Psyence Biomedical Ltd. Approved to List on Nasdaq following Completion of Business Combination Agreement with Newcourt Acquisition Corp
26 January 2024 - 9:17AM
Psyence Biomedical Ltd. (“Psyence Biomed”) is excited to announce
the completion of its merger (the “Business Combination”) with
Newcourt Acquisition Corp ("Newcourt"), a special purpose
acquisition company. The Business Combination will list Psyence
Biomed, a subsidiary of Psyence Group Inc (CSE:PSYG), a
clinical-stage life science biotechnology company pioneering the
use of nature-derived psilocybin in mental health and wellbeing
("Psyence Group"), commencing on January 26, 2024 with the new
ticker symbols "PBM" for common stock and “PBMWW” for warrants. In
connection with the Business Combination, Psyence Biomed entered
into a securities purchase agreement pursuant to which it will
raise up to US$10 million in funding through the issuance
of up to four senior secured convertible notes (the “Note
Financing”) with a US based investment firm. The Note
Financing will be utilized to further Psyence Biomed’s clinical
trials conducted in Australia. The Business Combination received
approval from Newcourt's stockholders at a Special Meeting held on
January 18, 2024.
Psyence Biomed is the therapeutic division of
Psyence Group which develops natural psilocybin products for the
healing of psychological trauma and its mental health consequences
in the context of palliative care. Psyence Biomed has partnered
with iNGENū Pty Ltd (iNGENū) to conduct Psyence’s clinical trial in
palliative care. iNGENū is an Australian based, globally focused
contract research organisation (CRO) with extensive experience
working in the psychedelic pharmaceutical drug development and
clinical research industry.
iNGENū is responsible for jointly designing
Psyence Biomed’s Phase IIb clinical trial, using PEX010, a 25mg
naturally derived psilocybin drug candidate product in-licensed by
Psyence Biomed, in the palliative care setting. The trial will be
carried out in accordance with the requirements of the Therapeutic
Goods Administration of the Commonwealth of Australia as well as
other international guidelines that relate to clinical
investigations and the conduct of clinical research.
Psyence Biomed’s Phase IIb study is a
randomised, placebo-controlled, double-blind study. It will
evaluate the use of psilocybin assisted psychotherapy vs
psychotherapy alone. It will use FDA-recommended primary endpoints
to test natural psilocybin (PEX010) in patients with adjustment
disorder due to a recent terminal cancer diagnosis. Upon successful
completion of the study, Psyence Biomed plans to conduct a
multinational Phase III registrational study.
Dr. Neil Maresky, CEO of Psyence Biomed,
expressed enthusiasm, stating, "This merger represents a pivotal
moment for Psyence as we continue our journey to redefine health
and wellness. The NASDAQ listing, as well as the capital infusion,
expands our presence to additional investors in North America and
will empower us to accelerate our clinical trials and contribute to
advancements in the global health and wellness landscape."
Psyence Biomedical will leverage the funds to
expedite its clinical trials and expand its market presence.
Psyence Biomed anticipates that the NASDAQ listing will raise
Psyence Biomed’s profile, attracting additional investments to
support its vision of transforming the health and wellness
sector.
Forward Looking Statements
This communication contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited
to, statements about future financial and operating results, our
plans, objectives, expectations and intentions with respect to
future operations, products and services; and other statements
identified by words such as "will likely result," "are expected
to," "will continue," "is anticipated," "estimated," "believe,"
"intend," "plan," "projection," "outlook" or words of similar
meaning.
Forward-looking statements in this communication
include statements regarding the intended continuation of Psyence
Biomed's clinical trials, the trading of Psyence Biomed's
securities on the Nasdaq, and the anticipated benefits of a Nasdaq
listing. These forward-looking statements are based on a number of
assumptions, including the assumptions that Psyence Biomed's
clinical trials will receive the requisite regulatory approvals
required to proceed, Psyence Biomed will be able to allocate funds
adequately and appropriately to pursue its clinical trial goals and
that there will be appetite in the North American markets for
Psyence Biomed's securities.
There are numerous risks and uncertainties that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, among others:
(i) the ability of Psyence Biomed to realize the benefits expected
from the Business Combination and to maintain the listing of its
common shares and warrants on NASDAQ; (ii) volatility in the price
of the securities of Psyence Biomed due to a variety of factors,
including changes in the competitive and highly regulated
industries in which Psyence Biomed operates, variations in
performance across competitors, changes in laws and regulations
affecting Psyence Biomed’s business and changes in Psyence Biomed’s
capital structure; (iii) Psyence Biomed’s ability to achieve
successful clinical results; (iv) Psyence Biomed’s ability to
obtain regulatory approval for its product candidates, and any
related restrictions or limitations of any approved products and
(v) Psyence Biomed’s ability to obtain licensing of third-party
intellectual property rights for future discovery and development
of Psyence Biomed’s product candidates. The foregoing list of
factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the "Risk Factors" section of the Registration Statement on Form
F-4, filed by Psyence Biomed with the SEC and declared effective on
November 13, 2023 and other documents filed by Newcourt and Psyence
Biomed from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Actual results and future events
could differ materially from those anticipated in such information.
Nothing in this communication should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Except as required
by law, Psyence Biomed does not intend to update these
forward-looking statements.
Contact Information
Email: ir@psyence.comMedia Inquiries:
media@psyence.comGeneral Information: info@psyence.comPhone:
+1 416-477-1708
About Psyence Group and Psyence
Biomed:
Psyence Group is a life science biotechnology
company listed on the Canadian Securities Exchange (CSE: PSYG),
with a focus on natural psychedelics. The Psyence Biomed Division
works with natural psilocybin products for the healing of
psychological trauma and its mental health consequences in the
context of palliative care. Our name “Psyence” combines the words
psychedelic and science to affirm our commitment to producing
psychedelic medicines developed through evidence-based
research.
Informed by nature and guided by science, we
built and operate one of the world’s first federally licensed
commercial psilocybin mushroom cultivation and production
facilities in Southern Africa. Our team brings international
experience in both business and science and includes experts in
mycology, neurology, palliative care, and drug development. We work
to develop advanced natural psilocybin products for clinical
research and development. Our key divisions, Psyence Production,
Psyence Therapeutics and Psyence Function, anchor an international
collaboration, with operations in Canada, the United Kingdom,
Southern Africa, and a presence in the United States and
Australia.
Learn more at www.psyence.com and on Twitter,
Instagram and LinkedIn.
About Newcourt Acquisition
Corp:
Newcourt Acquisition Corp is a Special Purpose
Acquisition Company (SPAC) committed to identifying and merging
with high-potential companies. Newcourt focuses on creating value
for its shareholders by facilitating strategic business
combinations with companies that demonstrate strong growth
prospects and a commitment to excellence.
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