Cube Psytech To Buy Psychedelics Company With Data On 200 Species Of Mushrooms

Canadian biopharma psychedelics company Cube Psytech Holdings agreed to acquire Translational Life Sciences (TLS). 

Cube will issue about 50% of its outstanding shares, warrants and options to shareholders, directors and employees of TLS in exchange for 100% of its outstanding share capital. This will result in TLS's acquiring one-third of the share capital in Cube. 

The deal is contingent on a private placement or another financing of a minimum of $1.5 (CA$2) million.

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At the moment, the company has initiated a private placement to issue up to 16 million units for gross proceeds of $3 million at a price of $0.18 each.

Each unit consists of one common share and one-half warrant; each full warrant will have an exercise price of $0.30 per share and will expire three years after the issue date. 

TLS, a life sciences company based at the University of British Columbia, would be a part of the Cube portfolio, which includes Cube Psytech Corp. and Cube Wellness Products Inc. The deal includes a drug discovery pipeline, more than 1,000 extracted botanical compounds as well as brain-receptor profiling data on over 200 species of mushrooms.

TLS holds a Health Canada dealer’s license covering commercial scalability of production and product development in several psilocybin-based drugs. The company has developed proprietary efficacy and consistency testing protocols towards taking its psychedelic products to achieve clinical-grade standards.

Photo: Benzinga edit with photo by geralt and sergeitokmakov on Pixabay.

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