LOVE Pharma Signs Letter Of Intent To Acquire 100% Interest In Microdoz Therapy Inc. To Expedite Pilot Study Of Psilocybin Assisted Treatment Of Cannabis Use Disorder With World Leading University
VANCOUVER, BC, CANADA (November 23, 2021) – LOVE Pharma Inc. (“LOVE” and or the “Company”)(CSE: LUV) (FSE: G1Q0), is pleased to announce that it has executed a Letter of Intent (”LOI”) to acquire 100% of MicroDoz Therapy Inc. (“MicroDoz”), which has an exclusive partnership and license with a world leading university to conduct a landmark study into the efficacy of psilocybin assisted treatment of cannabis use disorder. Upon the closing of the definitive agreement, the Company expects to release the details of the program and university partner.
This new partnership and development program will add to the Company’s comprehensive portfolio of intellectual property and further validate the Company’s effort to be a frontrunner in the psychedelics and therapeutics space.
Terms of the Deal:
- $1,000,000 CAD payable in common shares of the Company subject to certain escrow provisions at a deemed price of $0.05 per share
- 50% payable at closing of the proposed transaction which is anticipated to close in 30 days
- Remaining 50% will be paid in four equal tranches over a 2-year period subject to the successful completion of certain milestones to be established in the definitive agreement
“LOVE’s existing portfolio is at the leading edge of innovation and our new product development will continue to build upon that foundation, aiming to establish new customer applications as we seek to define the psychedelics and therapeutics space,” said Mr. Zach Stadnyk, LOVE President and CEO. “Science and efficacy are paramount to our strategy, as a result we seized the opportunity to acquire MicroDoz to expedite what will be a landmark study with a world leading university to establish our Biosynthetic Psilocybin Infused Oral Strip as a product with the highest standard of efficacy, establishing the highest level of consumer confidence.“
In addition, pursuant to the company’s stock option plan, the Company has issued 19,250,000 incentive stock options to certain officers, directors, employees, and consultants of the issuer exercisable at a price of $0.05 per share for a period of five (5) years, vesting immediately.
About Love Pharma Inc.
With a focus on the global sexual Health and Wellness markets, LOVE Pharma Inc. (CSE: LUV) (FSE: G1Q0) was founded in 2020, with a mission to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life. LOVE Pharma Inc. holds exclusive licenses to produce market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the United Kingdom, and North America.
For further information, please contact:
Telephone: 1 (604) 343-2977
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statement Disclaimer
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities legislation (together, “forward-looking statements”. Forward-looking statements can be identified by the expressions “seeks”, “expects”, “believes”, “estimates”, “will”, “target” and similar expressions. The forward-looking statements are not historical facts, but reflect the current expectations of the Company regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking events and circumstances discussed in this release include, but are not limited to, the acquisition of MicroDoz and the timing of the acquisition, the possibility of success associated with the study, the ability of the Company to fulfill all conditions to closing, and the outcome and anticipated benefits of the acquisition. All forward-looking statements in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, the Company can give no assurance that the actual results or developments will be realized by certain specified dates or at all. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release. These forward-looking statements may be affected by risks and uncertainties in the business of Appreciated and Trinity and general market conditions, including COVID-19.