Lucy Scientific Discovery to acquire psilocybin therapy from Wesana Health

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Lucy Scientific Discovery to acquire psilocybin therapy from Wesana Health

Lucy Scientific Discovery Inc. LSDI entered into a definitive asset purchase agreement with Wesana Health Holdings Inc. WSNAF.

Lucy has agreed to acquire intellectual property and related assets for Wesana s psilocybin and CBD combination investigational therapy, SANA-013 and Wesana s supply of psilocybin, which is sufficient to complete all near-term clinical studies. The aggregate consideration includes 1 million shares of common stock and $570,000 in cash. The shares will be subject to a lock-up agreement where half of the shares will be released 9 months from closing, and the other half will be released 14 months from closing. The transaction is expected to close in Q 2 of 2023, and is subject to Wesana's shareholder approval.

In addition to that, Lucy will add drug development capabilities to its existing business of psychedelics manufacturing.

SANA- 013 is a proprietary combination of psilocybin and CBD, developed for the potential treatment of several mental health CNS related conditions, including major depressive disorder, migraine, episodic cluster headaches, and trigeminal neuralgia. This novel combination allows both drugs to act within the brain via complementary pathways. SANA 013 is thought to work by rewiring neuron connections in the brain and inducing a potent anti-inflammatory effect that, together, leads to anti-depressant effects.

As part of the transaction, Wesana s CEO Dan Carcillo will join Lucy's executive team to guide the continued development of SANA - 013 into first human testing, which is expected to begin in late 2023.

I am thrilled to join Lucy's senior management team and further my mission to find more effective treatments for the tens of millions of people suffering from mental health disorders, including depression. Carcillo stated that the data generated from registrational trials with SANA- 013 will align with my individual experience and improvements observed in my personal journey with depression.

At the time of writing, Lucy Scientific Discovery shares were trading 10.48% higher at $1.37 per share.

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