SILFF Silo to acquire Canadian biotech firm Dyscovry

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SILFF Silo to acquire Canadian biotech firm Dyscovry

SILFF SILO 3 K is acquiring Dyscovry Science Ltd., a Toronto-based biotech company that is focused on biosynthetic manufacturing of psilocybin and its derivatives targeting irritable bowel syndrome, according to information obtained exclusively by Benzinga ahead of an official announcement.

The deal will give Silo 100% of the issued and outstanding shares of Dyscovry in exchange for 12,762, 325 common shares in the capital of Silo, representing a total of 49% of the issued shares post-closing of the transaction. The payment shares issued to Dyscovry will be subject to restrictions on sale for a period of 36 months after the closing of the acquisition and will be released on a schedule consistent with the release schedule for an emerging issuer prescribed by section 4.3 of National Policy 46 201 escrow for Initial Public Offerings.

Once the transaction is completed, Dyscovry will have the right to nominate a director for Silo's board of directors. In twelve equal monthly installments, Silo will pay approximately CAD $120,000 of Dyscovry founder's debt.

An In With The Government

Dyscovry is currently collaborating with the Canadian government's research laboratories to develop a biotechnological process for producing psilocybin and its potentially novel molecule derivatives.

With this acquisition, Silo affirms its commitment to the psychedelic pharmaceutical space and expects to add pharmaceutical R&D capabilities to its patent-pending metered-dosing formulations for psilocybin, DMT, mescaline and 5 MeO-DMT. It will use new assets to improve its psychedelic retreats experience, and leverage its expertise to unlock the value of its strategic portfolio.

We are joining two teams that share a passion and vision for developing differentiated psychedelic healing therapies that advance science and transform the lives of patients. Brad Dottin, founder and president of Dyscovry, said he looks forward to all that we intend to accomplish together.

With Dyscovry's collaboration partnerships with Canadian federal government research institutions, a Canadian Council on Animal Care CCAC certified university facility for animal studies, and an Ontario-based DEL facility for preclinical research, this merger will further enhance Silo's platform for continued growth, along with deep-rooted scientific knowledge in Irritable Bowel Syndrome IBS and severe inflammatory diseases. In addition to these comments, Silo founder and CEO Mike Arnold, a Oregon lawyer, said that the Dyscovry transaction has been highly anticipated by our shareholder base and long time coming. As I have seen potential synergies far beyond what is within the four corners of the Dyscovry portfolio. I am thrilled to bring together our networks to add value to what we have built in Jamaica and intend to build in our home state of Oregon.