Toronto, Ontario – May 23, 2023 – PharmaDrug Inc. (CSE: PHRX) (OTCQB: LMLLF) (“PharmaDrug” or the “Company“), is announcing that it has appointed David Posner to its Advisory Committee and as a consultant with a mandate for strategic initiatives and corporate restructuring.
Daniel Cohen, Chairman and CEO of PharmaDrug commented, “We are extremely excited to bring David Posner on as an advisor. David has a long history of founding companies in the cannabis, psychedelic and fintech sectors such as Red Light Holland and Psyched Wellness. He was also instrumental in successfully vending companies he founded to larger players such as Lineage Growth to Harbourside and Xanthic Biopharma into Green Growth Brands.”
The Board of Directors is assessing strategic alternatives to be able to yield maximum shareholder value for its cepharanthine and N,N-Dimethyltryptamine (DMT) programs which management believes is being significantly undervalued by the markets at this current time. Possible avenues include potential entries into joint ventures in order to add intellectual bench strength, scientific program synergies and short to mid term financial flexibility. Management has already begun discussions with several companies, although there is no guarantee an agreement will be reached. PharmaDrug’s intention is to keep operational control of its cepharanthine and DMT programs.
As part of this initiative, The Company has parted ways with its Chief Science Officer, Paul Van Slyke. In the meantime, PharmaDrug will use third party consultants until it finalises an agreement with a new strategic partner. The Company thanks Paul for all of his contributions to PharmaDrug and notes that he was instrumental in the work to advance the cepharanthine and DMT programs to their current state. Management wishes Paul the best of luck with all his future endeavours.
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
[email protected]
(647) 202-1824
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A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company’s disclosure documents on the SEDAR website at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
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