Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Psychedelics biotech company Entheon Biomedical Corp. (CSE:ENBI) (OTCQB:ENTBF) (FSE:1XU1) has acquired Lobo Genetics Inc., a Canadian personalized genetics company with a psychedelics and cannabis-focused direct-to-consumer platform, in an all-stock deal.
What Happened
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The Vancouver-based company disclosed Friday that it has closed the previously announced amalgamation agreement with Lobo and its subsidiary, 13089363 Canada Inc (Subco).
Under the deal, Subco and Lobo merged by way of a "three-cornered" amalgamation. The combined company will continue to operate under the name "Lobo Genetics Inc." as Entheon's subsidiary.
The Vancouver-based company agreed to issue 5 million of its common shares to Lobo's former shareholders, as per the deal.
In addition, holders of the outstanding stock options of Lobo obtained some 9,603 incentive stock options that Entheon issued, in return for the cancellation of the Lobo stock options, as well as all Lobo's outstanding common share purchase warrants.
John Lem, founder and former CEO of Lobo, opted to serve as a strategic advisor of industry affairs on Entheon's advisory board. As part of the deal, Lem obtained 200,000 stock options, with each stock option exercisable for one Entheon's common share at 33 cents, for a period of 5 years from the grant date.
Why It Matters And What's Next
Entheon and Lobo intend to continue researching a genetic-driven approach to developing personalized psychedelic-assisted psychotherapeutic (PAP) protocols to treat substance use disorders, said Timothy Ko, Entheon's CEO.
"With the acquisition of Lobo comes the addition of key staff members and enhanced expertise in the field of genetics," Ko explained. "With increased capacity to screen patients, on a genetic basis, for underlying psychiatric disorders prior to undertaking PAP, Entheon is furthering its commitment toward safety and predictability in psychedelic therapies while aggregating data that can be used to determine which psychedelic molecules are best-suited for a particular patient."
Lem confirmed that Lobo will "continue to leverage our technology platform to help personalize the psychedelics experience through genetic testing and data-driven insights."
Photo: Courtesy of Cytonn Photography on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.