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Revive Therapeutics Ltd
Symbol RVV
Shares Issued 189,408,777
Close 2020-12-21 C$ 0.68
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Revive to acquire Newscope unit's psilocybin assets

2020-12-21 09:45 ET - News Release

Also News Release (C-PHRM) Newscope Capital Corp

Mr. Michael Frank of Revive reports

REVIVE THERAPEUTICS ANNOUNCES LOI TO ACQUIRE PHARMATHER'S PSILOCYBIN PROGRAM

Revive Therapeutics Ltd. has entered into a non-binding letter of intent dated Dec. 20, 2020, to acquire the full rights to PharmaTher Inc.'s intellectual property pertaining to psilocybin. PharmaTher, a wholly owned subsidiary of Newscope Capital Corp., is a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals.

The acquired assets will include all of the following:

  • All intellectual and work property derived from PharmaTher's preclinical research activities in traumatic brain injury and stroke, with the aim to obtain U.S. Food and Drug Administration (FDA) orphan drug designation;
  • All intellectual property portfolio covering neurological disorders, cancers and novel combinations of psilocybin and FDA-approved drugs;
  • All intellectual and work property derived from the study being currently undertaken by the National Health Research Institute in Taiwan;
  • Key provisional patent applications with the U.S. Patent and Trademark Office, which include:
    • Psilocybin in the treatment of neurological brain injury -- U.S. provisional application serial No. 63/011,493: relates to pharmaceutical compositions comprising psilocybin and their use for the treatment of neurological brain injuries and migraines;
    • Use of psilocybin in the treatment of cancer -- U.S. provisional application serial No. 63/113,913: psilocybin's use of significant unmet medical needs for liver carcinoma, melanoma, breast neoplasms, kidney neoplasms and acute myeloid leukemia;
    • Psilocybin pharmaceutical combination therapies -- U.S. provisional application serial No. 63/125,106: novel combinations of certain FDA-approved drugs with psilocybin as a potential therapeutic option to reduce the side effects and improve the effectiveness of psilocybin to treat neurological disorders.

The acquisition follows the previously announced exclusive research collaboration agreement with PharmaTher to accelerate the development of psilocybin in the treatment of cancer and the discovery of novel uses of undisclosed psychedelic compounds.

"Our psychedelics pharmaceutical program has been predominantly focused on the development and evaluation of our novel orally dissolvable thin-film strip for psilocybin, and, with the acquisition of PharmaTher's proprietary psilocybin platform, it will complement our objectives in commercializing a unique prescription-based psilocybin product for neurological disorders and FDA orphan drug indications," said Michael Frank, chief executive officer of Revive.

"PharmaTher discovers novel uses of psychedelic pharmaceuticals, such as psilocybin, and combinations with FDA-approved drugs for development internally or with pharmaceutical partners, such as Revive, which has a unique oral drug delivery system to complement our psilocybin development program," said Fabio Chianelli, chief executive officer of PharmaTher. "I am pleased that we have found a home for our psilocybin program which will allow us to solely focus our resources on our clinical-stage product pipeline with FDA-approved ketamine to treat neurological disorders, such as Parkinson's disease, and movement disorders, depression and pain."

The final terms of the acquisition will be agreed to by the parties after the completion of due diligence by Revive. The acquisition is expected to close on or before Jan. 31, 2021, subject to customary closing conditions, including, but not limited to, the negotiation and execution of a definitive agreement.

About PharmaTher Inc.

PharmaTher, a wholly owned subsidiary of Newscope Capital, is a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals. PharmaTher discovers novel uses of psychedelic pharmaceuticals, such as ketamine and psilocybin, and combinations with FDA-approved drugs for FDA approval to treat neurological disorders, such as Parkinson's disease, and movement disorders, depression and pain.

About Revive Therapeutics Ltd.

Revive is a life sciences company focused on the research and development of therapeutics for infectious diseases and rare disorders, and it is prioritizing drug development efforts to take advantage of several regulatory incentives awarded by the FDA such as orphan drug, fast-track, breakthrough therapy and rare pediatric disease designations. Currently, the company is exploring the use of bucillamine for the potential treatment of infectious diseases, with an initial focus on severe influenza and COVID-19. With its recent acquisition of Psilocin Pharma Corp., Revive is advancing the development of psilocybin-based therapeutics in various diseases and disorders. Revive's cannabinoid pharmaceutical portfolio focuses on rare inflammatory diseases and the company was granted FDA orphan drug status designation for the use of cannabidiol (CBD) to treat autoimmune hepatitis (liver disease) and to treat ischemia and reperfusion injury from organ transplantation.

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