- Entheon Biomedical Corp. (ENBI) has signed an agreement with Cybin IRL Limited, a subsidiary of Cybin Inc.
- Entheon has agreed to sell its Phase 1 N,N-dimethyltryptamine study (DMT Study) to Cybin IRL Limited for C$1,000,000
- Entheon also announced that it has filed three provisional patents for novel tryptamine compounds for use in psychedelic therapy
- Entheon is a biotechnology research and development company
- Entheon Biomedical Corp. was unchanged at $0.075 at 09:31 ET
Entheon Biomedical (ENBI) has signed an agreement with Cybin IRL Limited, a subsidiary of Cybin Inc.
Entheon has agreed to sell its Phase 1 N,N-dimethyltryptamine study (DMT Study) to Cybin IRL Limited for a purchase price of C$1,000,000.
A portion of the purchase price will be made as a deposit with the balance payable on closing of the transaction.
In connection with the transaction, the purchaser will assume all accrued liabilities and accounts payable associated with the DMT Study.
The DMT Study is being conducted in the Netherlands at the Centre for Human Drug Research, a leading independent foundation specializing in innovative early-stage clinical drug research, in 50 healthy volunteers who smoke (cigarettes/nicotine users).
The company has agreed to provide ongoing support for the DMT Study, by entering into a consulting services agreement with the purchaser and an employee of the company for a period of 12 months following closing of the transaction and a fee to the company of up to $480,000.
“Entheon is re-focusing its resources to its Entheon RX, ID and IQ divisions to continue pursuing novel drug targets, genetic and EEG-based biomarkers, which we believe is a higher-value market opportunity,” stated Timothy Ko, CEO of Entheon.
“The company is happy to monetize the work completed to date and continues to support R&D targeting mental health and addiction cessation and supports the completion of the clinical work,” he added.
Entheon also announced that it has filed three provisional patents for novel tryptamine compounds anticipated for use in psychedelic therapy.
Entheon’s new chemical entity program, part of its Entheon RX division, seeks to discover and develop novel compounds with pharmacologic characteristics that represent a meaningful clinical improvement over currently known psychedelic compounds.
The company also announced that it has elected not to proceed with a non-brokered private placement financing for up to $3,000,000 originally announced on April 5, 2022.
Entheon is a biotechnology research and development company committed to developing and commercializing a portfolio of safe and effective DMT-based psychedelic therapeutic products to treat addiction and substance use disorders.
Entheon Biomedical Corp. was unchanged at $0.075 at 09:31 ET.