VANCOUVER, British Columbia, June 23, 2023 (GLOBE NEWSWIRE) — FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders, has entered into a non-binding letter of intent with 1319741 B.C. Ltd., an unlisted reporting issuer, which will be renamed Celly Nutrition Inc.
It is intended that FSD Pharma and Celly Nutrition or “Celly Nu” will enter into a definitive licencing and loan agreement whereby FSD will provide Celly Nu an exclusive licence to commercialize products developed using FSD’s IP for alcohol misuse technology for recreational applications.
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Concurrent with closing of the transaction, FSD intends to loan Celly Nu up to $1,000,000 on a secured basis with a term of 3 years, bearing interest at 10% per annum. Celly Nu will pay FSD a licence fee by issuing 100,000,000 shares and a 7% royalty on gross revenue should a product be commercialized. FSD may distribute some or all of the Celly Nu shares to its shareholders in the future.
The product being developed, UNBUZZD™, is designed to accelerate alcohol detoxification.
Celly Nu will appoint John Duffy as CEO. Mr. Duffy is a strategy-driven and results-oriented Executive with close to three decades of successful consumer goods experience. Most recently, John was Co-Founder, Executive VP and Chief Commercial Officer at Legends Access LLC where he created and managed the influencer, social media and e-commerce platforms while developing partnerships with fortune 500 clients. Prior to Legends Access, John spent more than 22 years in the Coca-Cola system including roles of increasing responsibilities across multiple functions, including Vice President of National Sales, where he led the customer management team responsible for the Coca-Cola systems’ largest foodservice distributor, Sysco.
FSD’s recently appointed Advisory Board members, Kevin Harrington and Gerry David, who cumulatively have generated billions of dollars of sales and value for brands and shareholders, will be actively involved in Celly Nu, overseeing all operations, including marketing, with Mr. David taking the position of Chairman.
Gerry David is best known for his five-year tenure as CEO at zero-calorie fitness drink maker Celsius Holdings, Inc. where he spearheaded a turnaround that resulted in a global sales explosion, influx of capital from notable strategic investors, and a rise in market capitalization that increased shareholder value 35-fold by exceeding $9 billion.
Gerry David commented: “John is an excellent communicator with tested organizational skills. He is a rare leader that has demonstrated expertise across sales, marketing, and operational functions as well as a passion for the development of people.”
FSD Pharma’s Zeeshan Saeed and Dr. Lakshmi Kotra will join the board of Celly Nu.
FSD will retain all rights to medical and pharmaceutical applications under its umbrella to further develop the franchise.
Zeeshan Saeed, President and Executive Co-Chairman, stated: “We chose to differentiate pipelines compartmentalizing the pharmaceutical products from recreational products to enable it to be brought to market faster. I am thrilled to provide HUGE shareholders an extremely rare opportunity to participate in a company that not only has a strong and diverse pharmaceutical pipeline, but also venerable marketing gurus Kevin Harrington and Gerry David are paired for the first time to provide oversight and direction for a first-in-class product.”
FSD Pharma is a biotechnology company with three drug candidates in different stages of development.
The shares are trading at US$1.38 on NASDAQ. For more information on the company’s drug candidates, please visit the company’s website, www.FSDpharma.com, or contact Zeeshan Saeed, Founder, President and Executive Co-Chairman, at 416-854-8884 or email [email protected] or [email protected].
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Barry Morgan, CFO