Psyence Biomedical Ltd. Approved to List on Nasdaq following Completion of Business Combination Agreement with Newcourt Acquisition Corp

TORONTO, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Psyence Group Inc ("Psyence Group"), a clinical-stage life science biotechnology company pioneering the use of nature-derived psilocybin in mental health and wellbeing, is excited to announce the completion of its subsidiary Psyence Biomedical Ltd’s (“Psyence Biomed”) merger (the “Business Combination”) with Newcourt Acquisition Corp ("Newcourt"), a special purpose acquisition company. The Business Combination will list Psyence Biomed on the NASDAQ stock exchange, commencing on January 26, 2024 with the new ticker symbols "PBM" for common stock and “PBMWW” for warrants. In connection with the Business Combination, Psyence Biomed entered into a securities purchase agreement pursuant to which it will raise up to US$10 million in funding through the issuance of up to four senior secured convertible notes (the “Note Financing”) with a US based investment firm. The Note Financing will be utilized to further Psyence Biomed’s clinical trials conducted in Australia. The Business Combination received approval from Newcourt's stockholders at a Special Meeting held on January 18, 2024.

Psyence Biomed is the therapeutic division of Psyence Group Inc which develops natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. Psyence Biomed has partnered with iNGENū Pty Ltd (iNGENū) to conduct Psyence’s clinical trial in palliative care. iNGENū is an Australian based, globally focused contract research organisation (CRO) with extensive experience working in the psychedelic pharmaceutical drug development and clinical research industry.

iNGENū is responsible for jointly designing Psyence Biomed’s Phase IIb clinical trial, using PEX010, a 25mg naturally derived psilocybin drug candidate product in-licensed by Psyence Biomed, in the palliative care setting. The trial will be carried out in accordance with the requirements of the Therapeutic Goods Administration of the Commonwealth of Australia as well as other international guidelines that relate to clinical investigations and the conduct of clinical research.        

Psyence Biomed’s Phase IIb study is a randomised, placebo-controlled, double-blind study. It will evaluate the use of psilocybin assisted psychotherapy vs psychotherapy alone. It will use FDA-recommended primary endpoints to test natural psilocybin (PEX010) in patients with adjustment disorder due to a recent terminal cancer diagnosis. Upon successful completion of the study, Psyence Biomed plans to conduct a multinational Phase III registrational study.