NEW YORK, Oct. 04, 2024 (GLOBE NEWSWIRE) — Psyence Biomedical Ltd. (Nasdaq: PBM) (“Psyence Biomed” or the “Company”), a developer of psilocybin-based therapeutics, today provided an update on its previously announced proposed acquisition of Clairvoyant Therapeutics, Inc. Following the completion of necessary due diligence and other pre-closing activities specified in the conditional binding term sheet that was announced on September 9, 2024, Psyence Biomed has decided not to proceed with the acquisition at this time.
Psyence Biomed continues to advance its recently initiated Phase IIb clinical trial of nature derived psilocybin in conjunction with psychotherapy as a potential treatment for Adjustment Disorder following a life-limiting cancer diagnosis in Palliative Care. The first patient is expected to be randomized into the study this quarter, and topline data from the study is anticipated in the second half of 2025.
Additionally, the Company is progressing its second development program, which will evaluate nature derived psilocybin in conjunction with psychotherapy as a potential treatment for Substance Use Disorders (SUDs), leading with Alcohol Use Disorder (AUD). To support its AUD program, Psyence Biomed recently announced a worldwide, exclusive royalty-bearing IP licensing agreement with PsyLabs, a private company focused on the production of highly purified psychedelic active pharmaceutical ingredients and extracts. Psyence Biomed also subsequently agreed to acquire an 11.13% stake in Psylabs (the “Proposed Acquisition”) as it evolves into a leading, vertically integrated developer of psychedelic-based therapeutics. Due diligence is ongoing, and Psyence Biomed plans to issue a further update on this pending acquisition shortly.
“After completing the specified due diligence process, we unfortunately were not able to close the acquisition of Clairvoyant,” stated Dr. Neil Maresky, M.D., Chief Executive Officer of Psyence Biomed. “We continue to remain focused on being a leader in the development of nature derived psilocybin-based therapeutics that have the potential to treat a broad range of mental health and addiction related conditions. We are very enthusiastic about our own development programs in Adjustment Disorder and AUD, which continue to advance without interruption, and we look forward to the achievement of multiple potentially value creating milestones in the months ahead. We will also remain opportunistic in exploring other assets that may fit within our core clinical strategy.”
About Psyence Biomed
Psyence Biomedical Ltd. (Nasdaq: PBM) is one of the world’s few biopharmas with a focus on psychedelic-based pharmaceutical therapeutics. As the first life science biotechnology company developing nature-derived (non-synthetic) psilocybin-based psychedelic medicine to be listed on Nasdaq, Psyence is initially working to address the unmet needs of patients who suffer from mental health disorders in the context of Palliative Care. The name “Psyence” combines the words “psychedelics” and “science” to affirm Psyence Biomed’s commitment to an evidence-based approach to innovation as it works to develop safe and effective, FDA-approved, nature-derived psychedelic therapeutics to treat a broad range of mental health disorders. Learn more at www.psyencebiomed.com and on LinkedIn.
Contact Information
Email: ir@psyencebiomed.com
Media Inquiries: media@psyencebiomed.com
General Information: info@psyencebiomed.com
Phone: +1 416-477-1708
Investor Contact:
Jeremy Feffer
Managing Director
LifeSci Advisors
jfeffer@lifesciadvisors.com