Toronto, Ontario – July 5, 2023 – PharmaDrug Inc. (CSE: PHRX) (OTCQB: LMLLF) (“PharmaDrug” or the “Company“), announced today that it has reached an agreement with the holders of $650,000 principal amount of the Company’s convertible debentures to terminate a general security agreement granted by the Company’s wholly-owned subsidiary Sairiyo Therapeutics Inc. (“Sairiyo“). As consideration for agreeing to terminate the general security agreement the Company has agreed to issue an aggregate of 5,000,000 common shares in the capital of the Company to the debt holders. The termination of this general security agreement is being completed in conjunction with a proposed strategic investment by an arm’s length third party in Sairiyo. Definitive documentation regarding the strategic investment has not yet been entered into and there is no guarantee that such investment will occur. The Company will provide further disclosure regarding the proposed strategic investment once all agreements in respect thereof have been finalized.
About PharmaDrug Inc.
PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs. PharmaDrug owns 100% of Sairiyo Therapeutics (“Sairiyo”), a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through clinical trials and the associated regulatory approval process in the US and Europe. Sairiyo is currently developing its patented reformulation of cepharanthine, a drug that has shown substantial third party validated potential for the treatment of infectious disease (including Covid-19) and rare cancers. Sairiyo is also conducting R&D in the psychedelics space for the treatment of non-neuropsychiatric conditions.
For further information, please contact:
Daniel Cohen, Chairman and CEO