WeSana Health, Inc.

Lucy Scientific Discovery Inc. ("Lucy" or "the Company") (NASDAQ: LSDI) proudly announces the successful completion of its acquisition of Wesana Health Inc.'s ("Wesana") SANA-013 assets, marking a significant milestone in the field of mental health therapeutics. This acquisition strengthens Lucy's position as a leader in innovative drug development research and accelerates the development and commercialization of this groundbreaking treatment. SANA-013 is being developed for the treatment of several mental health and central nervous system (CNS) related conditions, including Major Depressive Disorder (MDD), Migraine, Episodic Cluster Headaches, and Trigeminal Neuralgia (TG). This novel combination allows both psilocybin and CBD to act in the brain, while also inducing a potent anti-inflammatory effect that, together, leads to anti-depressant effects. According to Emergen Research, the global depression treatment market size was $12.1 billion in 2019 and is expected to reach $16.1 billion in 2027, with a revenue CAGR of 3.9% from 2020-2027. Lucy Scientific Discovery Inc. is also pleased to announce the formation of Lucy Discoveries Holdings, a new entity that will serve as a platform for the continued advancement of psychedelic medicine research and development. Lucy Discoveries Holdings will focus on expanding and diversifying Lucy's portfolio of innovative therapies, catering to the unmet needs of patients worldwide. "We are delighted to finalize the acquisition of Wesana's SANA-013 assets and announce the formation of Lucy Discoveries Holdings," said Richard Nanula, Executive Chairman of the Board, Lucy Scientific Discovery Inc. "This strategic move significantly enhances our capabilities in the development of psychedelic medicine, reinforcing our commitment to revolutionizing mental health treatments. We are excited about the opportunities ahead and the potential to positively impact the lives of individuals around the world." “I am pleased to announce the sale of our highly anticipated drug development program, SANA-013, to Lucy Scientific Discovery,” said Daniel Carcillo, Wesana founder and Chief Executive Officer. “This partnership will enable us to leverage Lucy's resources, expertise, and global reach, solidifying our commitment to making a lasting impact in the field of mental health and underscores the tremendous potential of SANA-013. Our team at Wesana Health has worked tirelessly to develop this innovative program, and I am personally honored to be joining the exceptional team at Lucy, and together, we will bring hope and healing to individuals worldwide, forging a brighter future for mental wellness.” The completion of this acquisition and the establishment of Lucy Discoveries Holdings position Lucy Scientific Discovery Inc. as a leader in the field of mental health therapeutics. With a robust pipeline of cutting-edge treatments and a commitment to improving patient outcomes, Lucy is poised to make a profound impact on mental wellness. About Lucy Scientific Discovery Inc. Lucy Scientific Discovery Inc. (NASDAQ: LSDI) is a licensed producer of compounds for medicinal products. Holding a Controlled Drugs and Substances Dealer's License granted by Health Canada's Office of Controlled Substances, Lucy Scientific Discovery Inc. and its wholly-owned subsidiary, LSDI Manufacturing Inc., operate under Part J of the Food and Drug Regulations promulgated under the Food and Drugs Act (Canada). This specialized license authorizes LSDI to develop, sell, deliver, and manufacture pharmaceutical-grade active pharmaceutical ingredients (APIs) used in controlled substances and their raw material precursors. Lucy’s focus is on pioneering innovative therapies for patients in need, and through its lead candidate SANA-013, dedicated to advancing the understanding and applications of psychedelic medicine, improving mental health outcomes, and enhancing well-being for individuals worldwide. The content above comes from the network. if any infringement, please contact us to modify.

