Psyence Biomedical Merges with Newcourt, Listing and Raising US$10 Million for Clinical Trials

LOS ANGELES- Psyence Biomedical Ltd. a subsidiary of Psyence Group Inc, has successfully completed a merger with Newcourt Acquisition Corp (“Newcourt”), a special purpose acquisition company. This business combination, which received approval from Newcourt’s stockholders on January 18, 2024, will introduce Psyence Biomed to the NASDAQ stock exchange under the new ticker symbols “PBM” for common stock and “PBMWW” for warrants, starting January 26, 2024.

Concurrent with the merger, Psyence Biomed has entered into a securities purchase agreement, aiming to raise up to US$10 million. This capital will be raised through the issuance of up to four senior secured convertible notes in a deal with a US-based investment firm. These funds are earmarked for advancing Psyence Biomed’s clinical trials in Australia.

Psyence Biomed operates as the therapeutic division of Psyence Group, specializing in the development of natural psilocybin-based products. These products are designed for the treatment of psychological trauma and associated mental health conditions, particularly in palliative care settings. To further its clinical research, Psyence Biomed has partnered with iNGENū Pty Ltd, an Australian contract research organization with a significant background in psychedelic pharmaceutical drug development.

The collaboration with iNGENū involves designing and conducting a Phase IIb clinical trial using PEX010, a 25mg naturally derived psilocybin drug candidate. This trial, which will be conducted in compliance with the Therapeutic Goods Administration of Australia and other international clinical research standards, is a randomized, placebo-controlled, double-blind study. It aims to evaluate the efficacy of psilocybin-assisted psychotherapy compared to psychotherapy alone, focusing on patients with adjustment disorder due to a recent terminal cancer diagnosis. The successful completion of this Phase IIb study will pave the way for a multinational Phase III registrational study.

Dr. Neil Maresky, CEO of Psyence Biomed, expressed that this merger marks a crucial milestone for the company. “This merger represents a pivotal moment for Psyence as we continue our journey to redefine health and wellness. The NASDAQ listing, as well as the capital infusion, expands our presence to additional investors in North America and will empower us to accelerate our clinical trials and contribute to advancements in the global health and wellness landscape.”

This merger and subsequent funding are expected to significantly enhance Psyence Biomedical’s capabilities to expedite clinical trials and broaden its market reach, aligning with the company’s ambitious vision to transform the health and wellness sector.