FSD Pharma Announces Decision to Surrender Health Canada Licenses for Subsidiary FV Pharma Inc.
30 July 2020 - 4:30PM
Business Wire
- FV Pharma to shut down operations within 30
days -
FSD Pharma Inc. (Nasdaq: HUGE) (CSE: HUGE.CN) (FRA: 0K9A)
(“FSD Pharma” or the “Company”) today announced that
it has notified Health Canada of the Company’s decision to forfeit
the licenses of its wholly-owned subsidiary, FV Pharma, Inc.
(“FV Pharma”) and suspend all activities by FV Pharma within
30 days of the notification date. FSD Pharma has begun the process
of liquidating all FV Pharma assets, including the sale of the
Company’s cannabis production facility in Cobourg, Ontario.
“It is now clear to us that our shareholder value is best served
in closing down our medicinal grade cannabis operation in Cobourg,
Ontario and reinforcing steps to advance pharmaceutical R&D
efforts on our lead compound FSD201 (ultra-micronized PEA) and
continuing to explore the acquisition of other compelling compounds
to expand our drug development pipeline," said Raza Bokhari, MD,
Executive Co-Chairman & CEO.
“Our pharmaceutical R&D team led by Dr. Edward Brennan is
actively working to submit an Investigational New Drug Application
(IND) to the FDA for the use of FSD201 (ultra-micronized PEA) to
treat hospitalized COVID-19 patients by down-regulating the
over-expressed pro-inflammatory cytokine immune response to
SARS-CoV-2 virus infection. We are hopeful to initiate the phase 2
clinical trial before the end of this year and remain cautiously
optimistic that our study may improve treatment outcome for
COVID-19 patients."
The Company is not making any express or implied claims that its
product has the ability to eliminate, cure or contain the COVID-19
(or SARS-2 Coronavirus) at this time.
About FSD Pharma
FSD Pharma Inc. is a publicly-traded holding company, since May
2018.
FSD Pharma BioSciences, Inc., a wholly-owned subsidiary, is a
specialty biotech pharmaceutical R&D company focused on
developing over time multiple applications of its lead compound
FSD201, by down-regulating the cytokines to effectuate an
anti-inflammatory response.
Forward-Looking Statements
Neither the Canadian Securities Exchange nor its regulation
services provider accept responsibility for the adequacy or
accuracy of this press release.
Certain statements contained in this press release constitute
“forward-looking information” and “forward-looking statements”
within the meaning of applicable Canadian and U.S. securities laws
(collectively, “Forward-Looking Information”).
Forward-Looking Information includes, but is not limited to,
information with respect to FSD Pharma’s strategy, plans or future
financial or operating performance, receipt of any FDA approvals,
the costs associated with such planned trials, FSD Pharma’s ability
to obtain required funding and the terms and timing thereof, and
the development of any applications of FSD-201, by down-regulating
the cytokines to effectuate an anti-inflammatory response, receipt
of applicable Health Canada approvals and the associated timing,
and the terms and timing of any potential sale of the Company's
Cobourg facility and adjacent real estate.
The use of words such as “budget”, “intend”, “anticipate”,
“believe”, “expect”, “plan”, “forecast”, “future”, “target”,
“project”, “capacity”, “could”, “should”, “focus”, “proposed”,
“scheduled”, “outlook”, “potential”, “estimate” and other similar
words, and similar expressions and statements relating to matters
that are not historical facts, or statements that certain events or
conditions “may” or “will” occur, are intended to identify
Forward-Looking Information and are based on FSD Pharma’s current
beliefs or assumptions as to the outcome and timing of such future
events. Such beliefs or assumptions necessarily involve known and
unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in such
Forward‐Looking Information. Certain of these risks and
uncertainties are described in the Company’s continuous disclosure
filings available under the Company’s SEDAR profile at
www.sedar.com and under the Company’s EDGAR profile at www.sec.gov.
Forward‐Looking Information is not a guarantee of performance. The
Forward-Looking Information contained in this press release is made
as of the date hereof, and FSD Pharma is not obligated to update or
revise any Forward-Looking Information, whether as a result of new
information, future events or otherwise, except as required by law.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on Forward
Looking-Information. The foregoing statements expressly qualify any
Forward-Looking Information contained herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20200729005877/en/
Sandy Huard, Head of Communications, FSD Pharma, Inc.
sandy@fsdpharma.com (647) 864-7969
Zeeshan Saeed, President, FSD Pharma, Inc.
zeeshan@fsdpharma.com
Investor Relations IR@fsdpharma.com
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