CHICAGO and TORONTO, July 13, 2021 (GLOBE NEWSWIRE) -- Wesana Health Holdings Inc. (“Wesana” or the “Company”) (CSE: WESA), an emerging life sciences company focused on developing innovative approaches for better understanding, protecting and improving neurological health and performance, including through the advancement of psilocybin-based medicine, today announced the execution of a definitive agreement to acquire Psychedelitech Inc., also known as PsyTech Inc., for a price of approximately $21 million CAD in Wesana Health stock (the “Transaction”), as further described below. The acquisition of PsyTech as a wholly owned subsidiary of Wesana will add three major components that will expand and enhance Wesana’s current business, including clinical software-as-a-service (SaaS) platform ‘Tovana Solutions’, the integrated mental health practice network ‘Tovana Clinics’ and PsyTech Connect, the industry’s largest professional psychedelics practitioner community, conferences, and educational courses. “TBI is a “moonshot” – by developing diagnostics and effective treatments for a condition as complex as TBI, we are uncovering medicines, therapies and protocols that will enable us to treat a wide range of conditions with roots in the brain,” said Daniel Carcillo, CEO of Wesana Health. “The acquisition of PsyTech will greatly accelerate our ability to understand, analyze and improve neurological health and performance by providing a data platform on which to build our technical strategy, clinics in which to apply and accelerate our neuroscience research and relationships with many thousands of the practitioners who will leverage our medicines, diagnostics and technology to heal people.” “PsyTech Inc.’s psychedelic health solutions are extremely well positioned to help the mental health industry respond to the growing demand for psychedelic therapies,” said Chad Bronstein, Executive Chairman and co-Founder of Wesana Health. “There are over 50,000 psychiatrists and 15,000 psychiatric practices in North America alone who will require solutions to adopt the novel and effective psychedelic assisted therapies that already exist and are currently in development.” “Our mission at PsyTech has been to empower healthcare providers with tools to deliver best-practice care to patients, including the main-streaming of breakthrough psychedelic therapies,” said Hayim Raclaw, CEO of PsyTech. “Daniel and his team have shown a tremendous passion for bringing real change to patients suffering from TBI and related mental health conditions which perfectly complements our mission at PsyTech. Together with the Wesana team, we span the range from therapy development to therapy delivery and novel psychedelic modalities of care.” Tovana Solutions, rebranding as Wesana Solutions, is a medical-grade clinical SaaS platform focused on improving mental healthcare through facilitating access to leading edge clinical protocols and tracking their efficacy including both patient and clinician adherence to protocols. In concert with EMRs and practice management systems Tovana Solutions is used in clinics delivering psychedelics and related therapies, targeting the rapidly developing international psychiatric clinic and research market. The SaaS platform includes applications for both provider and patient data collection, real time tracking, patient management and analysis both in and out of the clinic. The Wesana Solution is beginning clinical deployment this quarter. This suite of tools will help Wesana to gather and process comprehensive neurological data about patient response to compounds and protocols under investigation. “Wesana Solutions enables us to rapidly track and integrate patient data from a wide range of diagnostic tools in-clinic to an array of wearable biometric technologies, and that data can be incorporated and visualized in real time. This accelerates our data-driven approach to treatment. This is critical for understanding the broad range of brain and body systems that are affected in the wake of traumatic brain injury, as well as in other mental health conditions,” said Carcillo. “This also enables us to rapidly arm psychiatric practitioners and clinics across the country with protocol libraries, operational best practices and support tools for managing and caring for patients via highly personalized approaches.” Tovana Clinics, rebranding as Wesana Clinics, is a chain of psychiatrist-led integrated mental health clinics focused on profitably delivering quality psychiatric care, inclusive of ketamine therapy, while also preparing for the delivery of other psychedelic therapies as they become available. The Wesana clinical network currently includes two flagship clinics with another under construction slated to open in Q3 and two more in the acquisition process forecasted to become Wesana Clinics in Q3. The number of clinics will ramp up post-acquisition to an estimated 12 clinics within the next 12 months. “Wesana Clinics provide us with a network that makes it possible for us to deliver care for TBI, but also for a wide range of other mental health conditions in the psychiatrist-lead integrated manner that we believe to be most effective – a dramatically different foundation for holistic treatment informed by advanced neurological diagnostics. Wesana Clinics will allow us to unify the performance and recovery-focused applied neuroscience research developed at the Brainstorm Lab we are sponsoring at the University of South Carolina with cutting edge neurological and psychiatric care to heal people of an array of conditions at scale,” said Carcillo. PsyTech Connect is the largest psychedelic therapy community with over 8,000 actively engaged professionals and has become a