FSD Pharma Reports Second Quarter 2020 Financial Results
08 August 2020 - 7:45AM
Business Wire
- Provides Business Update -
FSD Pharma Inc. (Nasdaq: HUGE) (CSE:
HUGE.CN) (FRA: 0K9A) (“FSD Pharma” or the “Company”) today reported
that management’s discussion and analysis of financial condition
and results of operations (“MD&A”) for the three months ended
June 30, 2020 have been filed and can be viewed on the Company’s
SEDAR profile at www.sedar.com.
FSD Pharma also provided a business update:
- The Phase 1 first-in-human safety and tolerability study with
ultramicronized-palmitoylethanolamide (“FSD201”) was completed with
no serious adverse effects reported.
- The Company filed a pre-IND meeting request package with the
U.S. Food and Drug Administration (“FDA”) for the treatment of
COVID-19 patients and received FDA approval to design a Phase 2a
clinical trial to treat COVID-19 patients. The study is expected to
commence by year end 2020.
- In Q220, the Company continued to strengthen available cash on
hand through the monetization and sale of its partial equity stake
in Pharmadrug Inc. and the raise of C $10.125M through a private
placement to institutional investors.
- The Company recently announced a US $20M at-the-market
offering, the closing of a US $10M registered direct offering to
institutional investors, and the voluntary surrender to Health
Canada of its medicinal cannabis grow license and the shutdown of
subsidiary FV Pharma, Inc.
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,
ultramicronized-palmitoylethanolamide (“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 U.S. Food and Drug
Administration approvals, the costs associated with such planned
trials, FSD Pharma’s ability to obtain required funding and the
terms and timing thereof, the development of any applications of
FSD201, by down-regulating the cytokines to effectuate an
anti-inflammatory response and statements regarding the closing of
the offering. 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 prospectus
supplement, the prospectus and the registration statement, as well
as 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200807005510/en/
For further information:
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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