Welcome to our dedicated page for FSD Pharma news (Ticker: HUGE), a resource for investors and traders seeking the latest updates and insights on FSD Pharma stock.
FSD Pharma Inc. (symbol: HUGE) is a leading biopharmaceutical company headquartered in Toronto, Canada. Originally founded in 1998, FSD Pharma is committed to developing innovative treatments for complex neuropsychiatric, neurodegenerative, and inflammatory disorders. The company operates through two main segments: Biopharmaceutical and Strategic Investments.
FSD Pharma, through its subsidiary FV Pharma Inc., focuses on producing medical-grade cannabis in Canada. The company is heavily involved in the research and development of cannabinoid-based therapies targeting central nervous system disorders, autoimmune diseases affecting the skin, gastrointestinal tract, and musculoskeletal system, such as chronic pain.
The company's core development pipeline includes FSD201, an ultra-micronized formulation of PEA, designed to treat inflammatory diseases, along with Lucid-Psych for mental health disorders and Lucid-MS for neurodegenerative conditions. FSD Pharma has formed strategic alliances with companies like SciCann Therapeutics Inc., Canntab Therapeutics, and Solarvest BioEnergy Inc. to bolster its research capabilities and expand its product portfolio.
One of the company's notable breakthroughs is the development of unbuzzd™, a proprietary blend of vitamins, minerals, and botanical extracts that aids in alcohol metabolism and mental alertness. This formulation has been licensed to Celly Nutrition Corp., which is responsible for its market launch in the United States.
FSD Pharma has been actively engaging in clinical trials to validate the efficacy and safety of its products. Recently, the company announced a Phase 1 trial for Lucid-MS aimed at evaluating its potential to prevent and reverse myelin degradation in multiple sclerosis. Another significant milestone is the METAL-2 trial, conducted in collaboration with the Applied Science and Performance Institute (ASPI), which aims to test the safety and efficacy of unbuzzd™.
FSD Pharma is also making strides in strategic investments through its wholly-owned subsidiary, FSD Strategic Investments Inc., which involves loans secured by residential or commercial properties. This diversified approach ensures a steady stream of funding for its core research and development activities.
In terms of financial health, FSD Pharma maintains a robust portfolio and is well-positioned to capitalize on future growth opportunities. The company has demonstrated a consistent commitment to advancing science and improving patient outcomes through its innovative biopharmaceutical solutions.
247marketnews.com has published a report on the functional beverage market, featuring FSD Pharma (NASDAQ: HUGE). The report highlights FSD Pharma's innovative product, unbuzzd™, a rapid alcohol detoxification drink designed to quickly restore mental alertness after alcohol consumption. FSD Pharma has partnered with industry veterans to form Celly Nutrition, led by Gerry David, former head of a fast-growing energy drink brand, and Kevin Harrington, a renowned Shark Tank investor who contributed to developing the Celsius Influencer marketing program. This strategic collaboration aims to position unbuzzd™ as a significant player in the functional beverage market, leveraging the team's expertise in product development and marketing.
FSD Pharma Inc. (NASDAQ: HUGE) held its annual general and special meeting of shareholders on July 22, 2024. Key outcomes include:
1. Election of seven directors until the next annual meeting
2. Re-appointment of MNP LLP as auditor
3. Approval of share consolidation up to 100:1 ratio
4. Authorization for potential company name change
5. Ratification of articles amendment expanding 'Permitted Holders' definition
6. Approval for potential issuance of additional Class A Multiple Voting Shares
The meeting saw representation of 100% of Class A Multiple Voting Shares and 35.45% of Class B Subordinate Voting Shares. All resolutions passed with significant majority votes.
247marketnews.com has published a report highlighting biotech developments in the small cap market, featuring FSD Pharma (NASDAQ: HUGE). The report focuses on FSD Pharma's innovative product, UNBUZZD™, a rapid alcohol detoxification drink designed to quickly restore mental alertness after alcohol consumption.
FSD Pharma has partnered with industry veterans to form Celly Nutrition, led by an experienced team including Gerry David, who previously headed a fast-growing energy drink brand, and Kevin Harrington, a renowned Shark Tank investor who contributed to developing the Celsius Influencer marketing program. This collaboration aims to leverage their expertise in the beverage and marketing sectors to promote UNBUZZD™.
