JOHN DUFFY, COCA-COLA VETERAN TEAMS UP WITH
GERRY DAVID, FORMER CELSIUS CEO, AND MARKETING GURU KEVIN
HARRINGTON TO BRING REVOLUTIONARY PRODUCT TO MARKET
FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) (“FSD
Pharma” or the “Company”), a biopharmaceutical company
dedicated to building a portfolio of innovative assets and biotech
solutions for the treatment of challenging neurodegenerative,
inflammatory and metabolic disorders, is pleased to announce that
it has entered into a non-binding letter of intent dated June 19,
2023 (the “Agreement”) with 1319741 B.C. Ltd., which will be
renamed “Celly Nutrition Inc.” (“Celly Nu”), an unlisted
reporting issuer, which sets forth the basic terms and conditions
upon which Celly Nu will be granted exclusive rights to
recreational applications for FSD Pharma’s alcohol misuse
technology (“FSD’s IP”) designed to accelerate alcohol
detoxification. FSD Pharma will retain all rights to medical /
pharmaceutical applications under its umbrella to further develop
the franchise. For more information on the product please visit:
https://fsdpharma.com/unbuzzd/
In return for exclusive rights to recreational products, FSD
Pharma will receive royalty payments on future sales should a
product, hypothesized as a beverage, be commercialized. Newly
appointed Advisory Board members – marketing icon Kevin Harrington
and former Celsius Holdings, Inc. CEO Gerry David, who cumulatively
have generated billions of dollars of sales and value for brands
and shareholders – will be actively involved in Celly Nu,
overseeing all operations, including marketing. Mr. David will be
Chairman of Celly Nu and is best known for his five-year tenure as
Chief Executive Officer at zero-calorie fitness drink maker Celsius
Holdings, Inc. where he spearheaded a turnaround that resulted in a
global sales explosion, influx of capital from notable strategic
investors, and a rise in market capitalization that increased
shareholder value 35-fold by exceeding $9 billion.
Pursuant to the terms of the Agreement, it is intended that the
Company and Celly Nu will enter into a definitive licencing
agreement and loan agreement (the “Transaction”) which will result
in the Company providing an exclusive licence to Celly Nu on FSD’s
IP, for Celly Nu to commercialize, manufacture, produce, package,
market and sell products developed using FSD’s IP for recreational
applications (“Products”). Celly Nu will pay FSD Pharma a licence
fee by issuing FSD Pharma 100,000,000 common shares in the capital
of Celly Nu (“Celly Nu Shares”) and a 7% royalty on gross revenue.
FSD Pharma may distribute some or all of Celly Nu Shares to
shareholders of the Company in the future. In addition, pursuant to
the terms of the Agreement, concurrent with closing of the
Transaction, the Company intends to loan Celly Nu up to $1,000,000
on secured basis with a term of 3 years, which will bear interest
at a rate of 10% per annum.
Celly Nu will appoint John Duffy as Chief Executive Officer. Mr.
Duffy is a strategy-driven and results-oriented Executive with
close to three decades of successful consumer goods experience.
"John is an excellent communicator with tested organizational
skills. He is a rare leader that has demonstrated expertise across
sales, marketing, and operational functions as well as a passion
for the development of people.” said Gerry David. Most recently,
John was Co-Founder, EVP and Chief Commercial Officer at Legends
Access LLC where he created and managed the influencer, social
media and e-commerce platforms while developing partnerships with
fortune 500 clients. Prior to Legends Access, John spent over 22
years in the Coca-Cola system including roles of increasing
responsibilities across multiple functions. In his last role at
Coca-Cola as Vice President of National Sales, John led the
customer management team responsible for the Coca-Cola systems’
largest foodservice distributor, Sysco. In this role, Duffy managed
$1+ billion revenue, developed a reputation for innovative customer
partnerships, and was recognized as one of Sysco’s top global
suppliers. John earned a bachelor’s in economics from the
University of Massachusetts, Dartmouth, and an MBA with a
concentration in marketing from Suffolk University’s Sawyer
Business School in Boston MA.
The Board of Directors of Celly Nu will be Gerry David as
Chairman, Dr. Lakshmi Kotra and Zeeshan Saeed.
“We chose to differentiate pipelines compartmentalizing the
pharmaceutical products from recreational products, to enable it to
be brought to market faster,” said Zeeshan Saeed, President and
Executive Co-Chairman at FSD Pharma. “I am thrilled to provide HUGE
shareholders an extremely rare opportunity to participate in a
company that not only has a strong and diverse pharmaceutical
pipeline, but also a venerable marketing gurus Kevin Harrington and
Gerry David are paired for the first time to provide oversight and
direction for a first-in-class product.”
