- PharmaTher acquisition completed
- $1 million raised by way of private placement
- Preliminary prospectus filed
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VANCOUVER, British Columbia, July 27, 2020 (GLOBE NEWSWIRE) -- Newscope Capital Corporation (d/b/a PharmaTher) (the “Company”) is pleased to provide this corporate update regarding several important developments and milestones.
“I am pleased with the milestones that PharmaTher has achieved thus far and our focus is to continue building our proprietary drug repurposing artificial intelligence platform initially targeting psychedelic-based medicines and advancing our product pipeline in rare disorders and infectious diseases,” said Fabio Chianelli, Chief Executive Officer of PharmaTher.
PharmaTher Acquisition Completed
Further to its announcement of June 4, 2020, the Company completed the acquisition of all of the issued and outstanding common shares and warrants of PharmaTher, on June 10, 2020, in consideration for the issuance of a total of 47,240,000 common shares of the Company (“Shares”) and 1,007,200 warrants to shareholders and warrantholders of PharmaTher in proportion with their respective interest in PharmaTher. As part of the closing procedures, the management and board of directors of the Company was reconstituted such the Mr. Fabio Chianelli, a founder of PharmaTher, is now the CEO of the Company, and is joined by Mr. Carmelo Marrelli as CFO of the Company. The board of directors is now comprised of Mr. Chianelli, Dr. Beverly J. Incledon, Mr. Christian Scovenna and Mr. Carlo Sansalone.
$1 Million Raised
Following the closing of the acquisition of PharmaTher, on July 8, 2020, the Company completed the closing of a non-brokered private placement by issuing 10,000,000 Shares, at a price of $0.10 per Share, for aggregate gross proceeds of $1,000,000. The Company also issued an aggregate of 680,000 warrants as compensation to certain registered dealers involved in the private placement. Each warrant entitles the holder thereof to acquire one Share, at an exercise price of $0.10, until July 8, 2022. As a result of the private placement, the Company believes that it will have sufficient available funds to complete its objectives for the next twelve months.
Preliminary Prospectus Filed
The Company is also pleased to announce that it has filed a non-offering preliminary prospectus with the British Columbia Securities Commission (the “BCSC”) for the purposes of the Company becoming a reporting issuer pursuant to applicable securities legislation in the Province of British Columbia and to qualify the distribution of 1,036,000 Shares issuable upon the deemed conversion of all of the currently issued and outstanding special warrants of the Company (“Special Warrants”). The Special Warrants were issued, on a private placement basis, on May 29, 2019, at a price of $0.10 per Special Warrant, to purchasers in the province British Columbia and to Vested Technology Corp. (a start-up equity crowdfunding portal), pursuant to certain prospectus exemptions under applicable securities legislation in the Province of British Columbia.
The preliminary prospectus contains important information relating to the Company and the Shares. The preliminary prospectus remains subject to completion or amendment. A copy of the preliminary prospectus may be obtained under the Company's profile at www.sedar.com. There can be no assurance that the BCSC will grant a final receipt for the Company’s prospectus.
The Company is now in the process of applying to list its Shares on the Canadian Securities Exchange (the “CSE”) under the symbol “DRAI”, or such other symbol that may be acceptable to the CSE. Listing on the CSE is subject to the Company fulfilling all of the listing requirements of the CSE and meeting all minimum requirements. The CSE has not conditionally approved the Company’s listing application and there is no assurance that it will do so.
No securities regulatory authority has either approved or disapproved of the contents of this press release. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the Shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Newscope Capital Corporation
Newscope Capital Corporation is a company incorporated under the laws of British Columbia. The principal business of the Company is the business of its wholly-owned subsidiary, PharmaTher Inc.
About PharmaTher Inc.
PharmaTher Inc. is a specialty pharmaceutical company focused on repurposing psychedelic-derived drugs with artificial intelligence. PharmaTher’s drug repurposing artificial intelligence platform, panaceAI™, combines multilayered processes for integrating millions of data points and performing machine learning to discover new uses of psychedelic-derived medicines and approved drugs from the U.S. Food and Drug Administration, European Medicines Agency and Japan’s Pharmaceuticals and Medical Devices Agency. PharmaTher’s product pipeline focuses on infectious diseases and rare disorders in pain and central and peripheral nervous systems, which target attractive regulatory incentives for expedited approvals, such as the FDA 505(b)(2) regulatory pathway and orphan drug, fast track and breakthrough designations.
For more information regarding the Company and PharmaTher, please contact:
Chief Executive Officer
Newscope Capital Corporation and PharmaTher Inc.
Forward-Looking Information Disclaimer
This press release contains certain forward-looking information and statements that reflect the current view and/or expectations of management the Company based on information currently available to them with respect to performance, business and future events, including statements related to the completion of the listing of the Company’s Shares on the CSE, the Company obtaining a receipt for a final prospectus, and the Company’s plans, focus and objectives. The use of any of the words "may", "could", "would", "might", "intend", "plan", "expect", "believe", "contemplate", "anticipate", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and statements and are based on current expectations, beliefs, and assumptions.
Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which are difficult to predict, such that actual future results and outcomes may differ materially therefrom. Important factors that could cause actual results to differ materially from the Company's expectations include, the market for repurposing psychedelic-derived drugs may not develop as expected, the Company’s limited operating history, additional capital requirements, competition, the Company's ability to complete the listing of its Shares on the CSE, the impact and progression of the COVID-19 pandemic and other risk factors set forth in the Company's preliminary prospectus under the heading "Risk Factors".
Accordingly, the reader should not place undue reliance on forward-looking statements and information in this press release, which are qualified in their entirety by this cautionary statement. The forward-looking statements in this news release are made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.