RICHLAND, WA / ACCESSWIRE / November 2, 2023 / GlobeStar Therapeutics Corporation (OTC PINK:GSTC), (GSTC), a clinical-stage pharmaceutical company focused on advancing new therapies for Multiple Sclerosis (MS) and other neurological diseases today announced that building on its recent agreement with SMI HealthCare LLC (SMIHC) to manage an initial clinical trial, regulatory filings, intellectual property rights filings, manufacturing, sales and distribution in India, Southeast Asia, Africa, and the Middle East. Globestar has also entered into a definitive agreement with Advanced Innovative Partners (AIP) for AIP to provide advice to GlobeStar and SMIHC on the global design, strategy and execution of clinical trials, regulatory filings, intellectual property rights filings, and manufacturing for Project Amethyst?.

Project Amethyst? is a compound intended to treat neurodegeneration from multiple sclerosis (MS). GSTC is the exclusive worldwide licensee for Project Amethyst?, including all patents and patent applications relating thereto.

James C. Katzaroff, President and CEO of GlobeStar Therapeutics Corporation stated: "I am pleased that GlobeStar and SMI Healthcare will receive advice and assistance from the superb team at AIP to further the growth of Project Amethyst?. I have known AIP's founder, Stanley Satz for many years, and have strong confidence in AIP's capabilities, relationships and wisdom."

Stanley Satz, PhD., AIP's Chairman and Chief Science officer said: "Our team has considerable experience worldwide developing and implementing clinical trials for radiopharmaceuticals and other therapies. Through our agreement with GlobeStar Therapeutics Corporation, we will have the opportunity to contribute to the refinement, approval and launch of Project Amethyst? therapeutics that we believe will be important tools in the fight against MS."

The GlobeStar and AIP agreement has been approved by the parties' respective boards and is immediately effective. AIP will initially advise GlobeStar and SMIHC on the design and launch of an initial clinical trial in India and the associated regulatory approvals for GSTC's MS products in North America and Europe.

According to the U.S. National Institutes of Health, between 2013 and 2020, the reported incidence of MS has increased by approximately 50% in the 81 most affected countries.

Pursuant to the parties' agreement, GlobeStar retains ownership of all intellectual property rights, and final approval of Project Amethyst?, including the right to engage additional advisors and subject matter experts.For its consulting services, AIP will be paid a monthly consulting fee and bonuses, a portion of which will be deferred and will become payable only if GlobeStar secures FDA marketing approval. If AIP introduces GlobeStar or SMIHC to potential customers, or strategic partners, subject to compliance with applicable law, AIP may also become entitled to receive commissions on certain revenues or profits derived from those relationships.