Pharmadrug Inc Stock Price, News & Analysis

PharmaDrug (OTC:LMLLF) has signed a non-binding Letter of Intent to acquire up to 40% equity interest in Canurta Limited Partnership, a biotechnology company focused on botanical drugs for inflammation and neurodegenerative diseases. The acquisition will be executed in two tranches of 19.9% and 20.1%, respectively.

The deal structure involves PharmaDrug issuing a total of 58,807,438 shares, with Canurta receiving approximately 44% ownership of PharmaDrug's outstanding shares. Canurta will contribute $85,000 per tranche through non-interest-bearing promissory notes. Upon first tranche completion, Canurta's CEO Akeem Gardner will join PharmaDrug's Board of Directors.

PharmaDrug (OTC: LMLLF) announced the immediate resignation of Rob Steen from his positions as CEO and board member. Chairman David Kideckel will serve as Executive Chairman and assume the former CEO's responsibilities temporarily. The company, which specializes in controlled substances and natural medicines including psychedelics and previously approved drugs, will begin searching for a new CEO with specific biotech experience. The search will focus on candidates who align with PharmaDrug's strategic direction to streamline its focus on cepharanthine and pharmaceutical drug development.

PharmaDrug Inc. (OTC: LMLLF) has initiated a comprehensive strategic review process led by a newly formed special committee of independent directors to maximize shareholder value. The committee, supported by management, will evaluate the company's current strategy, assets, research programs, and capital structure. The strategic alternatives under consideration include potential asset and business unit sales, management changes, consolidation of Sairiyo Therapeutics, and capital structure modifications. Despite any potential changes, PharmaDrug remains committed to developing Cepharanthine, their key pharmaceutical product.

PharmaDrug has completed the issuance of $412,552.94 in debentures to replace outstanding secured convertible debentures, along with 8,251,058 common share purchase warrants. The new debentures will mature on September 30, 2025, and are convertible into common shares at $0.05 per share. The debentures are secured by a general security agreement and will bear 22% annual interest only if unpaid at maturity. The accompanying warrants allow holders to purchase shares at $0.05 for two years. All securities are subject to a four-month hold period until March 16, 2025.

PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) announces the issuance of $414,523 in debenture units to replace outstanding secured convertible debentures. The new debentures will mature on September 30, 2025, and are convertible into common shares at $0.05 per share. The company will also issue 8,290,000 common share purchase warrants. No interest will be charged unless principal remains unpaid at maturity, triggering a 22% annual interest rate. The warrants allow holders to purchase shares at $0.05 for two years after issuance.

PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) has announced the successful completion of a stability study for its patented enteric-coated cepharanthine formulation (PD-001). The six-month accelerated condition study, conducted at 40°C and 75% relative humidity by Genvion , demonstrated acceptable stability parameters for PD-001 in both bottle and encapsulated forms. This achievement supports the manufacturing of clinical trial material for the company's upcoming first-in-human Phase 1 clinical study targeting viral infectious diseases. The study follows the August 2024 approval from the Australian Human Research Ethics Committee to initiate the clinical trial through Sairiyo Therapeutics, which is 51% owned by PharmaDrug and 49% by PharmaTher Holdings.

PharmaDrug Inc. (CSE: PHRX, OTC Pink: LMLLF) has initiated start-up activities for its first clinical study of PD-001, a patented enteric-coated cepharanthine formulation, as a potential treatment for viral infectious diseases. The Phase 1 clinical study, approved by the Australian Human Research Ethics Committee, will assess the bioavailability and pharmacokinetics of PD-001 compared to oral cepharanthine tablets in healthy volunteers.

The study will involve 15 volunteers and last up to 49 days. It aims to demonstrate that PD-001 can achieve better oral pharmacokinetics than generic cepharanthine tablets with similar or improved safety. Upon successful completion, Sairiyo Therapeutics (51% owned by PharmaDrug) plans to seek FDA acceptance for a Phase 2 clinical study in viral infectious diseases.

PharmaDrug Inc. (CSE: PHRX) (OTC: LMLLF) has announced strategic plans to advance the clinical development of PD-001, its patented enteric-coated Cepharanthine formulation, for viral infectious diseases. Sairiyo Therapeutics Inc., 51% owned by PharmaDrug, received approval to initiate a first-in-human Phase 1 clinical study. This follows a $3.4 million contract from the Defense Threat Reduction Agency for the Ebola virus.

PD-001 aims to improve the bioavailability of Cepharanthine, a Japanese-approved drug with potential antiviral activity against various viruses, including coronavirus, HIV-1, and Zika. The new formulation addresses Cepharanthine's low solubility and bioavailability issues, potentially enabling oral administration and eliminating the need for frequent intravenous dosing.

PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) has announced that an independent screening has identified cepharanthine's potential to bind to monkeypox (Mpox) proteins. The study, published in the Journal of Infection, showed that cepharanthine displayed significant binding affinities to all ten target proteins of Mpox, with high affinities to four specific proteins.

Sairiyo Therapeutics Inc., 51% owned by PharmaDrug, is developing a patented reformulated version of oral cepharanthine (PD-001) for potential treatment of Medical Countermeasures and cancer. The company has received approval to initiate a Phase 1 clinical study in Australia. PD-001 was previously awarded a $3.4 million contract from the Defense Threat Reduction Agency (DTRA) for the Ebola virus.