BetterLife Pharma adds LSD derivative to its pipeline with C$10M Transcend Biodynamics acquisition

BetterLife Pharma Inc (CSE:BETR) (OTCQB: BETRF) (FRA:NPAU) has signed a definitive agreement to acquire 100% of the assets in the biotechnology company Transcend Biodynamics LLC, the company announced Tuesday, adding its LSD derivative BOL-148 to the BetterLife pipeline.  BetterLife paid C$10 million in an all-stock deal, which amounted to 13.3 million shares at C$0.75 per share. BOL-148 is a nontoxic second-generation LSD-derived molecule that mimics the therapeutic potential of LSD, without the psychedelic effects or hallucinations, the company said. Transcend’s patented process allows for cost-effective manufacturing of BOL-148 without the need to make LSD, making it the only entity with the ability to synthesize the drug without the regulatory hurdles of handling a Schedule 1 controlled substance. READ: BetterLife Pharma closes private placement of special warrants that raised nearly C$3M LSD has been studied for the treatment of people with a number of psychiatric conditions, including severe depression, alcoholism and PTSD, the company said, and research is currently experiencing a renaissance, with a number of publications referencing the efficacy of LSD to alleviate or reverse certain mental health conditions. “We are thrilled to join forces with Transcend,” BetterLife CEO Ahmad Doroudian said in a statement. “Psychedelic therapies have come a long way in recent years, from an idea to be studied to the next great revolution in healthcare, and a massive emerging market and biotech asset class. As we position BetterLife to be a key player in the med-tech sector, we feel that this acquisition will complement our current clinical initiatives in COVID-19 and human papillomavirus.”  The deal combines BetterLife’s market experience with Transcend’s unique product, Doroudian said. “BetterLife is already experienced in bringing innovative molecules to market and is readily poised to bring their strong clinical experience into the emerging psychedelic space,” he added. “We intend to leverage our intellectual property and experience to design a delivery system for BOL-148 improving its bioavailability and achieving the desired medicinal effects at optimum dosage. We already have the technology and infrastructure in place and believe that we can get BOL-148 ready for clinical testing by Q1 2021.’ Transcend’s proprietary library of compounds and development strategy is based on chemical modifications to known and well-understood psychedelics by significantly modifying their pharmacokinetic properties without diminishing their therapeutic potential, the company said. “We are deeply excited that the time is right to marry our drug development skills with the strong clinical capabilities of BetterLife to ultimately serve the patient in their quest for health,” Transcend CEO Justin Kirkland said. Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel