Business
Nova Mentis Assigns Intellectual Property
Nova Mentis Assigns Intellectual Property.
About this update from Ludwig Enterprises, Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - August 27, 2024) - Nova Mentis Life Science Corp. (CSE: NOVA) (FSE: HN3Q) (OTCQB: NMLSF) (\"NOVA\" or the \"Company\") is pleased to announce it has entered into an intellectual property conveyance agreement (the \"Agreement\") with Ludwig Enterprises Inc. (\"LUDG\") and Dr. Marvin S. Hausman (\"Hausman\"), CEO of Ludwig, pursuant to which the Company shall assign to Ludwig all of its intellectual property and patent of the mRNA Neuro Panel and Serotonin Assay, along with any and all data accumulated testing these assays (the \"Property\").Under the terms of the Agreement, in consideration of the assignment of the Property, Hausman shall forgive the Company on a total of USD $245,712 debt owed to Hausman pursuant to consulting services provided to the Company and Ludwig shall issue to the Company 750,000 restricted shares of its Common stock at closing. In addition, for a period of 10 years from the date of the Agreement, Ludwig shall pay the Company a 2.5% royalty on all revenue derived from the commercialization of the Property up to the amount of USD$245,712 and 5% on any revenue over this amount.Corporate UpdateRegarding the Company's Health Canada Phase 2a clinical trial \"An Open-Label Investigation of the Effects of Sub-Perceptual Repeat Dosing of Psilocybin on the Behavioural and Cognitive Symptoms of Fragile X Syndrome in Adult Patients\" - the recruitment portion of the trial has proven to be very challenging. Together with its' Contract Research Organization partner KGK Science, over 20 individuals have been vetted for enrollment but unfortunately none have met the stringent requirements for enrollment. Coupled with the challenges the psychedelic sector has and is going through, NOVA's Board is actively seeking suitable business opportunities that create shareholder value and compliment the Company's current CSE industry listing - Life Sciences.About Nova Mentis Life Science Corp.Nova Mentis Life Science Corp. is a Canadian-based biotechnology company, developing psilocybin-based therapeutics for neuroinflammatory disorders. Nova is the first biotech company to achieve orphan drug designation in both the United States and European Union for the use of psilocybin in the treatment of fragile X syndrome (FXS).About Ludwig Enterprises, Inc.Ludwig Enterprises, Inc., (OTC Pink:...