Biotechnology company specializing on developing and commercializing psychedelic therapeutic products for treating mental disorders and addiction Etheon Biomedical Corp. (CSE: ENBI) (OTCQB: ENTBF) has announced having entered into a definitive agreement on June 15 with healthcare technology company Lobo Genetics Inc. to merge their business operations.
This merger deal will be by way of ‘three-concerned’ amalgamation in accordance with section 185 of the Canada Business Corporations Act (CBCA).
Lobs says that it’s bringing its highly experienced and specialized team of technology experts in data, analytics, diagnostics and fields of genetics plus an additional fully operational 5,000 sq. ft. genetics research , development and testing facility in the merger deal.
Currently, Lobo has existing partner and distribution relationships both in Canada and internationally which are pegged on Etheon’s goal of expanding its personalized psychedelics platform across the world.
Etheon’s chief executive officer, Timothy Ko, says this acquisition deal goes hand in hand with the company’s goal of developing personalized psychedelics and further expanding genetic research capacities.
“This acquisition supports Entheon’s genetic-driven approach to developing personalized psychedelic-assisted psychotherapeutic (PAP) protocols to treat substance use disorders while providing in-house DNA data analytics, expanded assay development and genetic research capacities. With the acquisition of Lobo comes the addition of key staff members and enhanced expertise in the field of genetics. With increased capacity to screen patients, on a genetic basis, for underlying psychiatric disorders prior to undertaking PAP, Entheon is furthering its commitment toward safety and predictability in psychedelic therapies while aggregating data that can be used to determine which psychedelic molecules are best-suited for a particular patient,” said the CEO.