FSD Pharma Receives Ethics Committee Approval for a Phase-1 Multiple Ascending Doses Clinical Trial for Lucid-21-302 (Lucid-MS) in Australia

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[{"type":"text","content":"FSD Pharma Receives Ethics Committee Approval for a Phase-1 Multiple Ascending Doses Clinical Trial for Lucid-21-302 (Lucid-MS) in AustraliaTORONTO, ON / ACCESSWIRE / June 27, 2024 / FSD Pharma Inc. (NASDAQ:HUGE)(CSE:HUGE)(FRA:0K9A) (\"FSD Pharma\"), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions to address ailments affecting millions worldwide, today announces that it has received approval by the human ethics review committee (HREC) in Australia for its trial entitled \"A Phase 1, Randomized, Double-Blind, Placebo-Controlled, Multiple Ascending Dose Study to Evaluate the Safety and Pharmacokinetics of Lucid-21-302 in Healthy Adult Participants.\"Lucid-21-302 is a first-in-class, non-immunomodulatory, neuroprotective compound with a unique mechanism of action for the treatment of multiple sclerosis (MS). It is a patented New Chemical Entity that has been shown in preclinical models to prevent demyelination, a known cause of MS and other neurogenerative diseases characterized by damage to the myelin sheath surrounding nerve fibers in the central nervous system.\"After much hard work designing this MAD trial, we are thrilled that we have received HREC approval, and the trial can now commence. This marks an important step in the clinical development of Lucid-21-302 (Lucid-MS),\" said Dr. Andrzej Chruscinski, Vice-President, Scientific and Clinical Affairs at FSD Pharma.In addition, the company issued 400,000 Class B Subordinate Voting shares in the capital of the Corporation (\"Class B Shares\") to arm's length creditors at the deemed price of $0.30 per Class B Share to settle an aggregate of $120,000 of amounts owing.About FSD PharmaFSD Pharma is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (\"Lucid\"), FSD is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302) (\"Lucid-MS\"). Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. FSD Pharma inve...

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