Wesana Health Holdings Inc. (CSE:WESA / OTCQB:WSNAF), today announced the successful closing of the sale by Wesana Health Inc. (“WHI”), a subsidiary of the Company, of WHI’s right and interest in the SANA-013 intellectual property and development related assets pursuant to the terms of the asset purchase agreement with Lucy Scientific Discovery Inc. (NASDAQ:LSDI) (“Lucy”) dated March 20, 2023 (as subsequently amended, supplemented or otherwise modified, the “Asset Purchase Agreement”).
Transaction Details:
Pursuant to the Asset Purchase Agreement, a subsidiary of Lucy has acquired the SANA-013 intellectual property and development related assets for an aggregate consideration comprised of US$570,000 and 1,000,000 common shares of Lucy (“Lucy Parent Shares”), with the US$570,000 payment being modified to be satisfied as follows: US$300,000 in cash, which was paid at the signing of the Asset Purchase Agreement; US$178,000 in cash, payable in installments over the course of the one (1) year following the closing of the Transaction; and, at the closing, US$92,000 in assumed liabilities.
The Lucy Parent Shares will provide the Company, through WHI, economic exposure to the future growth potential associated with SANA-013 and other initiatives underway or contemplated by Lucy.
“We are thrilled to announce the sale of WHI’s drug development program, SANA-013. Lucy’s expertise and reach serves to amplify the program’s potential. We look forward to a brighter future for mental wellness.”
Daniel Carcillo, Wesana founder and Chief Executive Officer.
The Company plans to pay and settle outstanding liabilities of the Company with the net proceeds from the Transaction and any amounts received pursuant to the promissory note with APS Innovations LLC (with a principal balance of approximately US$1,223,989), after which the Company will not have additional material liabilities. An amendment to the Asset Purchase Agreement to reflect the above-modified payment and related matters was entered into on closing.
ON BEHALF OF THE BOARD
Daniel Carcillo, Chairman and Chief Executive Officer
Phone: 702-329-8038
About Wesana Health
Wesana was an emerging life sciences company championing the development and delivery of psychedelic and naturally-sourced therapies to treat traumatic brain injury. The Company was developing evidence-based formulations and protocols that empower patients to overcome neurological, psychological and mental health ailments caused by trauma. It discontinued its psychedelics business, disposed of the assets in 2023, and is now looking for new business opportunities.
About Lucy
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) is a licensed producer of compounds for medicinal products. Holding a Controlled Drugs and Substances Dealer’s License granted by Health Canada’s Office of Controlled Substances, Lucy Scientific Discovery Inc. and its wholly-owned subsidiary, LSDI Manufacturing Inc., operate under Part J of the Food and Drug Regulations promulgated under the Food and Drugs Act (Canada). This specialized license authorizes LSDI to develop, sell, deliver, and manufacture pharmaceutical-grade active pharmaceutical ingredients (APIs) used in controlled substances and their raw material precursors. Lucy’s focus is on pioneering innovative therapies for patients in need, and through its lead candidate SANA-013, dedicated to advancing the understanding and applications of psychedelic medicine, improving mental health outcomes, and enhancing well-being for individuals worldwide.
Lucy Media Contact:
Lucas Wentworth
Lucas@NisonCo.com
NisonCo Public Relations