Revive Therapeutics Ltd (OTCMKTS:RVVTF) has acquired full rights of PharmaTher Inc.’s intellectual property pertaining to psilocybin. Revive Therapeutics Ltd is a specialty life science engaged in the research and development of drugs for rare disorders. PharmaTher is a subsidiary of Newscope, which specializes in the research and production of psychedelic pharmaceuticals.
According to the purchase agreement, Revive will pay CAD $10 million, of which $3 million will be paid in cash, $4 million worthy of securities in the capital of Revive, and $3 million, in either cash or securities in the capital of Revive. The cash/stock option will only be available because Revive achieves certain milestones, including securing FDA orphan drug designation for psilocybin.
Psilocybin is being developed for the treatment of cancer, traumatic brain injury, and stroke. Revive will have to achieve other milestones by the commencement of Phase 2 clinical trial of psilocybin and securing authorization for commercial marketing. Newscope will also be paid a low single-digit royalty on all products’ future net sales in addition to the purchase price.
Intellectual Properties acquired
Intellectual properties acquired in this purchase agreement include:
- All works and preclinical research activities from the National Health Research Institutes (“NHRI”) investigating psilocybin for the treatment of stroke and traumatic brain injury.
- The deal will also include acquiring key, provisional patent applications with the U.S. Patent and Trademark Office.
Patents that Revive will be pursuing with the U.S. Patent and Trademark Office include;
- Patent number 63/011,493 involves the use of psilocybin in the treatment of neurological brain injury.
- Patent number 63/113,913 involves the use of psilocybin to treat and manage cancer.
- Patent number 63/125,106 involves combination of psilocybin with other therapies to treat the side effects and improve the effectiveness of psilocybin to treat neurological disorders.
In a statement, Dr. Gavin Williams, Professor, and Researcher at North Carolina State University said the acquisition will create a strong foundation for developing a leading psychedelics pharmaceutical platform that will mainly focus on proprietary development psilocybin-based therapeutics. Other proprietary psilocybin-based therapeutics in the pipeline include an oral thin film product developed in partnership with Wisconsin-Madison.