About FSD Pharma
FSD Pharma Inc. is a biotechnology company with three drug
candidates in different stages of development. FSD BioSciences,
Inc., a wholly owned subsidiary, is focused on pharmaceutical
research and development of its lead compound, FSD201, a
proprietary ultra-micronized PEA formulation, for the treatment of
inflammatory diseases. Lucid Psychss Inc., a wholly owned
subsidiary, is focused on the research and development of its lead
compounds, Lucid-Psych and Lucid-MS. Lucid-Psych is a molecular
compound identified for the potential treatment of mental health
disorders, and expanding this category, the Company is
investigating other products addressing acute medical needs due to
the abuse of drugs such as alcohol. Lucid-MS is a molecular
compound identified for the potential treatment of
neurodegenerative disorders.
Forward Looking Information
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable securities laws.
Any statements that are contained in this press release that are
not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as “plans”, “expects”, “expected”,
“scheduled”, “estimates”, “intends”, “anticipates”, “hopes”,
“planned” or “believes”, or variations of such words and phrases,
or states that certain actions, events or results “may”, “could”,
“would”, “might”, “potentially” or “will” be taken, occur or be
achieved. More particularly, and without limitation, this press
release contains forward-looking statements contained in this press
release include statements concerning the future of FSD Pharma Inc.
and are based on certain assumptions that FSD Pharma has made in
respect thereof as of the date of this press release. FSD Pharma
cannot give any assurance that such forward-looking statements will
prove to have been correct.
Since forward-looking statements relate to future events and
conditions, by their very nature they require making assumptions
and involve inherent risks and uncertainties. The Company cautions
that although it believes the expectations and material factors and
assumptions reflected in these forward-looking statements are
reasonable as of the date hereof, there can be no assurance that
these expectations, factors and assumptions will prove to be
correct and these risks and uncertainties give rise to the
possibility that actual results may differ materially from the
expectations set out in the forward-looking statements. These
forward-looking statements are not guarantees of future performance
and are subject to a number of known and unknown risks and
uncertainties including, but not limited to: the fact that the drug
development efforts of both Lucid and FSD BioSciences are at a very
early stage; the fact that preclinical drug development is
uncertain, and the drug product candidates of Lucid and FSD
BioSciences may never advance to clinical trials; the fact that
results of preclinical studies and early-stage clinical trials may
not be predictive of the results of later stage clinical trials;
the uncertain outcome, cost, and timing of product development
activities, preclinical studies and clinical trials of Lucid and
FSD BioSciences; the uncertain clinical development process,
including the risk that clinical trials may not have an effective
design or generate positive results; the potential inability to
obtain or maintain regulatory approval of the drug product
candidates of Lucid and FSD BioSciences; the introduction of
competing drugs that are safer, more effective or less expensive
than, or otherwise superior to, the drug product candidates of
Lucid and FSD BioSciences; the initiation, conduct, and completion
of preclinical studies and clinical trials may be delayed,
adversely affected, or impacted by COVID-19 related issues; the
potential inability to obtain adequate financing; the potential
inability to obtain or maintain intellectual property protection
for the drug product candidates of Lucid and FSD BioSciences; and
other risks. Accordingly, readers should not place undue reliance
on the forward-looking statements contained in this press release,
which speak only as of the date of this press release.
Further information regarding factors that may cause actual
results to differ materially are included in the Company’s annual
and other reports filed from time to time with the Canadian
Securities Administrators on SEDAR (www.sedar.com) and with the
U.S. Securities and Exchange Commission on EDGAR (www.sec.gov),
including the Company’s Annual Report on Form 20-F for the fiscal
year ended December 31, 2021, under the heading “Risk Factors.”
This list of risk factors should not be construed as exhaustive.
Readers are cautioned that events or circumstances could cause
results to differ materially from those predicted, forecasted or
projected. The forward-looking statements contained in this
document speak only as of the date of this document. FSD Pharma
does not undertake any obligation to publicly update or revise any
forward-looking statements or information contained herein, except
as required by applicable laws. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement.
Neither the Canadian Securities Exchange nor its regulation
services provider accept responsibility for the adequacy or
accuracy of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230620696438/en/
Zeeshan Saeed, Founder, President and Executive Co-Chairman of
the Board, FSD Pharma Inc. Email: Zsaeed@fsdpharma.com Telephone:
(416) 854-8884
Investor Relations: Email: ir@fsdpharma.com, info@fsdpharma.com
Website: www.fsdpharma.com
ClearThink Email:
nyc@clearthink.capital Telephone: (917) 658-7878
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