Vancouver, British Columbia--(Newsfile Corp. - March 16, 2022) - MYND Life Sciences Inc. (CSE: MYND) (OTCQB: MYNDF) ("MYND" or the "Company"), a biopharmaceutical research and development company creating innovative precision medicines for patients with relentless neurological diseases, today announced it has entered into a non-binding memorandum of understanding ("MOU") to acquire all the issued and outstanding shares of Tidal Care Inc. o/a Tidal Psychedelics ("Tidal").
Tidal is a vertically integrated psilocybin company with access to a $10 million leasehold facility purpose built for cannabis and mycelium cultivation. The proposed collaboration is a strategic fit for both organizations; key management personal from Tidal will bolster MYND's executive team with established leadership in successfully structuring and growing private and public corporations across several industries, while existing Tidal shareholders gain access to four (4) global provisional patents, public stock market liquidity, access to a new $2.5 million cannabis-specific building and a $1.2 million investment into the Company's research and development. The primary goal of the combined entity is to provide MYND's highly sophisticated intellectual property portfolio with access to additional capital, and a diverse and an experienced management team to advance the Company's research and development initiatives.
MYND's business strategy will remain consistent in translating innovative research approaches, with a strong focus on scientific excellence, into safe and effective neuro-pharmaceutical treatments and diagnostic capabilities for Central Nervous System diseases. "We are very excited to create a dynamic partnership with Tidal and believe the combination of their physical assets and significant investor base will facilitate greater access to investment capital and stimulate long-term growth for the merged entity," stated MYND CEO Dr. Lyle Oberg. "A Tidal acquisition is a unique opportunity for both companies to capitalize on untapped asset potential. We look forward to advancing our development strategy within the biopharmaceutical industry."
"The Board of Tidal is excited about this pending acquisition by MYND," said Tidal CEO and Board Member, Mr. Mathew Dobko. "After reviewing the various components of MYND's intellectual property, it's our opinion that the combined MYND-Tidal entity is positioned uniquely in the psilocybin sector and biopharmaceutical industry and that is poised for great success under Dr. Oberg's leadership. In addition, the acquisition and share exchange provides the original investors in Tidal an opportunity to command influence on a public market and at a global scale."
MYND and Tidal have agreed on an all-share transaction, the details of which will be announced after the parties have had the opportunity to present the proposed acquisition to their respective Board's and shareholders as required. In addition to the transaction, there will be a follow-up opportunity of a Private Placement in support of the combined entity's business plan to realize it's full potential and satisfy expectations of their investors.
ABOUT MYND LIFE SCIENCES INC.
MYND Life Sciences Inc. is a medical biotech drug research and development company focused on neuro-pharmaceutical and novel psilocybin drug development and diagnostics. MYND is developing new biological entities (NBEs) and new chemical entities (NCEs) and differentiates itself from other biopharmaceutical companies by unique molecular concepts for the applications of Psilocybins for overcoming disease. The Company is advancing pharmaceuticals through rigorous science and clinical trials, while diligently patenting and safeguarding its intellectual property.
For more information and to subscribe to MYND's mailing list, please visit https://myndsciences.com/contact/.
Dr. Lyle Oberg, MD, CEO
Miller Thomson LLP.
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