FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) today announced that it has closed a non-brokered private placement and issued 24 class A multiple voting shares of the company, each at a price of $1.90, for gross proceeds of $45.60 (the “offering”). All securities issued pursuant to the offering are subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws of Canada. FSD Pharma intends to use the proceeds of the offering for general working capital purposes.
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About FSD Pharma Inc.
FSD Pharma is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), FSD is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302). Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. FSD has also licensed UNBUZZD(TM), a proprietary formulation of natural ingredients, vitamins and minerals to help with liver and brain function for the purposes of quickly relieving individuals from the effects of alcohol consumption, for use in the consumer recreational sector, to Celly Nu and is entitled to a royalty on the revenue generated by Celly Nu from sales of products created using the technology rights granted under the licensing agreement. FSD continues its R&D activities to develop novel formulations for alcohol misuse disorders and continues the development of such treatments for use in the health care sector. FSD maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represent loans secured by residential or commercial property. For more information, visit the company’s website at www.FSDPharma.com.
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