- Isracann Biosciences (IPOT) acquires natural health medicine developer and appoints natural health products officers
- Praesidio is an industry-leading, Canadian medical research company that develops and validates natural health products using an evidence-based process
- Praesidio acquired all of the issued and outstanding shares for aggregate consideration of C$4,000,000 in common shares
- All consideration shares are subject to a contractual escrow period, with release dates ranging from 12 to 48 months following the closing of the transaction
- The company has appointed Dr. George Vrabec and Bob Mehr to the positions of Director of natural health products and Vice President of natural health product development
- Isracann Biosciences Inc. (IPOT) is up 7.14 per cent, trading at C$0.08 at 12:59 pm ET
Isracann Biosciences (IPOT) has acquired all of the issued and outstanding shares of Praesidio Health for $4 million in Isracann shares.
Praesidio will operate as a wholly-owned subsidiary of Isracann.
A pioneer in NHPs and therapeutics, Praesidio is developing several NHP candidates for utility in a range of conditions, including post-viral exposure prophylaxis, urological, anxiety/stress, immune boosting, and sleep aids.
Praesidio employs formulation combinations with and without cannabinoids and/or psilocybin, which provides the opportunity for product development in conjunction with future operations in Israel, including direct access to European markets.
The consideration shares will be issued to the Praesidio shareholders in seven tranches, with 12,210,008 consideration shares having an aggregate deemed value of C$1,000,000, issued at closing of the transaction and consideration shares having an aggregate deemed value of C$500,000 being issued every six months thereafter until the third anniversary of the date of closing.
The first instalment of consideration shares was issued at a per-share price of $0.0819.
All consideration shares are subject to a contractual escrow period, with release dates ranging from 12 to 48 months following closing.
Isracann has appointed Dr. George Vrabec and Bob Mehr to the positions of Director of natural health products and Vice President of natural health product development, in connection with the transaction.
The appointments will take effect as of April 15, 2022.
Dr. George Vrabec, MD FRCSC (Urol.) is a Urologist and Surgeon with over 20 years of medical experience, as well as the Principal Investigator of Exdeo Clinical Research.
Dr. Vrabec has conducted more than 30 clinical trials in a wide array of Urological diseases and has published studies in various journals, including the New England Journal of Medicine.
Dr. Vrabec serves on multiple boards, including Fraser Valley Health Care Foundation.
Bob Mehr is the President and Chief Executive Officer of Pure Integrative Pharmacies, which operates 17 integrative pharmacies in British Columbia.
Mehr has nearly 30 years of experience in the pharmacy services industry and has developed a number of formulations and supplements licensed by Health Canada.
Mehr is a member of several professional associations, including the British Columbia College of Pharmacists and the British Columbia Pharmacy Association.
“We initially founded Praesidio with the goal of integrating NHPs into current medical practice. Our vision was to validate these treatments alongside conventional medical treatments, thereby empowering health providers and their patients in accessing such treatments.” said Dr. Vrabec.
“Today, we are very pleased to be partnering with the Isracann team, as we believe this will positively impact the development of our NHPs and the execution of our clinical strategy of ushering them into new medical standards of care,” added Dr. Vrabec.
Isracann CEO Phil Floucault notes,
“It’s fantastic to actively build momentum towards revenue generation across North America and abroad. We are excited by the novel formulations, and we welcome aboard the entire Praesidio team who have brought some fantastic products, enthusiasm, and aggressive outlook to our venture.”
Isracann is an Israeli-based cannabis company focused on becoming a premier cannabis producer offering low-cost production targeting undersupplied, major European marketplaces.
Isracann Biosciences Inc. (IPOT) is up 7.14 per cent, trading at C$0.08 at 12:59 pm ET.
