RE:News Ibogaine is a Schedule 1 psychedelic and psychoactive substance that is extracted from the West Africa iboga shrub. Historically, ibogaine has been used to treat opioid and other forms of substance addiction. While ibogaine is a mild stimulant in small doses, in larger doses it induces a profound psychedelic state.
Inspired by ibogaine's apparent medicinal properties to treat addiction, MMED's scientific co-founder, Stanley Glick, PhD, MD, invented synthetic molecules that are related to ibogaine known as 18-MC. 18-MC is designed to be non-hallucinogenic but still maintain anti-addictive properties.
The 18-MC program previously received US$6.8m in grant support from the National Institute on Drug Abuse ("NIDA") for the study of 18-MC as an anti-addictive treatment. MMED is currently preparing 18-MC for a Phase 2 FDA clinical trial for the treatment of opioid addiction.
Terms of the Transaction and Financing Matters
It is currently anticipated that the proposed Transaction will be effected by way of a three-cornered amalgamation or other similar form of transaction as is acceptable to the parties. There are currently outstanding an aggregate of 48,660,204 common shares in the capital of Broadway (each, a "Broadway Common Share") and there are a total of 90,000,000 common shares in the capital of MMED (each, a "MMED Share"), prior to the completion of the Non-Brokered Offering (as defined below) and a share issuance to settle a debt. Additionally, Broadway has outstanding approximately 18,792,167 share purchase warrants exercisable at prices ranging from CDN$0.10 to CDN$0.15 (the "Broadway Warrants") and 3,840,000 stock options exercisable at prices ranging from CDN$0.05 to CDN$0.43 (the "Broadway Options").