HAVN Life works towards substantiating a patent application and preclinical work
Vancouver, BC – HAVN Life Sciences Inc. (CSE: HAVN) (OTC: HAVLF) (FSE: 5NP) (the “Company” or “HAVN Life”), a biotechnology company pursuing standardized extraction of psychoactive compounds and the development of natural healthcare products, is pleased to announce that it has entered into a definitive agreement to acquire clinical stage intellectual property (“IP”) from Bolt Therapeutics (the “Acquisition”).
The IP consists of a combination of BOL-148, which has demonstrated potential for treating cluster headaches in a human study, and a neuroprotectant that is believed to act in unison with BOL-148. BOL-148, an unrestricted compound, is an analogue of lysergic acid diethylamide (LSD) that does not produce the same psychotropic effects, making it a promising candidate for a new therapy.
Some 300,000 patients in the US suffer from cluster headaches, and about 60,000 deal with chronic pain as a result. Despite these numbers, there is only one approved treatment for the condition, making it an area of massive unmet need. As a result, upon completion of the Acquisition, Havn Life will seek Orphan Drug Designation, Fast Track, Breakthrough Therapy, and Accelerated Approval for the development of the new therapy. Bringing a new, effective therapy to market for this overlooked condition represents a major opportunity and could bring relief to thousands of patients.
“The contemplated acquisition of this IP represents a strategic shift for HAVN Life, as we venture into the development of new APIs and proprietary pharmaceuticals,” commented HAVN Life CEO Tim Moore. “By leveraging existing data and seeking orphan drug designation, we are confident that we’ll be able to accelerate clinical timelines substantially.”
Upon completion of the Acquisition, HAVN Life’s research team will explore ways to optimize the patient experience with the neuroprotective agent used in combination with BOL-148, which previously showed a signal of efficacy in a peer reviewed human study. Following completion of the Acquisition, HAVN Life will be focused on substantiating the patent application with data from animal model and formulation studies and filing a Patent Cooperation Treaty application.
On closing of the Acquisition, the Company will pay to Bolt Therapeutics $1,000,000 and will issue: (i) 10,596,027 common shares, which shares will be subject to an escrow arrangement whereby one-sixth (1/6) of such shares will be released from escrow every three (3) months following completion of the Acquisition; and (ii) 5,298,013 common shares upon the satisfaction of certain milestones in respect of the IP.
The closing of the Acquisition is subject to a number of conditions including the satisfactory completion of due diligence and satisfaction of other customary closing conditions. The closing of the Acquisition is expected to occur in or around May 31, 2021.
On Behalf of The Board of Directors
Chief Executive Officer
About Havn Life Sciences Inc.
Havn Life Sciences is a Canadian biotechnology company pursuing standardized extraction of psychoactive compounds, the development of natural healthcare products, and innovative mental health treatment to support brain health and enhance the capabilities of the mind. Learn more at: havnlife.com and follow us on Facebook, Twitter, Instagram and Youtube.