HAVN Life Completes Acquisition of Clinical Stage IP for Development of Cluster Headache Drug

Rhea-AI Summary

HAVN Life Sciences has completed its acquisition of clinical stage intellectual property from Bolt Therapeutics for $1 million, along with issuing 10,596,027 common shares. The acquired IP includes BOL-148, a compound showing potential in treating cluster headaches. The company aims to secure a patent and initiate preclinical studies to expedite drug development within four years. This strategic move positions HAVN Life to address a significant unmet medical need, as only one approved treatment exists for cluster headaches affecting 300,000 patients in the US.

Positive

• Acquisition of promising IP (BOL-148) for cluster headache treatment.
• Potential to address significant unmet medical need with only one existing treatment.
• Plans to initiate preclinical studies and file a patent application to expedite time to market.

Negative

• Acquisition cost of $1 million and issuance of 10,596,027 common shares may impact shareholder dilution.

The Company will seek Orphan Drug Designation to significantly reduce time to market

VANCOUVER, BC / ACCESSWIRE / June 2, 2021 / HAVN Life Sciences Inc. (CSE:HAVN)(OTC PINK:HAVLF)(FSE:5NP) (the "Company" or "HAVN Life"), a biotechnology company pursuing standardized extraction of psychoactive compounds and the development of natural healthcare products, is pleased to announce the completion of the previously announced acquisition of clinical stage intellectual property ("IP") from Bolt Therapeutics (the "Acquisition"). With this Acquisition, HAVN Life is working towards substantiating a patent application after which preclinical work can begin.

The IP consists of a combination of BOL-148, which has demonstrated potential for treating cluster headaches in a human study, and a neuroprotectant that is believed to act in unison with BOL-148. BOL-148, an unrestricted compound, is an analogue of LSD that does not produce the same psychotropic effects, making it a promising candidate for a new therapy.

"This acquisition opens a new chapter for HAVN Life in a clinical setting, positioning us at the forefront of the development of new and innovative therapies to support brain health," remarked Vic Neufeld, HAVN Life's Executive Chairman. "While our focus continues to be on building our supply chain capabilities in the psychedelic space, this acquisition demonstrates our multifaceted approach to exploring evidence-driven solutions that optimize human potential," he added.

HAVN Life's research team will explore ways to optimize the patient experience with the neuroprotective agent used in combination with BOL-148, which previously showed a signal of efficacy in a peer reviewed human study. The team will begin conducting preclinical studies to assess the efficacy of this combination, paving the way for future clinical trials. At the same time, HAVN Life is eager to work alongside patient advocacy groups to increase awareness of this condition-some 300,000 patients in the US suffer from cluster headaches, and about 60,000 deal with chronic pain as a result. Despite these numbers, there is only one approved treatment for the condition, making it an area of massive unmet need.

The combination of the Company's formulation, clinical, regulatory and IP strategies is designed to expedite the time to market, reduce the clinical burden and generate periods of market exclusivity. In the near term, HAVN Life will be focused on substantiating the patent application with data from animal model and formulation studies and filing a Patent Cooperation Treaty application. The Company intends to launch the new drug within 4 years.

Acquisition Details
In consideration for the IP, the Company paid to Bolt Therapeutics $1,000,000 and issued: (i) 10,596,027 common shares, which shares will be subject to an escrow arrangement whereby one-sixth (1/6) of such shares will be released from escrow every three (3) months following completion of the Acquisition; and (ii) 5,298,013 common shares upon the satisfaction of certain milestones in respect of the IP.

On Behalf of The Board of Directors
Tim Moore
Chief Executive Officer

About HAVN Life Sciences Inc.
HAVN Life Sciences is a Canadian biotechnology company pursuing standardized extraction of psychoactive compounds, the development of natural health products, and innovative mental health treatment to support brain health and enhance the capabilities of the mind. Learn more at: havnlife.com and follow us on Facebook, Twitter, Instagram and Youtube.

Contact:
Investor Relations: ir@havnlife.com 604 687 7130
Media: savi@emergence-creative.com 647 896-8078

Cautionary Note Regarding Forward-Looking Statements
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Acquisition, the Company's business, products and future of the Company's business. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risk that the Acquisition will not be completed as contemplated, or at all, risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The statements in this news release are made as of the date of this release.

The CSE has not reviewed, approved or disapproved the content of this press release

SOURCE: Havn Life Sciences Inc.

View source version on accesswire.com:
https://www.accesswire.com/650025/HAVN-Life-Completes-Acquisition-of-Clinical-Stage-IP-for-Development-of-Cluster-Headache-Drug

FAQ

What is HAVN Life's recent acquisition?

HAVN Life acquired clinical stage intellectual property from Bolt Therapeutics for $1 million and 10,596,027 shares.

What is BOL-148 and its significance?

BOL-148 is a compound that shows potential for treating cluster headaches, which could address a significant patient need.

How will HAVN Life expedite drug development?

The company plans to secure a patent and begin preclinical studies to accelerate the time to market.

What is the projected timeline for the new drug launch?

HAVN Life intends to launch the new drug within four years.

How many patients in the US suffer from cluster headaches?

Approximately 300,000 patients in the US are affected by cluster headaches.