NEW YORK, Aug. 30, 2024 (GLOBE NEWSWIRE) — Psyence Biomedical Ltd. (Nasdaq: PBM) (“Psyence Biomed” or the “Company”) today announced that the registration statement pertaining to its previously announced $25 million equity line of credit (the “ELOC”) with White Lion Capital, LLC, (“White Lion”) on Form F-1 has been declared effective by the U.S. Securities and Exchange Commission (SEC) on August 28, 2024. As previously disclosed, this 24-month arrangement allows Psyence Biomed to sell up to $25 million in shares to White Lion, subject to certain conditions.
“With the effectiveness of this registration statement, we now have an important source of potential funding through White Lion as we prepare to initiate our Phase IIb clinical trial of nature derived, non-synthetic psilocybin as a potential treatment for Adjustment Disorder in the Palliative Care context, while also advancing other key long-term growth initiatives,” said Dr. Neil Maresky, Chief Executive Officer of Psyence Biomed. “We are grateful to White Lion for their support of our vision and our team, and we look forward to a long and mutually successful partnership.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Psyence Biomed
Psyence Biomedical Ltd. (Nasdaq: PBM) is the world’s first life science biotechnology company focused on the development of botanical (nature-derived, or non-synthetic) psilocybin-based psychedelic medicine to be listed on Nasdaq. The name “Psyence” combines the words “psychedelics” and “science” to affirm Psyence Biomed’s commitment to an evidence-based approach to innovation as it works to develop safe and effective, nature-derived psychedelic therapeutics to treat a broad range of mental health disorders. The Company is initially focused on mental health disorders in the context of Palliative Care.