FSD Pharma has filed an Amended and Restated Material Change Report (MCR) to provide additional details on its private placement offering of Class A Multiple Voting Shares (MVS) that closed on December 5, 2023. The amendments include clarifying the term for restricted Class B Subordinate Voting Shares, detailing the purpose and effects of the Offering, and discussing the board's approval process and prior valuations.
Pursuant to a Plan of Arrangement, shareholders received new MVS, Class B Subordinate Voting Shares, and Distribution Warrants. Significant changes include the issuance of new MVS to consolidate voting control among Permitted Holders. The board approved the Offering after excluding discussions with interested directors Zeeshan Saeed and Anthony Durkacz, who abstained from voting.
In the Offering, insiders, including Xorax Family Trust and Fortius Research and Trading Corp., participated, making it a 'related party transaction'. The company did not conduct any formal valuations within the last 24 months and was exempt from certain regulatory requirements due to the transaction size. Shareholders will vote on related Article Amendments at the upcoming July 22, 2024, meeting.
FSD Pharma, a biopharmaceutical company, announced a corporate update on June 28, 2024. The company has engaged Totaligent to enhance market awareness and engage with shareholders and other market participants. Totaligent, with over 25 years of experience, has a database of 32 million active investors and utilizes various communication channels including email, SMS, social media, and digital media. The engagement is for 30 days, costing $30,000 USD, and can be terminated with a 5 business day notice. Additionally, FSD Pharma issued 650,000 Class B shares at $0.30 per share to settle $195,000 of debt with arm's length creditors.
On June 27, 2024, the United States District Court for the Eastern District of Pennsylvania confirmed FSD Pharma's motion for entry of judgment in favor of FSD Pharma against Dr. Raza Bokhari. The judgment totals USD $147,301.04, plus interest from November 9, 2022, and various CAD amounts totaling CAD $2,861,141.70, plus interest from respective dates until satisfied. Dr. Bokhari, former CEO of FSD Pharma and current Chairman and CEO of Medicus Pharma, was terminated by FSD's board in July 2021, leading to arbitration. After an eight-day hearing, the arbitrator ruled in favor of FSD, awarding damages and arbitration costs. The court upheld these awards under the New York Convention, rejecting Bokhari's objections. FSD Pharma is committed to enforcing this judgment.
FSD Pharma announced that it received approval from Australia's Human Research Ethics Committee (HREC) to commence a Phase 1 clinical trial for Lucid-21-302 (Lucid-MS). This trial will study the safety and pharmacokinetics of Lucid-21-302 in healthy adult participants using a randomized, double-blind, placebo-controlled, multiple ascending dose design. Lucid-21-302 is a neuroprotective compound aimed at treating multiple sclerosis (MS) by preventing demyelination. This approval marks a significant milestone in the drug's clinical development. Additionally, FSD Pharma issued 400,000 Class B shares at $0.30 each to settle $120,000 in debt.
FSD Pharma (NASDAQ:HUGE) announced an exclusive option agreement with the University of Southern California (USC) to evaluate a novel dietary supplement technology. Signed on June 11, 2024, the agreement grants FSD Pharma a 6-month term to assess the technology, with an option to extend for an additional 6 months or obtain an exclusive license. The technology aims to enhance ingredients in unbuzzd™, a blend designed to accelerate alcohol metabolism, improve recovery from alcohol consumption, and boost mental alertness. FSD Pharma plans to launch unbuzzd™ this summer through a partnership with Celly Nutrition, led by industry veterans from Celsius Holdings and The Coca-Cola Company.
FSD Pharma has received Institutional Review Board (IRB) approval for its METAL-2 trial in the USA to study the safety and efficacy of Unbuzzd(TM) in acute alcohol intoxication. This approval allows the company to begin recruiting participants and planning the clinical study. Dr. Andrzej Chruscinski, Vice-President of Clinical and Scientific Affairs, emphasized the significance of this milestone in advancing research on acute alcohol intoxication.
On May 29, 2024, FSD Pharma (NASDAQ:HUGE) announced that the United States District Court for the Eastern District of Pennsylvania confirmed the company's Petition to Confirm Arbitration Awards against Dr. Raza Bokhari, its former CEO. The awards, issued by a Canadian arbitrator in 2022, total over CAD $3 million plus interest. The court found no valid basis to deny enforcement under the New York Convention. This legal victory follows Bokhari's termination in July 2021 and his unsuccessful arbitration challenge.
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