Neuro-pharmaceutical drug development company focusing on advancing psychedelic medicine which mental illnesses MYND Life Sciences Inc. (CSE: MYND) (OTC: MYNDF) announced having successfully acquired the rights, interest and title to the intellectual property rights for use of psychedelics to treat Alzheimer’s Disease and other Dementias from Cava Healthcare Inc.
Cava Healthcare is a life sciences company focusing on addressing unmet healthcare challenges by using novel medically useful compounds from plants. This acquisition includes all future worldwide rights linked to use of psychedelics to treat Alzheimer’s disease and other dementias.
According to the rights acquisition deal, MYND Life Sciences issued Cava Healthcare with 450,000 of its common shares with each share going for $0.85. Additionally, MYND Life Sciences made a cash payment of $120,000 as consideration for the acquired assets.
“Dementia, including Alzheimer’s disease, touch almost all families in some way, usually with very dramatic and emotionally painful consequences. As we continue to draw the enthusiasm of investors, we are able take tangible steps towards moving beyond preclinical and into clinical work with our research team,” said the CEO of MYND Life Sciences, Dr. Lyle Oberg.
These shares will be subject to a statutory hold period expiry due on the date that is four months and on day from the day the deal was closed.
The acquisition deal also states that MYND Life Sciences shall pay Cava an annual royalty equal to the greater of 4% of the net sales of products or services which directly or indirectly emanate from the acquired assets to any third party or $240,000.