Transcend owns BOL-148, a non-toxic second-generation LSD-derived molecule that mimics the therapeutic potential of LSD, without the psychedelic effects or hallucinations
BetterLife Pharma Inc (CSE:BETR) (OTCQB:BETRF) (FRA:NPAU) announced Monday that it has completed the acquisition of psychedelic biotechnology firm Transcend Biodynamics LLC in an all-stock transaction valued at C$10 million.
The deal adds BOL-148, Transcend’s LSD derivative, to BetterLife’s drug pipeline. The company paid 13.3 million shares at C$0.75 per share.
“We are very pleased to close our acquisition of Transcend. It is our continual objective to broaden our product scope, and Transcend, with its experienced management team, is a perfect foothold for us in the fast-growing market for psychedelics molecules and complements our existing pipeline of treatments,” BetterLife CEO Ahmed Doroudian said in a statement. “We are excited to bring such a promising brand under the BetterLife umbrella, especially in such a fast-growing and exciting sector.”
READ: BetterLife Pharma adds LSD derivative to its pipeline with C$10M Transcend Biodynamics acquisition
BOL-148 is a non-toxic second-generation LSD-derived molecule that mimics the therapeutic potential of LSD, without the psychedelic effects or hallucinations, the company said. Transcend’s patented process allows for cost-effective manufacturing of BOL-148 without the need to make LSD, making it the only entity with the ability to synthesize the drug without the regulatory hurdles of handling a Schedule 1 controlled substance.
“With this acquisition, we are expanding our product pipeline to include psychedelic therapeutics, incorporating elements of our IP around drug delivery technology in which we already have prototypes developed, which we believe will propel us towards clinical studies relatively quickly. We see great promise in delivering psychedelic-based medicines to treat various diseases and disorders and look forward to unveiling clinical study designs,’’ Doroudian said.
The deal combines BetterLife’s market experience with Transcend’s unique product, the company said.
“We are excited to work with BetterLife to build out our product line and conduct further R&D to develop an exciting IP portfolio surrounding LSD based pharmaceutical treatments,” Transcend CEO Justin Kirkland said. “Both companies have similar values and complementary strengths, which make this a strong corporate and cultural fit.”
BetterLife also told investors that it has hired GRA Enterprises LLC as an investor relations consultant to create investor bulletins, distribute them to the firm’s email list and post on social media. BetterLife paid US$50,000 for a six-month contract.