Acquires 25% stake in Cannasoul Analytics for up to $4 million to support R&D for cannabinoid- and psilocybin mushroom-based therapeutics for multiple indications
Partners to drive development and commercialization of Cannasoul Analytics' intellectual property and technologies licensed from The Technion - Israel Institute of Technology
NEW YORK, Nov. 2, 2023 /PRNewswire/ -- Synaptogenix, Inc. (Nasdaq: SNPX) ("Synaptogenix" or the "Company"), an emerging biopharmaceutical company developing therapeutics for neurodegenerative disorders, today announced a new partnership with Cannasoul Analytics Ltd. ("Cannasoul") in support of research and development of pharmaceutical therapeutics. Cannasoul is founded by the Technion Research & Development Foundation ("TRDF"), the commercialization arm of The Technion – Israel Institute of Technology ("The Technion"), and world-renowned cannabis key opinion leader and researcher Professor Dedi Meiri from The Technion.
Dr. Dedi Meiri Head of the Laboratory of Cancer Biology and Cannabinoid Research, Technion Founder, Cannasoul Ltd.
Professor Meiri heads the Laboratory of Cancer Biology and Cannabinoid Research at The Technion's Faculty of Biology. Professor Meiri and The Technion founded Cannasoul in 2018 for the development of cannabinoid-based and other therapeutics for various indications and vertical markets. Cannasoul has developed technology in large disease markets including leukemia ($12.7B by 20281), epilepsy ($14.7B by 20332), and sleep disorders ($73.5B by 20323). Under terms of the investment agreement, Synaptogenix obtains a preemptive right to fund the further research and commercialization of certain intellectual property, technology, and future products developed by Cannasoul and licensed from The Technion.
"Cannasoul is pleased to welcome Synaptogenix as a key partner in our development of groundbreaking therapeutics derived from natural compounds. We appreciate the strong support and confidence in our laboratory's high standards and pioneering scientific approach that this investment represents. Together with Synaptogenix, we look forward to advancing our leadership in developing effective cannabis and psilocybin-based treatments that will be easily accessible to patients worldwide," stated Professor Peretz Lavie, 16th President of the Technion and Cannasoul Board Member.
"On behalf of Cannasoul, we are very excited to partner with Synaptogenix and believe that Synaptogenix's expertise in pharmaceutical development will enable us to advance development and commercialization of Cannasoul's current intellectual property and engage in new projects based on the exciting research being conducted in my lab at The Technion," added Dr. Meiri.
"Synaptogenix is excited to gain access to Cannasoul's intellectual property licensed from the prestigious Technion Institute of Technology, which is consistently ranked among the world's leading science and technology universities," stated Dr. Alan Tuchman, Chief Executive Officer of Synaptogenix.
Synaptogenix is well-funded with approximately $33 million in cash as of June 30, 2023. Based on this strong financial position, the Company's stated business strategy includes potential acquisitions of asset rights or funding for research on other assets. The investment in Cannasoul embodies this strategy.
Founded in 1912, The Technion is Israel's largest center of applied research and a major source of innovation driving the Israeli economy. The Technion is ranked among the leading technological universities worldwide and ties the Massachusetts Institute of Technology (MIT) for the number of Nobel Prize laureates this century.
About Synaptogenix
Synaptogenix is a clinical-stage biopharmaceutical company that has historically worked to develop novel therapies for neurodegenerative diseases. Synaptogenix has conducted clinical and preclinical studies of its lead therapeutic candidate, Bryostatin-1, in Alzheimer's disease. Preclinical studies have also demonstrated bryostatin's regenerative mechanisms of action for the rare disease Fragile X syndrome, and for other neurodegenerative disorders such as multiple sclerosis, stroke, and traumatic brain injury. The U.S. Food and Drug Administration has granted Orphan Drug Designation to Synaptogenix for Bryostatin-1 as a treatment for Fragile X syndrome. Bryostatin-1 has already undergone testing in more than 1,500 people in cancer studies, thus creating a large safety data base that will further inform clinical trial designs. Additional information about Synaptogenix, Inc. may be found on its website: www.synaptogen.com
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. These forward-looking statements include statements regarding the anticipated Phase 1 trial of Bryostatin-1 in multiple sclerosis. Such forward-looking statements are subject to risks and uncertainties and other influences, many of which the Company has no control over. There can be no assurance that the clinical program for Bryostatin-1 will be successful in demonstrating safety and/or efficacy, that the Company will not encounter problems or delays in clinical development, or that Bryostatin-1 will ever receive regulatory approval or be successfully commercialized. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Additional factors that may influence or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain adequate financing, the significant length of time associated with drug development and related insufficient cash flows and resulting illiquidity, the Company's patent portfolio, the Company's inability to expand its business, significant government regulation of pharmaceuticals and the healthcare industry, lack of product diversification, availability of the Company's raw materials, existing or increased competition, stock volatility and illiquidity, and the Company's failure to implement its business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to update these forward-looking statements.
