- Entheon Biomedical Corp. (ENBI) acquires Lobo Genetics Inc.
- Genetic Screening Platform Technology and data is set to strengthen Entheon’s Psychedelic
- Entheon issued an aggregate of 5 million common shares in the capital of the company to the former Lobo shareholders
- Entheon also entered into an advisory agreement with John Lem, founder and former Chief Executive Officer of Lobo, to serve as a strategic advisor of industry affairs
- Lem will continue to advise and assist with the operations and strategic direction of Lobo Genetics Inc. and HaluGen Life Sciences Inc
- Entheon Biomedical Corp. (ENBI) is down 4.23 per cent and is trading at C$0.34 at close
Entheon Biomedical Corp. (ENBI) has completed its acquisition of Lobo Genetics Inc.
Further to its news release dated June 16, 2021, Entheon closed the amalgamation agreement with Lobo and 13089363 Canada Inc., a wholly-owned subsidiary of Entheon.
Entheon issued an aggregate of 5 million common shares in the capital of the company to the former Lobo shareholders.
In addition, Entheon issued an aggregate of 9,603 incentive stock options to the holders of the outstanding stock options of Lobo in exchange for the cancellation of the Lobo Stock Options, and all outstanding common share purchase warrants in the capital of the Lobo were cancelled.
Entheon also entered into an advisory agreement with John Lem, founder and former Chief Executive Officer of Lobo, to serve as a strategic advisor of industry affairs on Entheon’s advisory board.
In connection with his appointment, Entheon granted to Lem an aggregate of 200,000 stock options, in accordance with the terms and conditions of the company’s stock option plan and the policies of the Canadian Securities Exchange.
Each stock option is exercisable for one common share of the Company for a period of 5 years from the grant date at an exercise price of $0.33, based on the closing price of its shares on July 28, 2021, with 25 per cent of the stock options vesting every 6 months from the date of grant.
Lem will continue to advise and assist with the operations and strategic direction of Lobo Genetics Inc. and HaluGen Life Sciences Inc.
“We are thrilled that the transaction with Lobo has successfully completed, and we very much look forward to working with the Lobo team toward our combined mission of researching a genetic-driven approach to developing personalized psychedelic-assisted psychotherapeutic (PAP) protocols to treat substance use disorders,” said Chief Executive Officer of Entheon, Timothy Ko.
Lem commented,
“Lobo is pleased to officially join the Entheon team. We are excited to continue to leverage our technology platform to help personalize the psychedelics experience through genetic testing and data-driven insights.”
Lobo is a Toronto-based personalized genetics company with a direct-to-consumer (DTC) platform currently being used in both the psychedelics and cannabis spaces to provide personalized insights into an individual’s response to hallucinogenic and psychoactive drugs.
Entheon is a biotechnology research and development company developing and commercializing a portfolio of safe and effective Dimethyltryptamine-based psychedelic therapeutic products for the treatment of addiction and substance use disorders.
Entheon Biomedical Corp. (ENBI) is down 4.23 per cent and is trading at C$0.34 at market close.
