The acquisition includes all future worldwide rights relating to the use of psychedelics to treat Alzheimer’s disease and other dementias.
In a key landmark for the company, MYND Life Sciences has successfully acquired the right, title and interest in and to the intellectual property rights for the use of psychedelics to treat dementia from Cava Healthcare.
The company has said that the acquisition will strengthen its psilocybin-assisted medicinal and diagnostics capabilities, adding novel psychedelics for the treatment of dementia, including Alzheimer’s disease.
MYNd CEO, Dr Lyle Oberg, MD, commented: “Dementia, including Alzheimer’s disease, touch almost all families in some way, usually with very dramatic and emotionally painful consequences.
“As we continue to draw the enthusiasm of investors, we are able take tangible steps towards moving beyond preclinical and into clinical work with our research team.”
The World Health Organization estimates that between 44 and 50 million people worldwide suffer from dementia. Additionally, the Alzheimer’s Association has estimated that the estimated cost of caring for people with dementia, including Alzheimer’s Disease, in the USA alone, and is expected to reach $1.1 trillion by 2050.
MYND has sated that it intends to be at the forefront of these advances.
Cava CEO, Theo Warkentin, added: “MYND is an innovative industry leader in psychedelic psychotherapy, therapeutics and diagnostics.
“The company is uniquely positioned to pursue the effectiveness of psilocybin and other psychedelics for treating dementias.”
On closing the asset acquisition MYND issued 450,000 common shares to Cava at a deemed price of $0.85 per share and made a cash payment of $120,000. In addition, MYND will pay Cava an annual royalty.
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