The deal provides Vancouver, Canada-based Champignon with access to Novo Formulations’ licensed facilities.
Novo is operated by a team of PhD’s and has IP for many different novel formulations and delivery methods for therapeutic Ketamine.
Champignon said it's going to be using Novo's technologies for the delivery of MDMA (3,4-Methylenedioxymethamphetamine) and psilocybin.
“This is a transformative acquisition for Champignon and will accelerate our accession into the psychedelic medicine arena,” CEO W. Gareth Birdsall told Benzinga. “Novoformulations’ novel product portfolio, science-backed delivery platforms and purpose-built GMP/pharmaceutical (DIN) licensed infrastructure will allow us to deliver ketamine-based medications in a safer, more effective and more expeditious manner than our peers.”
Birdsall also said Ketamine, psilocybin and ecstasy have all been Fast Tracked by both the FDA and Health Canada with respect to R&D, which will allow for which will allow for the rapid commercialization of our drug discovery initiatives.
"Champignon Brands is set to emerge as an impact investment that will not only change peoples lives, but will also revolutionize the face of medicine as we know it today,” he added.
Separately, Champignon Brands announced it intends to start a normal course issuer bid to buy back up to 2,411,883 common shares, or 5% of its issued and outstanding common shares. Management expects this move will drive the stock price up in a context of declining markets.
Image from company website.
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