BetterLife Pharma buys Transcend, adds LSD derivatives to its pipeline
Category: #business  By Pranali Mehta  Date: 2020-12-22
  • share
  • Twitter
  • Facebook
  • LinkedIn
BetterLife Pharma buys Transcend, adds LSD derivatives to its pipeline

According to reliable sources, Canadian biotechnology company BetterLife Pharma Inc. has completed the acquisition of Transcend Biodynamics LLC and has obtained 100% of the latter’s assets in an all-stock transaction which was valued at USD 10 million.

For the record, Transcend Biodynamics is a research driven biotechnology company that focuses on clinically validating and creating an IP portfolio of several drug delivery mechanisms for commercialization and clinical trials. The organization’s main products include second-generation psychedelic compounds, nutraceuticals, pro-drugs, and peptides which are primarily used to address the unmet needs of mental health patients.

BetterLife Pharma has reportedly purchased 13,333,333 common shares worth USD 0.75 each. The transaction adds Transcend’s LSD derivative, BOL-148 to BetterLife’s drug portfolio.

It is also worth mentioning that Transcend’s LSD derivative is a non-toxic second-generation molecule that replicates the therapeutic potential of LSD without imparting psychedelic effects and other sensory effects such as hallucinations.               

The recent acquisition by BetterLife is aimed at expanding the company’s medical portfolio by leveraging Transcend’s cost-effective, patented manufacturing process of BOL-148. The move will make BetterLife the only organization capable of synthesizing the derivative void of regulatory obstructions of handling a Schedule 1 controlled substance.

Speaking of the move, CEO of BetterLife, Dr. Ahmad Doroudian reportedly stated that the primary objective behind the acquisition is to expand the company’s product pipeline with the aid of Transcend’s qualified management team as well as its profound experience in psychedelic molecules.

CEO of Transcend, Justin Kirkland, expressing his enthusiasm towards the collaboration, commented that the strengths and values of both the companies complement each other. The strong corporate union will conduct further research & development activities to develop a robust IP portfolio for LSD-based medical treatments, he added.

About BetterLife Pharma Inc.

Established in 2002, Vancouver-headquartered BetterLife primarily focuses on developing and commercializing therapeutic pharmaceutical products as well as drug delivery platform technologies.

Source credits –

http://www.globenewswire.com/news-release/2020/12/21/2148320/0/en/BetterLife-Closes-Acquisition-of-Second-Generation-Psychedelic-Assets-of-Transcend-Biodynamics-LLC.html

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Air New Zealand exploring low-carbon tech to reduce fleet emission
Air New Zealand exploring low-carbon tech to reduce fleet emission
By Pranali Mehta

Air New Zealand Ltd. recently stated that it is learning to utilize low-carbon technologies such as hybrid, electric, or hydrogen-powered aircraft to drastically cut emissions from shorter and regional flights by 2030. Aviation accounts for about 2....

Siemens Gamesa raises capacity of 5.X wind turbine platform to 6.6MW
Siemens Gamesa raises capacity of 5.X wind turbine platform to 6.6MW
By Pranali Mehta

Renewable energy major, Siemens Gamesa has successfully increased the capacity of its next-generation onshore wind turbine platform, the Siemens Gamesa 5.X. With this upgrade, output of the platform’s SG 6.6-155 and SG 6.6-170 turbines has bee...

Amazon launches its largest fulfillment center in Bengaluru, India
Amazon launches its largest fulfillment center in Bengaluru, India
By Pranali Mehta

E-commerce major Amazon India has unveiled the largest fulfillment center in Bengaluru, which reportedly comes with a capacity of over 2.4 million cubic feet. The company mentioned in its official statement this new infrastructural expansion will pr...