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Psycheceutical Bioscience, Inc. Enters into Exclusive Option to Acquire Vici Health Sciences

Wednesday, August 17, 2022

Psycheceutical Bioscience, Inc., a bioscience company at the forefront of developing advanced technologies for the next generation of mental health treatment, has announced an exclusive option agreement that grants Psycheceutical the opportunity to acquire a majority equity stake in Vici Health Sciences ("Vici"). The option, exercisable until April 2023, unless extended, involves an approximate total exercise price of $10.5 million, payable partly in cash and partly in equity. Vici is a comprehensive pharmaceutical research and development company specializing in advancing projects from pre-clinical research to the Phase 2 stage of FDA approval.

If the option is exercised, it is expected to bolster Psycheceutical's assets, capabilities, and resource expertise in building a robust drug development pipeline for mental health. This expansion will be driven by the integration of Psycheceutical's NeuroDirect and Janus particle delivery technologies. The two companies have previously established a strategic relationship focused on testing and developing Psycheceutical's patented technologies and unique formulations of psychedelic compounds. The drug development research is currently conducted at Vici's GMP facility. The exercised option also envisions support and resources from Psycheceutical to enhance Vici's laboratory capabilities and strategically foster its growth.

Chad Harman, CEO of Psycheceutical, emphasized the significance of partnering with strategic allies like Vici, stating, "Aligning with key strategic partners like Vici demonstrates Psycheceutical's commitment to revolutionize the availability and utilization of psychedelic medicines in mental health treatment. By combining our own world-class clinical research team with Vici's pharmaceutical research and development lab, we aim to ensure uninterrupted progress in our drug development pipeline."

Furthermore, Anish Dhanarajan, CEO and founder of Vici, will assume the role of Research and Development Advisor for Psycheceutical. Prior to founding Vici, Dhanarajan held key positions in formulation development at prominent pharmaceutical companies such as Pfizer, GSK, Mallinckrodt, and CorePharma.

Anish Dhanarajan expressed enthusiasm about continuing the collaborative efforts, stating, "As passionate scientists, we are thrilled to continue working on bringing Psycheceutical's innovative psychedelic pharmaceutical projects to the market. Through our dedicated services, we will play a critical role in bringing novel concepts to fruition for our client base.

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