Vancouver, British Columbia--(Newsfile Corp. - December 17, 2019) - FSD Pharma Inc. (CSE: HUGE) (FSE: 0K9) (OTCQB: FSDDF), a specialty, biotech pharmaceutical R&D company, reports its application to list its Class B Subordinate Voting Shares on the Nasdaq Capital Market has been approved by Nasdaq and the company anticipates trading on Nasdaq to begin shortly. FSD Pharma is focused on developing a robust pipeline of FDA approved synthetic compounds targeting the endocannabinoid system of the human body to treat certain diseases of the central nervous system and autoimmune disorders of the skin, GI tract and the musculoskeletal system.
In July 2019, the company acquired Arizona-based Prismic Pharmaceuticals for $17.5 million as a platform company and installed a world class expert in the field, Dr. Ed Brennan, as the President of the Division. Through Prismic Pharmaceuticals, FSD Pharma is also making an effort to help address the opioid crisis by developing opioid sparing prescription drugs utilizing the micronized formulations of palmitolylethonalamide or "PEA". The company intends to initiate Phase 1 first-in-human safety and tolerability trials for its lead candidate, PP 101 micro-PEA during the 1st quarter of 2020.
FSD's wholly-owned subsidiary, FV Pharma, is a licensed producer under Canada's Cannabis Act and Regulations, having received its cultivation license on October 13, 2017 and its full Sale for Medical Purposes license on June 21, 2019. The company is licensed to cultivate cannabis in approximately 25,000 square feet of its facility in Cobourg, Ontario.
Dr. Raza Bokhari, Executive Co-Chairman and CEO, recently commented on the quarter ending September 30, 2019, stating: "In Q3, the Company also raised more than $4.5 million in additional capital at $20.10 per share, with no warrant overhang, through a private placement in which the management, founders and board members contributed in excess of $2.5 million. This capital raise at a premium has indeed increased the visibility of the Company amongst institutional grade investors. With more than $70 million in cash and non-cash assets, we believe we have reasonable financial means to advance the strategic objectives of FSD Pharma to transform into a specialty, biotech pharmaceutical R&D company."
For more information, please visit the company's website, www.FSDpharma.com, or contact Zeeshan Saeed, President and Co-Founder at 416-854-8884 or email zeeshan@FSDpharma.com. For investor relations in Canada email IR@FSDpharma.com.
In the United States, contact Sanjay M. Hurry of LHA Investor Relations, who can be reached at 212-838-3777 or by email at SHurry@lhai.com.
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