Psycheceutical Completes Acquisition by Blue Water Ventures International
Rhea-AI Summary
Psycheceutical, a biotechnology company specializing in psychedelic medicines, has been fully acquired by Blue Water Ventures International (OTCPK: BWVI). Following this merger, Psycheceutical will operate as a wholly-owned subsidiary of BWVI, which will shift its focus exclusively to psychedelic drug development. In response to the acquisition, Psycheceutical's CEO, Chad Harman, expressed enthusiasm about securing capital for growth and initiating clinical trials for its innovative drug delivery technologies.
Positive
- Acquisition provides immediate capital for Psycheceutical's growth plans.
- Focus on clinically validated psychedelic drug development.
- Experienced team with over 100 years in pharmaceutical development.
Negative
- BWVI may face challenges transitioning from its previous business model.
- Potential risks in securing necessary regulatory approvals.
News Market Reaction – BWVI
In the trading session that priced this news, BWVI declined 5.79%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Miami, FL, Jan. 20, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Psycheceutical, Inc., a biotechnology company dedicated to the development and commercialization of psychedelic medicines, today announced the company has been fully acquired by Blue Water Ventures International, Inc. (OTCPK: BWVI).
“We are thrilled that this deal has closed and that Psycheceutical is now a wholly-owned subsidiary of a publicly-listed company and has secured important near-term capital to pursue our growth plans,” commented Psycheceutical CEO Chad Harman. “We will immediately begin the next steps of our growth strategy as we work to bring our revolutionary psychedelic drug delivery technologies to the market, starting with initial clinical trials.”
BWVI acquired Psycheceutical, Inc. by way of a merger, resulting in Psycheceutical becoming a wholly-owned subsidiary of BWVI. Now that the acquisition has occurred, BWVI intends to cease its previous business activities and the company will focus solely on psychedelic drug development. Once regulatory approvals have been received, the company will consummate related corporate actions, including a name and symbol change.
About Psycheceutical, Inc.
Psycheceutical, Inc. is seeking to develop cutting-edge delivery technologies for safe and effective psychedelic pharmaceutical medicines. Powered by a team with more than 100 years' combined experience in development, regulatory approval processes and commercialization across the pharmaceutical industry, Psycheceutical is on a mission to bring safety and efficacy to psychedelic compounds. Learn more at Psycheceutical.com.
Jeffrey Bahnsen
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