respected resource for complete, current and peer-accepted psychedelic therapy protocols and clinical best practices. PsyTech Connect also features the annual PsyTech Summit, a premier psychedelic conference that averages over 2,200+ attendees. Through PsyTech Connect, Wesana will be able to develop relationships with leading edge psychiatric practitioners across the country and provide them with tools for managing, understanding, and personalizing care for their patients through its new data-driven therapeutic model informed by the latest neuroscience, diagnostic tools, and psychedelics best practices. Transaction Details The Transaction will be effected by way of a three-cornered amalgamation between PsyTech, Wesana and a wholly-owned subsidiary of Wesana. The Transaction will involve the issuance of approximately 7.4 million subordinate voting shares of Wesana as the acquisition consideration (the “Consideration Shares”). The Transaction was unanimously approved by the board of directors of Wesana and the board of directors of PsyTech. The closing of the Transaction is subject to customary closing conditions for a transaction of this nature including, among other things, PsyTech obtaining the requisite shareholder approval at a special meeting of PsyTech shareholders to be called to consider the Transaction (the “PsyTech Meeting”). The closing of the Transaction is expected to occur during the third quarter of 2021. The Transaction will require approval by 66 2/3% of the votes cast by PsyTech shareholders at the PsyTech Meeting. PsyTech shareholders holding at least 67% of the shares of PsyTech, on a fully diluted basis, have entered into support agreements with Wesana (the “Support Agreements”) pursuant to which, among other things, they have agreed to vote all of the shares held by them in favor of the Transaction at the PsyTech Meeting, on the terms and subject to the conditions set forth in the Support Agreements. Additionally, it is a condition to closing of the Transaction that PsyTech shareholders holding approximately 77% of the shares of PsyTech, on a fully diluted basis, shall have entered into lock-up agreements with Wesana pursuant to which: (a) 20% of the Consideration Shares received by each such locked-up shareholder will be exempt from any contractual transfer restrictions imposed by Wesana; and (b) 80% of the Consideration Shares received by each such locked-up shareholder will be subject to contractual transfer restrictions, with such Consideration Shares to be released from such transfer restrictions monthly over a one-year period from the date of closing the Transaction (i.e. in 6.66% monthly increments commencing on the date that is one month from the date of closing the Transaction). It is anticipated that certain U.S. shareholders of PsyTech will elect and agree to receive multiple voting shares of Wesana in lieu of subordinate voting shares of Wesana (on the basis of one multiple voting share for every 50 subordinate voting shares) that they would have otherwise received as Consideration Shares. Cassels Brock & Blackwell LLP and Dorsey & Whitney LLP are acting for Wesana in connection with the Transaction and Garfinkle Biderman LLP and McDonald Hopkins are acting for PsyTech in connection with the Transaction. About Wesana Health Wesana Health is an emerging life sciences company championing the development of innovative approaches for better understanding, protecting and improving neurological health and performance. Through extensive clinical research and academic partnerships, Wesana Health is developing evidence-based formulations and protocols, including psilocybin-based therapies, that empower patients to overcome neurological, psychological and mental health ailments. Learn more at www.wesanahealth.com. About PsyTech Inc. PsyTech combines a robust psychedelic therapeutic community with integrative mental healthcare delivery and enabling tools for novel modalities of care. A leader in the development of data-driven tools that allow physicians insight into patient well-being and clinical best practices, PsyTech is mainstreaming the adoption of psychedelic-assisted therapies through the promotion and delivery of safe and effective therapy, combating stigma, and accelerating innovation. For more information, please visit psytechglobal.com.

Shanghai continues to be an area of focus for many pharmaceutical companies seeking a toehold in China. Companies like AstraZeneca, Novartis and others have opened offices in Shanghai. Two months ago, Germany’s Vetter, a contract development and manufacturing organization, opened offices there, and now, ITM AG, another Germany-based company is following suit. ITM AG established a subsidiary in Shanghai to accelerate introduction of its precision oncology portfolio in China. The subsidiary will expand ITM’s growing operations in China, which is a key emerging market for novel radiomolecular precision oncology. The ITM Shanghai team will focus on expanding and accelerating access of targeted therapeutic and diagnostic radiopharmaceuticals for Chinese patients. Elsewhere across the globe: Richter-Helm BioLogics – CDMO company Richter-Helm BioLogics GmbH & Co. KG began construction on an expansion of its cGMP manufacturing facility in Bovenau, Germany. The new multi-product biological manufacturing facility is expected to begin full-scale operations and manufacturing by the end of 2023. Currently, Richter-Helm operates two cGMP-compliant production facilities located in Hannover and Bovenau, Germany, with bioreactor capacities of up to 1,500 litres. The Bovenau expansion covers installment of two additional highly flexible and fully equipped production trains with interchangeable product