Vici Health Sciences CEO Anish Dhanarajan to join Psycheceutical as Research and Development Advisor
MIAMI, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Psycheceutical Bioscience, Inc. (“Psycheceutical” or the “Company”) (OTC: BWVI), a bioscience company dedicated to developing cutting-edge technologies for the next generation of mental health treatment, announced that it has entered into an exclusive option that provides Psycheceutical an opportunity to acquire a majority equity stake in Vici Health Sciences (“Vici”). The total exercise price under the option would be approximately $10.5 million, which would be paid part in cash and part in equity. The Company has until April 2023, unless extended by the parties, to exercise the option. Vici is an end-to-end pharmaceutical research and development company specializing in taking projects from pre-clinical research through the Phase 2 stage of FDA approval.
The option, if exercised, is expected to expand Psycheceutical’s assets, capabilities, and resource expertise in developing a robust mental health drug development pipeline with its NeuroDirect™ and Janus particle delivery technologies. The two companies have previously announced a strategic relationship to test and develop Psycheceutical’s patented technologies and its unique branded formulations of psychedelic compounds. This research in drug development is being performed in Vici’s GMP facility. The option, if exercised, contemplates support and resources from the Company to Vici to enhance lab capabilities and strategically scale Vici’s growth.
“Aligning with key strategic partners like Vici demonstrates Psycheceutical’s commitment to revolutionize the availability and use of psychedelic medicines in connection with mental health treatment,” said Chad Harman, CEO of Psycheceutical. “We believe that the combination of our own world-class clinical research team and the pharmaceutical research and development lab at Vici will position our drug development pipeline to best move forward without interruption.”
In addition, Vici’s CEO and founder Anish Dhanarajan will serve as a Research and Development Advisor for Psycheceutical. Prior to founding Vici, Dhanarajan managed formulation development at several pharmaceutical companies, including Pfizer, GSK, Mallinckrodt, and CorePharma.
"We're excited, as passionate scientists, to continue to work on bringing Psycheceutical's innovative psychedelic pharmaceutical projects to market," said Anish Dhanarajan, CEO of Vici. “We will continue to play a critical role in bringing new concepts to the market through our diligent services that we provide for our client base.”
About Psycheceutical Bioscience, Inc.
Psycheceutical Bioscience, Inc. (OTC: BWVI), through its wholly-owned subsidiary Psycheceutical, Inc., is seeking to develop cutting-edge delivery technologies to support the safe and effective delivery of psychedelic pharmaceutical medicines. Powered by a management and advisory team with more than 100 years combined experience in development, regulatory approval processes, and commercialization across the pharmaceutical industry, Psycheceutical is on a mission to improve mental health treatments by increasing the medical community’s knowledge of, and safe access to, leading psychedelic pharmaceuticals. Learn more at Psycheceutical.com.
About Vici Health Sciences
Vici provides clients with the ability to innovate and grow through new product development. Vici has built a state-of-the-art formulation development and testing lab in Maryland to provide end-to-end research and development services, including project management, clinical management, manufacturing tech transfer services, and regulatory filing services to various clients.
Certain statements in this news release related to the Company constitute "forward-looking information" within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These uncertainties include, but are not limited to, (i) general market growth for and acceptance of psychedelic-inspired medicines, (ii) capital and credit availability and market volatility, (iii) general economic conditions, (iv) governmental approvals and compliance with regulations, (v) product research and development and clinical trial risks, (vi) incorrect underlying assumptions, and (vii) our future business development, results of operations, and financial condition. These statements generally can be identified using forward-looking words such as "will," “may,” “should,” “could,” "intend,” “estimate,” “plan,” "anticipate,” "expect,” “believe,” “potential” or “continue,” or the negative thereof or similar variations. All information provided in this press release is as of the date of this press release, and we undertake no duty to update such information, except as required under applicable law.
Kaia Roman, VP, Strategy & Communications