Psyence Biomedical Ltd. (“Psyence Biomed”) is excited to announce the completion of its merger (the “Business Combination”) with Newcourt Acquisition Corp (“Newcourt”), a special purpose acquisition company. The Business Combination will list Psyence Biomed, a subsidiary of Psyence Group Inc (CSE:PSYG), a clinical-stage life science biotechnology company pioneering the use of nature-derived psilocybin in mental health and wellbeing (“Psyence Group”), commencing on January 26, 2024 with the new ticker symbols “PBM” for common stock and “PBMWW” for warrants. In connection with the Business Combination, Psyence Biomed entered into a securities purchase agreement pursuant to which it will raise up to US$10 million in funding through the issuance of up to four senior secured convertible notes (the “Note Financing”) with a US based investment firm. The Note Financing will be utilized to further Psyence Biomed’s clinical trials conducted in Australia. The Business Combination received approval from Newcourt’s stockholders at a Special Meeting held on January 18, 2024.
Psyence Biomed is the therapeutic division of Psyence Group which develops natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. Psyence Biomed has partnered with iNGENū Pty Ltd (iNGENū) to conduct Psyence’s clinical trial in palliative care. iNGENū is an Australian based, globally focused contract research organisation (CRO) with extensive experience working in the psychedelic pharmaceutical drug development and clinical research industry.
iNGENū is responsible for jointly designing Psyence Biomed’s Phase IIb clinical trial, using PEX010, a 25mg naturally derived psilocybin drug candidate product in-licensed by Psyence Biomed, in the palliative care setting. The trial will be carried out in accordance with the requirements of the Therapeutic Goods Administration of the Commonwealth of Australia as well as other international guidelines that relate to clinical investigations and the conduct of clinical research.
Psyence Biomed’s Phase IIb study is a randomised, placebo-controlled, double-blind study. It will evaluate the use of psilocybin assisted psychotherapy vs psychotherapy alone. It will use FDA-recommended primary endpoints to test natural psilocybin (PEX010) in patients with adjustment disorder due to a recent terminal cancer diagnosis. Upon successful completion of the study, Psyence Biomed plans to conduct a multinational Phase III registrational study.
“This merger represents a pivotal moment for Psyence as we continue our journey to redefine health and wellness. The NASDAQ listing, as well as the capital infusion, expands our presence to additional investors in North America and will empower us to accelerate our clinical trials and contribute to advancements in the global health and wellness landscape.”
-Dr. Neil Maresky, CEO of Psyence Biomed
Psyence Biomedical will leverage the funds to expedite its clinical trials and expand its market presence. Psyence Biomed anticipates that the NASDAQ listing will raise Psyence Biomed’s profile, attracting additional investments to support its vision of transforming the health and wellness sector.