flows. bioMérieux – France-based bioMérieux signed an agreement to become the exclusive distributor of Accellix products in China, Japan, Australia and South Korea. The Accellix technology enables complex cellular quality control testing of cellular therapies, at the point of manufacturing from starting material to final product. bioMérieux will perform the full range of sales, supply and service activities in the Asia Pacific region. Kayrross – Also based in France, Kayrros was selected as one of 20 companies included in the French government’s “French Tech-Green20” startup program. Inclusion in the list provides the company with support from the government’s “French Tech” project. In its application, Kayrros highlighted its Methane Watch product that “detects and allocates major methane emissions from the energy sector, on a daily basis, around the world.” Follicum AB – Sweden’s Follicum reported top-line data from a Phase IIa study of its tissue repairing peptide FOL-005 for treatment of hair loss (alopecia). Results showed hair growth increased significantly in the group of patients who received FOL-005 at the highest dose. However, the results were not significantly better compared to the placebo. Follicum will conduct further analyses of the study results and also explore the possibilities to further develop FOL-005 for other medical conditions where preclinical studies have shown good tissue repair effects. Wesana Health – Toronto-based Wesana Health Holdings Inc. closed the reverse merger with Debut Diamonds The new company focuses on the business of Wesana Health Inc., which includes psilocybin-based medicine development and research that targets traumatic brain injury and other mental health ailments caused by trauma. Lytix Biopharma– Based in Norway, Lytic Biopharma AS announced that data from its Phase I study of lead candidate LTX-315 was published in “Clinical Cancer Research.” Study data showed a number of patients experienced significant tumor regression in injected lesions. In 29% of patients, there was substantial volume reduction of injected tumors. The study also demonstrated that LTX-315 has an acceptable safety profile, is clinically active, induces significant T cell infiltration in the tumor microenvironment and contributes to immune-mediated anticancer activity. Flow Eighteen38 – Portugal Flow Eighteen38 and Netherlands-based FairJourney Biologics announced an agreement with the Hubrecht Institute to harness the potential of FJB’s proprietary llama naïve libraries to develop antibodies to be used as research tools. The reagent antibodies generated by Flow Eighteen38/FJB for the Hubrecht Institute comply with the recent EU recommendations on Non-Animal-derived antibodies and will be derived from FJB’s proprietary llama naïve libraries through its phage display technology platform. Accelerate@Babraham – A bio-entrepreneurial incubator initiative based in the U.K. opened applications for its 2021/22 cohorts. The five-month program offers up to five innovative entrepreneurs the opportunity to experience life as part of one of the most successful locations for life science start-ups in Europe. The program enables chosen ventures to dedicate five months to the exploration and development of their science in the company of an unrivalled network of strategic partners, mentors, experts, and investors, all committed to equipping the young enterprises with the skills, confidence, and network connections to enable success. Phico Therapeutics – U.K.-based Phico secured £7 million in financing, which was led by BGF and other existing investors. The funds will be used to support the continued development of Phico’s SASPject technology platform and in particular the progression of its lead product, PT3.9 towards the clinic. SASPject PT3.9 is being developed for the intravenous treatment of hospital infections due to the bacterium, Pseudomonas aeruginosa. The Phase I clinical trials will be first-in-man, intravenous studies and will focus on establishing the safety and kinetics of PT3.9 in healthy volunteers and, potentially, patients with ventilated hospital acquired pneumonia and ventilator associated pneumonia. Navigo Proteins – Germany-based Navigo Proteins and South Korea’s MDimune forged a technology collaboration to achieve tissue-targeting of extracellular vesicles (EVs). The ongoing research combines Navigo’s target-binding Affilin molecules with MDimune’s CDV technology. The goal is to enable Affilin-mediated delivery of CDVs specifically to solid tumor targets. SpeeDx – Australia-based SpeeDx received $1.8 million in funding from CARB-X to support development of a rapid point-of-care diagnostic for sexually transmitted diseases Chlamydia and trachomatis and Neisseria gonorrhoeae. SpeeDx has developed a rapid, molecular test using polymerase chain reaction (PCR) technology called InSignia that is able to identify whether an active infection is associated with Chlamydia trachomatis or Neisseria gonorrhoeae. Additionally, through susceptibility testing, the technology will identify the best-available antibiotic choice for treatment of gonorrhea. Hofseth BioCare ASA – Norway’s Hofseth forged a global innovation partnership with Catalent to develop a delayed-release formulation of HBC’s OmeGo fish oil. Catalent will use its proprietary OptiGel DR technology to encapsulate OmeGo, HBC’s unique fish oil derived from sustainable, traceable, and fresh Norwegian Atlantic salmon. OptiGel DR technology enables an enteric release profile for softgel capsules without the need for an additional external coating, thereby employing a one-step manufacturing process, which avoids the heat and drying of the coating process that may otherwise degrade the fish oil.