Psyence (CSE:PSYG) announces business combination and signs LOI with Australian CRO iNGENū

• Psyence Group (PSYG) and Newcourt Acquisition Corp (NCAC) have announced a business combination agreement with Psyence Biomed Corp.
• Psyence has signed a Letter of Intent with Contract Research Organisation iNGENu CRO Pty Ltd
• iNGENu will be responsible for jointly designing the Phase IIb clinical trial to be conducted in Australia
• Psyence Biomed and Newcourt will form a public company leveraging natural psilocybin in the treatment of palliative care
• Dr. Neil Maresky, Chief Executive Officer of Psyence, met with Sabrina Cuthbert to discuss the news
• Psyence Group Inc is a science-led psychedelic platform led by experts in neurology, neuroscience, and drug development
• Psyence Group Inc. (PSYG) opened trading at C$0.13

Psyence Group (PSYG) and Newcourt Acquisition Corp (NCAC) have announced a business combination agreement with Psyence Biomed Corp.

Under the agreement, Psyence Biomed and Newcourt will form a public company leveraging natural psilocybin in the treatment of palliative care.

If the combination is completed, Psyence Group Inc, which will continue to be listed on the Canadian Securities Exchange, would own a significant portion and have board control of the combined company. The company would be capitalized with a minimum of US$20 million and have access to Newcourt’s shareholders, promoters and advisors. Psyence will continue to own and operate its other divisions Psyence Production and Psyence Function.

Psyence Biomed also referred to as “Psyence Therapeutics,” is a division of Psyence, which is developing natural psilocybin medicinal formulations and treatment protocols for the treatment of adjustment disorder in patients with an incurable cancer diagnosis.

The business combination is expected to conclude in the first half of 2023, with the combined company going public.

The combination will also enable the combined company to begin the planning phase for Phase III registrational studies and provide the opportunity to explore different indications for natural psilocybin.

Psyence has signed a Letter of Intent with Contract Research Organisation iNGENu CRO Pty Ltd. iNGENu will be responsible for jointly designing the Phase IIb clinical trial to be conducted in Australia.

Dr. Neil Maresky, Chief Executive Officer of Psyence, met with Sabrina Cuthbert to discuss the news.

“This is an incredible moment for Psyence’s clinical trial division, Psyence Biomed. The funding from this transaction will enable us to execute our early-stage development program in palliative care. Our Phase 2b clinical study of natural psilocybin (PEX010) for treating adjustment disorder in patients who have incurable cancer will be the first trial of its kind to evaluate the safety and efficacy of natural psilocybin in this indication.”

Psyence Group Inc is a science-led psychedelic platform led by experts in neurology, neuroscience, and drug development. The company builds and operates federally licensed commercial psilocybin cultivation and production facilities.

Psyence Group Inc. (PSYG) opened trading at C$0.13.