TORONTO, Feb. 25, 2021 (GLOBE NEWSWIRE) -- PsyBio Therapeutics Corp. (formerly Leo Acquisitions Corp.) (TSXV: PSYB) is pleased to announce that at the opening of the market today, the Company’s subordinate voting shares will commence trading on the TSX Venture Exchange (the “TSXV”) under the ticker symbol “PSYB”.
On February 19, 2021, the Company announced the closing of its Qualifying Transaction (as defined in TSXV Policy 2.4) (the “Transaction”) with PsyBio Therapeutics, Inc. (“PsyBio”), a US-based biotechnology company developing a new class of drugs intended for the treatment of mental health challenges and other disorders. The Transaction was completed pursuant to the terms of a business combination agreement (the “BCA”) among the Company, 1276949 B.C. Ltd., Eluss, Inc., PsyBio and PsyBio Therapeutics Financing Inc. (“Finco”). Pursuant to the BCA, the Company acquired all of the issued and outstanding shares of PsyBio by way of a “three-cornered” merger under the laws of the State of Delaware and acquired all of the issued and outstanding shares of Finco by way of a “three-cornered” amalgamation pursuant to the provisions of the Business Corporations Act (British Columbia). The Transaction has now received all final approvals, including that of the TSXV. The total number of issued and outstanding subordinate voting shares of PsyBio at the commencement of trading will be 45,695,365 (or 112,838,977 on an as converted basis inclusive of the Company’s non-listed multiple voting shares).
“Listing on the TSXV is an important milestone for PsyBio as we enter the public market with the goal of enhancing our visibility within the investment community and broadening our investor base to build long-term shareholder value. Given our platform’s ability to efficiently develop next generation psychoactive compounds, we envision building a company with the potential to help transform the treatment of mental health challenges and other disorders,” commented Evan Levine, PsyBio’s CEO.
Engagement of Marketing Services
The Company is pleased to announce that it has retained the services of Hybrid Financial Ltd. (“Hybrid”) to provide marketing services to the Company. Hybrid has been engaged to heighten market and brand awareness for PsyBio and to broaden the Company's reach within the investment community. Hybrid has agreed to comply with all applicable securities laws and the policies of the TSXV in providing services to the Company. Under the terms of the Hybrid engagement, which is for an initial six-month period, Hybrid will be paid C$15,000 per month (exclusive of all applicable taxes).
About PsyBio Therapeutics Corp.
PsyBio is a US-based biotechnology company developing a new class of drugs intended for the potential treatment of mental health challenges and other disorders. In collaboration with Miami University based in Oxford, Ohio, PsyBio has retained the global exclusive rights to a proprietary platform technology that biologically synthesizes psilocybin and other targeted next generation psychoactive compounds that are produced naturally in fungi and plants. Management of PsyBio expects that the technology will enable the rapid generation of these highly stable psychoactive compounds cheaper, faster and greener than other published methods.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the closing of the Transaction, potential listing on the TSXV, the Company’s success in discovering new valuable target molecules, and the safety and efficacy of PsyBio’s technology and that such technology will be cheaper, faster and greener than other published methods. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that all applicable regulatory approvals for the Transaction will be received and the Transaction will be completed on the terms set forth in this press release, on acceptable terms or at all. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: delay or failure to receive regulatory approvals; compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting PsyBio’s business and results of operations; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
PsyBio makes no medical, treatment or health benefit claims about PsyBio’s proposed products. The U.S. Food and Drug Administration (the “FDA”) or other similar regulatory authorities have not evaluated claims regarding psilocybin and other next generation psychoactive compounds. The efficacy of such products have not been confirmed by FDA-approved research. There is no assurance that the use of psilocybin and other psychoactive compounds can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. PsyBio has not conducted clinical trials for the use of its proposed PsyBio IP. Any references to quality, consistency, efficacy and safety of potential products do not imply that PsyBio verified such in clinical trials or that PsyBio will complete such trials. If PsyBio cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the PsyBio’s performance and operations.
For further information contact:
CEO, PsyBio Therapeutics Corp.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities 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 and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.