- Field Trip (FTRP) plans to spin off its Field Trip Discovery and Field Trip Health divisions
- Field Trip Discovery would be renamed Reunion Neuroscience while Field Trip Health would be renamed Field Trip Health and Wellness
- Reunion will remain listed on the NASDAQ and TSX, while Field Trip Health and Wellness will list on the TSXV
- The company believes the move will maximize shareholder value
- The transaction is expected to close on or about July 2022
- Field Trip is a global leader in the development and delivery of psychedelic therapies
- Field Trip (FTRP) is up by 1.94 per cent trading at $1.58 per share
Field Trip (FTRP) has announced plans to spin off its Field Trip Discovery and Field Trip Health divisions.
The spinoffs are the result of the company’s strategic review of its corporate structure announced in November 2021.
Field Trip Discovery would be renamed Reunion Neuroscience while Field Trip Health would be renamed Field Trip Health and Wellness (H&W).
On closing, each Field Trip share will be exchanged for one Reunion common share and approximately 0.86 common shares of Field Trip H&W.
Reunion will remain listed on the NASDAQ and TSX, while Field Trip H&W will list on the TSXV.
Field Trip H&W
The company’s clinic business will be reorganized under Field Trip H&W. The business will also offer a premium version of the Trip app later this year, as well as Field Trip at Home, a digital at-home ketamine-assisted psychotherapy program powered by Nue Life.
Concurrent with the transactions, Field Trip H&W is expected to complete a financing for gross proceeds of C$20M.
Reunion Neuroscience
Reunion will continue to operate the drug discovery division focused on research and the development of its novel molecule, FT-104, and other molecules under development, including the FT-200 series, which has the potential to act as safer serotonin 2A agonists compared to classical psychedelics.
By the end of 2022, Reunion expects to be the first company to have phase 1 clinical data and a granted patent for a novel, next-generation psychedelic compound.
The spinoffs are subject to shareholder approval and other customary conditions.
The transaction is expected to close on or about July 2022.
Field Trip is announcing preliminary fiscal Q4 2022 revenue of $1.76M, representing over 30-per-cent growth over Q3.
“Over the course of the last three years, we have built two leading companies in the emerging psychedelic industry under a single roof,” stated Joseph del Moral, Field Trip’s CEO. “The results of our strategic review confirmed that both parts of Field Trip are ready to be independent, standalone companies, in a separation that we believe maximizes the long-term value of each business.”
“Importantly,” he added, “the strategic synergy that underlies our original strategy will be maintained through a mutually beneficial collaboration agreement.”
The collaboration agreement will provide access to data, assistance in protocol development, preferential access to clinical trial sites and other benefits.
Field Trip is a global leader in the development and delivery of psychedelic therapies.
Field Trip (FTRP) is up by 1.94 per cent trading at $1.58 per share as of 9:54 am EST.
