Entheon Biomedical Corp. Announces Acquisition of HaluGen Life Sciences Inc.
Ryan Allway
January 14th, 2021
Psychedelics, Top News
Genetic Screening Test Technology and Data to Strengthen Entheon’s Psychedelic-Assisted Protocols Vancouver, BC – January 14, 2021 – Entheon Biomedical Corp. (CSE: ENBI) (FSE: 1XU1) (“Entheon” or the “Company”) is pleased to announce that the Company completed its acquisition of HaluGen Life Sciences Inc. (“HaluGen”), a biotech company in the business of developing and commercializing a pre-screening test to identify genetic markers predictive of an individual’s reaction to hallucinogenic drugs. The Company acquired 100% of the issued and outstanding common shares in the capital of HaluGen (the “HaluGen Shares”) from the shareholders of HaluGen (the “HaluGen Shareholders”) pursuant to a share exchange agreement among the Company, HaluGen and the HaluGen Shareholders, resulting in HaluGen becoming a wholly-owned subsidiary of Entheon (the “Acquisition”).
“This acquisition supports Entheon’s innovative data-driven approach to developing psychedelic-assisted psychotherapeutic (PAP) protocols to treat substance use disorders and provides an opportunity to strengthen category leadership in psychedelic therapy and drug discovery,” said Chief Executive Officer of Entheon, Timothy Ko. “Importantly, it will improve our tools to screen patients for underlying psychiatric disorders prior to undertaking PAP, and gather data linking genetics to outcomes. By adding this layer of personalized medicine and data, we seek to add an additional measure of safety and predictability to PAP, and to aggregate data that can be used to infer appropriateness of specific molecules in PAP.”
The Acquisition
In consideration for the HaluGen Shares, the Company issued an aggregate of 5,100,000 common shares (the “Consideration Shares”) to the HaluGen Shareholders.
The Consideration Shares are subject to contractual restrictions on transfer and will be released in accordance with the following schedule:
- 1,275,000 Consideration Shares on the closing of the Acquisition (the “Closing Date”);
- 1,275,000 Consideration Shares on the date that is four (4) months following the Closing Date;
- 1,275,000 Consideration Shares on the date that is eight (8) months following the Closing Date; and
- 1,275,000 Consideration Shares on the date that is 12 months following the Closing Date.
In addition to the Consideration Shares, the Company may issue up to an additional 900,000 common shares (the “Compensation Shares”) to Lobo Genetics Inc. (“Lobo”), in connection with a product development agreement dated November 13, 2020, as amended on January 14, 2021 (the “Product Development Agreement”), among the Company, HaluGen and Lobo. The issuance of the Compensation Shares is subject to Lobo fulfilling certain performance milestones in accordance with the terms of the Product Development Agreement.
All securities issued or issuable in connection with the Product Development Agreement are subject to a statutory hold period expiring four months and a day from the date of issue.
About Entheon Biomedical Corp. Entheon is a biotechnology research and development company committed to developing and commercializing a portfolio of safe and effective Dimethyltryptamine based psychedelic therapeutic products (“DMT Products”) for the purposes of treating addiction and substance use disorders. Subject to obtaining all requisite regulatory approvals and permits, Entheon intends to generate revenue through the sale of its DMT Products to physicians, clinics and licensed psychiatrists in the United States, certain countries in the European Union and throughout Canada.
About HaluGen Life Sciences Inc.
HaluGen is developing a DNA testing and personalized psychedelic pre-screening platform that provides genetic, personal and familial insights to better inform the psychedelic experience, with the goal of improving patient care and reducing side effects and risk. HaluGen’s genetic-based psychedelic pre-screening platform will help evaluate an individual’s overall sensitivity and risk profile when using hallucinogenic drugs. This platform will be the first of its kind and is expected to produce test results within days.
For more information, please contact the Company at:
Entheon Biomedical Corp.
Joseph Cullen, Investor Relations
Telephone: +1 (778) 919-8615
joe@entheonbiomedical.com
https://entheonbiomedical.com/For media inquiries, please contact Crystal Quast at:
Bullseye Corporate
Crystal Quast
Telephone: +1 (647) 529-6364
Quast@BullseyeCorporate.com
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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