InvestmentPitch Media Video Discusses FSD Pharma’s, a Life Sciences Holding Company, Agreement to Sell Former Cannabis Processing Facility in Cobourg, Ontario for $16,500,000 – Video Available on Investmentpitch.com
VANCOUVER, British Columbia, Feb. 28, 2022 (GLOBE NEWSWIRE) — FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, has entered into a firm agreement in connection with the sale of its 64.43-acre, former cannabis processing facility located in Cobourg, Ontario.
The purchaser has agreed to pay a cash sum of CAD$16,500,000, including a deposit of CAD$660,000, which was received by FSD Pharma on February 24, 2022.
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company. The video is available for viewing on “InvestmentPitch.com” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “FSD Pharma” in the search box.
The transaction, which is non-dilutive to the shareholders, is expected to close on May 31, 2022, subject to a number of conditions. Management believes this infusion of cash should increase the value of each share by about $0.40, at current prices.
FSD Pharma Inc. is a biotechnology company with three drug candidates in different stages of development.
FSD Pharma, through FSD BioSciences, a wholly owned subsidiary, is currently assessing next steps for FSD-PEA, an ultra micro-PEA compound with anti-inflammatory properties shown to be safe following positive Phase 1 clinical results. FSD-PEA has the potential to address a range of inflammatory conditions. FSD Pharma is currently analyzing what is the best indication to go for a Phase 2 trial
Lucid Psycheceuticals, also a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-PSYCH and Lucid-MS. Lucid-MS is Neuroprotective compound which, in pre-clinical models, has shown to prevent and reverse Myelin degradation, which is a cause for Multiple Sclerosis as well as other Neuro-degenerative disorders. It has shown excellent results in several animal models. The current treatment market is valued at US$23 billion globally. Lucid-PSYCH is a psycho-active molecule which has shown excellent results for depression in pre-clinical models. According to the World Health Organization, it is estimated that 300 million people worldwide are living with depression.
The shares are trading at $1.30 on the Canadian Securities Exchange. For more information, please visit the company’s website, www.FSDpharma.com, or contact Zeeshan Saeed, President and Founder, at 416-854-8884 or by email at zsaeed@FSDpharma.com. For investor relations in Canada email IR@FSDPharma.com and in the United States, contact Stephen Kilmer at SKilmer@FSDpharma.com.
The information in this Investmentpitch Media Ltd video is for the viewers information only. FSD Pharma has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by Investmentpitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. Investmentpitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.
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Source: InvestmentPitch Media and FSD Pharma
Released February 28, 2022