Ensysce Biosciences has secured a $15 million investment through a securities purchase agreement involving senior secured convertible notes and warrants. The initial $5 million was funded on September 24, 2021. The notes, convertible at $5.87, mature in 21 months, bearing 5% interest. Proceeds will support clinical programs, including studies on opioid treatment. CEO Dr. Lynn Kirkpatrick highlighted this financing as essential for combating the opioid crisis.
Ensysce Biosciences has commenced a second clinical study of PF614, a trypsin-activated opioid designed to deter abuse, with the first cohort enrolled on September 7, 2021. This Phase 1b trial will evaluate PF614's pharmacokinetics and safety, comparing it to OxyContin. The study aims to advance understanding of PF614's potential as a safer pain management option, contributing to solutions for the opioid crisis. Ensysce's innovative approach aligns with pressing healthcare needs, focusing on effective treatments for chronic pain while minimizing abuse risks.
Ensysce Biosciences (NASDAQ:ENSC) has scheduled participation in multiple key industry conferences throughout September 2021. CEO Dr. Lynn Kirkpatrick will present at the 10th Annual Gateway Conference on September 8. Additionally, Ensysce will sponsor a symposium at PAINWeek 2021 on September 9, focusing on next-generation opioids with abuse protection. The company will also engage in one-on-one meetings during Lake Street's Best Ideas Growth Conference on September 14. Ensysce aims to utilize its proprietary technologies to reduce prescription drug abuse and overdose risks.
Ensysce Biosciences (NASDAQ: ENSC, OTC: ENSCW) is sponsoring a symposium at PAINWeek 2021 on September 9, focusing on innovative opioid solutions with built-in abuse and overdose protection. Chaired by Dr. Jeffrey Gudin, the event will showcase advancements in pain management amid the ongoing opioid crisis. Dr. Lynn Kirkpatrick, CEO, emphasizes the company's mission to transform pain treatment and combat prescription drug abuse through proprietary platforms. Ensysce aims to offer safer opioid alternatives to improve patient care and reduce societal impacts.
Ensysce Biosciences reported Q2 2021 financial results, highlighting a successful merger with Leisure Acquisition Corp., providing access to $60 million in capital. Cash reserves reached $8 million. Key programs include PF614 entering Phase 1b and PF614-MPAR™ receiving IND from the FDA. Federal grant funding dropped to $0.4 million from $1.8 million YoY. Net loss increased to $1 million from $0.7 million. The company aims to address opioid use and pain management through its innovative drug platforms.
Ensysce Biosciences has completed its merger with Leisure Acquisition Corp, with trading of its common stock as ENSC and warrants as ENSCW starting July 1, 2021. This merger allows Ensysce to enhance its mission of reducing prescription drug abuse through its specialized technology platforms, TAAP and MPAR. The company’s PF614 and PF614-MPAR products, aimed at minimizing the abuse potential of oxycodone, are entering mid-stage clinical development. The leadership is optimistic about the merger's potential to accelerate clinical programs and expand their product pipeline.