Canadian Biopharma psychedelics Pursue Cube Psychotech Holdings agreed to purchase Translational Life Sciences (TLS).

Cube will issue approximately 50% of its outstanding shares, warrants and options to TLS shareholders, directors and employees in exchange for 100% of its outstanding share capital. This results in TLS acquiring one-third of Cube’s share capital.

The deal is contingent on private placement or other funding of at least US$1.5 million (C$2 million).

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Currently, the Company has initiated a private placement for the issuance of up to 16 million units for gross proceeds of $3 million at a price of $0.18 each.

Each unit consists of one common share and one-half warrant; Each full warrant has an exercise price of $0.30 per share and will expire three years from the date of issuance.

TLS, a life sciences company based at the University of British Columbia, would be part of the Cube portfolio, which includes the following Cube Psychotech Corp. And Cube Wellness Products Inc. The deal includes a drug discovery pipeline, more than 1,000 extracted botanical compounds, and brain receptor profiling data from over 200 species of fungi.

TLS holds a commercial license from Health Canada covering commercial scalability manufacturing and product development of multiple psilocybin-based drugs. The company has developed proprietary potency and consistency testing protocols to achieve clinical standards with its psychedelic products.

Photo: Benzinga edit with photo by Geralt and Sergeitokmakov on Pixabay.

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