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FSD Pharma Inc. (symbol: HUGE) is a leading biopharmaceutical company headquartered in Toronto, Canada. Originally founded in 1998, FSD Pharma is committed to developing innovative treatments for complex neuropsychiatric, neurodegenerative, and inflammatory disorders. The company operates through two main segments: Biopharmaceutical and Strategic Investments.
FSD Pharma, through its subsidiary FV Pharma Inc., focuses on producing medical-grade cannabis in Canada. The company is heavily involved in the research and development of cannabinoid-based therapies targeting central nervous system disorders, autoimmune diseases affecting the skin, gastrointestinal tract, and musculoskeletal system, such as chronic pain.
The company's core development pipeline includes FSD201, an ultra-micronized formulation of PEA, designed to treat inflammatory diseases, along with Lucid-Psych for mental health disorders and Lucid-MS for neurodegenerative conditions. FSD Pharma has formed strategic alliances with companies like SciCann Therapeutics Inc., Canntab Therapeutics, and Solarvest BioEnergy Inc. to bolster its research capabilities and expand its product portfolio.
One of the company's notable breakthroughs is the development of unbuzzd™, a proprietary blend of vitamins, minerals, and botanical extracts that aids in alcohol metabolism and mental alertness. This formulation has been licensed to Celly Nutrition Corp., which is responsible for its market launch in the United States.
FSD Pharma has been actively engaging in clinical trials to validate the efficacy and safety of its products. Recently, the company announced a Phase 1 trial for Lucid-MS aimed at evaluating its potential to prevent and reverse myelin degradation in multiple sclerosis. Another significant milestone is the METAL-2 trial, conducted in collaboration with the Applied Science and Performance Institute (ASPI), which aims to test the safety and efficacy of unbuzzd™.
FSD Pharma is also making strides in strategic investments through its wholly-owned subsidiary, FSD Strategic Investments Inc., which involves loans secured by residential or commercial properties. This diversified approach ensures a steady stream of funding for its core research and development activities.
In terms of financial health, FSD Pharma maintains a robust portfolio and is well-positioned to capitalize on future growth opportunities. The company has demonstrated a consistent commitment to advancing science and improving patient outcomes through its innovative biopharmaceutical solutions.
FSD Pharma Inc. (NASDAQ: HUGE) announced the cancellation of 504,888 Class B subordinate voting shares issued to former CEO Dr. Raza Bokhari, following a court endorsement. This cancellation comes after an earlier cancellation of 156,278 shares to former directors. The Ontario Superior Court's decision was issued on March 8, 2022, and the cancellation was completed by March 31, 2022. President Zeeshan Saeed stated that this victory addresses inappropriate conduct by the former management, signaling a commitment to shareholder interests.
FSD Pharma (NASDAQ: HUGE) announced significant corporate updates, including appointing new advisory board members, Jason Sawyer and Dr. Ravinder Kumar, who bring decades of experience in investment and pharmaceutical development. The company is expanding its team with new hires, enhancing its drug development capabilities. Additionally, FSD Pharma returned 1,524,700 shares through its buyback program and adopted a Restricted Share Unit (RSU) program for its leadership. These changes aim to strengthen the company's position in the biotech sector and improve operational efficiency.
FSD Pharma Inc. (NASDAQ: HUGE) has filed its Annual Report on Form 20-F for the year ended December 31, 2021, which includes audited financial results and management discussion. The filings are accessible via SEDAR and EDGAR profiles. The company is focused on developing biotech solutions, with three drug candidates in various stages. FSD BioSciences, a subsidiary, is advancing its lead compound, ultra-micronized palmitoyl ethylamine (FSD-PEA). Lucid Psycheceuticals, another subsidiary, is working on compounds targeting mental health and neurodegenerative disorders.
FSD Pharma Inc. (NASDAQ: HUGE) announced the release of an Executive Informational Overview® by Crystal Research Associates LLC detailing its drug development pipeline and operational progress. The report highlights FSD Pharma's milestones and its three drug candidates: FSD-PEA for pharmaceutical research, Lucid-PSYCH for mental health disorders, and Lucid-MS for neurodegenerative disorders. This follows Crystal Research's history of documenting FSD’s competitive performance, further emphasizing the company's commitment to advancing its biotech solutions.
FSD Pharma Inc. (NASDAQ:HUGE) has finalized an agreement to sell its 64.43-acre cannabis processing facility in Cobourg, Ontario for CAD$16,500,000. The cash payment includes a deposit of CAD$660,000 received on February 24, 2022. The transaction is expected to close by May 31, 2022, and is non-dilutive to shareholders, potentially increasing the value of each share by approximately $0.40. The company is advancing multiple drug candidates, including FSD-PEA and Lucid-MS, which are undergoing various stages of clinical development.
FSD Pharma Inc. (NASDAQ: HUGE) announced it has entered a firm agreement to sell its former cannabis processing facility in
FSD Pharma focuses on pharmaceutical research through its subsidiaries, developing compounds for mental health and neurodegenerative disorders.
FSD Pharma Inc. (NASDAQ: HUGE) has congratulated Dr. Eleanor N. Fish on her appointment to the Order of Canada for her contributions to immunology. Dr. Fish, part of FSD Pharma's Research and Clinical Advisory Board since November 2021, has significantly impacted the company's research efforts. CEO Dr. Lakshmi P. Kotra expressed enthusiasm for continuing to leverage her expertise in developing next-generation therapeutics. The Order of Canada, established in 1967, recognizes individuals whose service shapes society, igniting innovation and compassion.
FSD Pharma Inc. (NASDAQ: HUGE) announced that Anthony Durkacz, Interim CEO, will present at the H.C. Wainwright Bioconnect Conference held virtually from January 10-13, 2022. The on-demand presentation starts at 7:00 a.m. ET on January 10. FSD Pharma is focused on developing a portfolio of biotech solutions, including drug candidates for mental health and neurodegenerative disorders through its subsidiaries, FSD BioSciences and Lucid Psycheceuticals.
FSD Pharma Inc. (NASDAQ: HUGE) announced a share repurchase program to buy back up to 2,000,000 Subordinate Class B Voting Shares over the next year, representing approximately 5% of its outstanding shares. With over $39.3 million in cash reserves as of September 30, 2021, the company aims to enhance shareholder value while continuing its investment in drug development. The buyback program is set to commence on January 4, 2022, and will be conducted at prevailing market prices. Share purchases may be suspended or terminated at management's discretion.
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