Ensysce Biosciences announced that it has signed an agreement with GEM Global Yield LLC SCS, (GEM) a Luxembourg-based private, alternative investment group.
Ensyce Biosciences notes under the accord, GEM agrees to provide Ensysce with a share subscription facility of up to $60 million for a 36-month term following the public listing of the Company’s common stock.
Ensysce Biosciences will control the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation. Concurrent with a public listing of Ensysce shares, the company will issue warrants to GEM to purchase outstanding common stock of the company.
Ensysce Biosciences will use the funds to progress the clinical development of PF614, a first in class Trypsin Activated Abuse Protection (TAAPTM) extended-release opioid prodrug, and its Multi-Pill Abuse Resistance (MPARTM) overdose protected counterpart, PF614-MPARTM.
Dr. Kirkpatrick, CEO of Ensysce Biosciences said, “Ensysce is leading the challenge of entering the pain management space when political and regulatory bodies are looking for new answers for analgesia. The current pandemic has seen a rise in opioid deaths, and Ensysce believes its products will save countless lives. Strong pain therapeutic options are necessary for many patients to lead normal lives including those with cancer pain, crippling arthritis and chronic back pain. Ensysce is providing an option for both patients and prescribers that can reduce fear of addiction, stop abuse and stem overdose from these prescription drugs.”
He concluded, “This agreement with GEM helps to secure the funding to rapidly progress our products to registration and into the hands of patients who need safe options when in crippling pain. With certainty of the capital upon listing on a national public stock exchange, Ensysce is now well-positioned as the company enters its next stage of development. Our TAAPTM oral prodrug technology and MPARTM overdose protection, both unique to the industry, have already demonstrated exceptional clinical results that promise to hold a prominent place in responsible prescribing of analgesics.”
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