Coburg ON-based
FSD Pharma Inc. (
CSE: HUGE) – a life sciences holding company dedicated to building a portfolio of assets and biotech solutions – has announced the closing of the sale of the Company’s former cannabis processing facility located in Cobourg, Ontario, Canada for gross proceeds of CDN$16,400,000 in cash.
Highlights of Sale:
- Nets CDN$15,480,780 cash in non-dilutive capital
- Current cash position of approximately CAD$50 million or approximately CDN $1.30 per share with only 38.4 million shares issued
- Profit realized on the sale of the non-core asset which was acquired by FSD Pharma in 2017 for CDN$5.5 million
- FSD continues to enhance shareholder value via the sale of the non-core asset, as well as via the share repurchase plan, which has so far in 2022 has reduced the number of shares issued/outstanding by 1.52 million shares.
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here for full news release.
About FSD Pharma
FSD Pharma Inc. is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences, Inc. – a wholly owned subsidiary – is focused on pharmaceutical research and development of its lead compound, ultra-micronized palmitoyl ethylamine (PEA) or FSD-PEA (formerly called FSD-201). Lucid Psycheceuticals Inc. (Lucid) – a wholly owned subsidiary – is focused on the research and development of its lead compounds, Lucid-PSYCH (formerly Lucid-201) and Lucid-MS (formerly Lucid-21-302). Lucid PSYCH is a molecular compound identified for the potential treatment of mental health disorders. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders.
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