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PharmaDrug Announces Strategic Investment in Sairiyo Therapeutics Inc.
Toronto, Ontario--(Newsfile Corp. - July 18, 2023) - PharmaDrug Inc. (CSE: PHRX) (OTCQB: LMLLF) (...
About this update from Pharmadrug, Inc.
[{"type":"text","content":"PharmaDrug Announces Strategic Investment in Sairiyo Therapeutics Inc.Toronto, Ontario--(Newsfile Corp. - July 18, 2023) - PharmaDrug Inc. (CSE: PHRX) (OTCQB: LMLLF) (\"PharmaDrug\" or the \"Company\"), announced today that it has reached an agreement yesterday with PharmaTher Inc. (\"PharmaTher\"), a wholly-owned subsidiary of PharmaTher Holdings Ltd. (CSE: PHRM) (OTCQB: PHRRF), pursuant to which PharmaTher will subscribe for 144,117,647 common shares of PharmaDrug's subsidiary Sairiyo Therapeutics Inc. (\"Sairiyo\") for $300,000. Following the issuance, PharmaTher will become a 49% shareholder of Sairiyo.Sairiyo plans to use the funds from the investment for the ongoing development of cepharanthine as the company finalizes production of the cGMP batch of PD-001 and prepares it for potential in-human trials. PharmaTher will also provide drug development, regulatory, clinical and scientific expertise for Sairiyo. While cepharanthine is the current prime focus, Sairiyo's combined leadership will continue to develop its psychedelic assets, such as the N,N-Dimethyltryptamine (DMT) glaucoma initiatives and microneedle patch development that PharmaDrug and PharmaTher had already begun collaborating on. Daniel Cohen, Chairman and CEO of PharmaDrug, commented, \"We are extremely excited about PharmaTher's investment into Sairiyo. We believe that aside from the financial contribution, PharmaTher's scientific and overall drug development acumen will provide a synergy that will ultimately yield the best value for shareholders for both the cepharanthine and psychedelic pharmaceutical programs. This investment will enable PharmaDrug to reactivate its program and reaccelerate its cepharanthine development.\" In connection with the investment, PharmaDrug and PharmaTher will enter into a unanimous shareholders agreement with respect to their holdings of Sairiyo. The shareholders agreement will provide, among other things, that (i) so long as PharmaDrug owns a majority of the shares of Sairiyo it shall have the ability to appoint the officers of Sairiyo, who shall initially be Daniel Cohen (President and CEO) and Keith Li (CFO); (ii) the board of directors shall be comprised of three members a majority of whom are to be nominated by PharmaDrug for so long as it holds at least 50% of the outstanding shares of Sairiyo, with the initial board bein...