide the company, through WHI, economic exposure to the future growth potential associated with SANA-013 and other initiatives under way or contemplated by Lucy.
"We are thrilled to announce the sale of WHI's drug development program, SANA-013," said Daniel Carcillo, Wesana founder and chief executive officer. "Lucy's expertise and reach serves to amplify the program's potential. We look forward to a brighter future for mental wellness."
The company plans to pay and settle outstanding liabilities of the company with the net proceeds from the transaction and any amounts received pursuant to the promissory note with APS Innovations LLC (with a principal balance of approximately $1,223,989 (U.S.)), after which the company will not have additional material liabilities. An amendment to the asset purchase agreement to reflect the above-modified payment and related matters was entered into on closing.
About Wesana Health Holdings Inc.
Wesana was an emerging life sciences company championing the development and delivery of psychedelic and naturally sourced therapies to treat traumatic brain injury. The company was developing evidence-based formulations and protocols that empower patients to overcome neurological, psychological and mental health ailments caused by trauma. It discontinued its psychedelics business, disposed of the assets in 2023 and is now looking for new business opportunities.
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