- PharmaDrug (BUZZ) entered into the definitive agreement regarding the previously announced proposed acquisition with Sairiyo Therapeutics
- Research and development will be led by Dr. Paul Van Slyke, a previous biotech co-founder and Chief Scientific Officer
- During clinical research, Cepharathine shows multiple pharmacological properties, including anti-oxidative, anti-inflammatory, immuno-regulatory, anti-cancer, anti-viral and anti-parasitic properties
- The American Cancer Society estimates that there will be approximately 16 thousand deaths with an estimated 20 per cent survival rate at least five years after diagnosis
- Following the completion of the transaction, Sairiyo will be a wholly-owned subsidiary of the company
- PharmaDrug (buzz) is up 11.11 per cent and is trading at C$0.10 at 12:10 pm EST
PharmaDrug (BUZZ) entered into the definitive agreement regarding the previously announced proposed acquisition with Sairiyo Therapeutics.
Sairiyo recently received orphan drug designation from the FDA for esophageal cancer.
This previously proposed acquisition occurred on January 12, 2021.
Sairiyo’s management company believes that the acquisition will strengthen PharmaDrug’s product pipeline, intellectual property portfolio and pharmaceutical development expertise.
Sairiyo is a biotechnology company focused on repurposing and developing improved formulations of naturally derived compounds for serious, rare, and life-threatening diseases.
It aims to obtain European Medicines Evaluation Agency and U.S. FDA approval.
Sairiyo is advancing its lead drug’s clinical development–Cepharanthine– a repurposed and reformulated naturally derived compound for the potential treatment of cancer, neurological, inflammatory, and infectious diseases.
Research and development will be led by Dr. Paul Van Slyke, a previous biotech co-founder and Chief Scientific Officer.
Cepharanthine is an approved drug used for more than 70 years in Japan to treat various acute and chronic diseases.
During clinical research, Cepharathine shows multiple pharmacological properties, including anti-oxidative, anti-inflammatory, immuno-regulatory, anti-cancer, anti-viral and anti-parasitic properties.
Sairiyo recently received an FDA orphan drug designation for Cepharanthine for the treatment of esophageal cancer.
During 2019-2023 the global esophageal cancer drugs market will grow by USD $1.5 billion.
According to the World Health Organization, esophageal cancer is currently the sixth-most common cause of cancer death globally. It is estimated to have caused over 508-thousand deaths in 2018.
The American Cancer Society estimates that there will be approximately 16 thousand deaths, with an estimated 20 per cent survival rate at least five years after diagnosis.
Sairiyo is getting ready for its pre-investigational new drug meeting request and pre-IND briefing documents for submission to the FDA to support the clinical development of Cepharanthine in certain cancers and infectious diseases.
Sairiyo will also support PharmaDrug’s initiatives of evaluating novel uses of psychedelic and cannabinoid compounds and delivery systems.
Daniel Cohen, Chairman and CEO of PharmaDrug, is looking forward to the partnership with Sairiyo and the opportunities Cepharanthine presents.
“PharmaDrug is extremely excited to work with the Sairiyo team upon the closing of the acquisition on several fronts,” he said.
“The company also plans to use Sairiyo’s clinical research capabilities to potentially launch clinical studies in the pharmaceutical psychedelic space,” he concluded.
With this agreement, PharmaDrug plans to acquire all of the issued and outstanding shares of Sairiyo in consideration for the issuance of an aggregate of 75 million units of PharmaDrug.
Following the completion of the transaction, Sairiyo will be a wholly-owned subsidiary of the company. Both parties anticipate the transaction will be completed in full by the end of January 2021.
PharmaDrug is a pharmaceutical company focused on developing and commercializing controlled-substances and natural medicines such as psychedelics, cannabis, and naturally-derived approved drugs.
PharmaDrug (buzz) is up 11.11 per cent and is trading at C$0.10 at 12:10 pm EST.
