Scythian Biosciences Goes Public With Cannabinoid-Based Concussion Treatment


Scythian Biosciences Corp. is Going Public

The New York City/Toronto-based biotech, led by Great Neck investment banker Jonathan Gilbert on its quest to develop the world’s first pharmaceutical treatment for

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Cannabinoid-Based Pharmaceuticals

concussions, will begin trading Aug. 8 on the TSX Venture Exchange, one of Canada’s major stock markets.

Projected to open at $8 (Canadian) per share, Scythian Biosciences (ticker symbol “SCYB”) will launch with over 5.0 million shares – with almost 2.0 million shares in escrow by the TSX Venture Exchange.

 

The stock market debut marks the closing of a three-headed transaction wherein Scythian Biosciences merged with a newly formed subsidiary of Kitrinor Metals Inc. and completed a reverse takeover of Kitrinor.

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Scythian believes that this unique drug combination, if applied immediately after a concussion, can help significantly lessen the long term impact of traumatic brain injury later in life.

Overflowing with capital consolidations, a quarter-of-a-million stock warrants for existing investors and other Canadian change-of-business protocols, the deal was fairly complex.

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David Schrader COO

The mission of the new, sufficiently seed-funded and soon-to-be-public Scythian Biosciences is simple:

Developing cannabinoid-based pharmaceutical treatments for traumatic brain injuries, in a world where concussions are common and no pharmaceutical options exist.

Scythian Biosciences has raised enough through private investors, including Toronto investment banking firm Clarus Securities, to initiate a five-year study at the University of Miami’s Miller School of Medicine. But research of this magnitude requires loads of working capital, noted Chief Operating Officer David Schrader, and listing Scythian as a Tier 2 Life Sciences Issuer on the TSX Venture Exchange was the way to go.

“The medical and drug research is actually very expensive, in order to fund it, we needed to access the public markets.”

Taking the firm public is not an easy decision, noted the COO, who – as part of TSX Venture Exchange’s final blessing of the new Scythian Biosciences – was reconfirmed as operations chief, alongside CEO Gilbert and Chief Financial Officer Jonathan Held.

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For contact sports players, repeated concussions can have devastating effects later in life. Scythian believes that through its unique technology, brain damage caused by concussions can be greatly mitigated by easing the aftereffects of the brain’s contact with the skull.

But with two U.S. patents pending – covering cannabinoid-derived methods for treating brain injuries and gastrointestinal disorders – and the Miller School study picking up steam, the time was right to plunge into public waters, according to Schrader.

“Do people want to keep ownership of a company to themselves? Of course, but when you want to bring in money, you have to give people something for their investment.”

“Hopefully, your patents get granted and your drugs are protected.”

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NFL game changer: Scientists tackle concussions head-on

University of Miami researchers, led by behavioral neuroscientist Gillian Hotz, are well into pre-clinical trials, what Schrader described as “the first real substantive stage of the drug-testing process.”

In early 2018, the researchers plan to submit data to the U.S. Food and Drug Administration – not Scythian Bioscience’s official application for drug approval, Schrader noted, but “initial data” meant to generate some FDA feedback. The progress report may also convince the FDA to qualify Scythian Biosciences for one of its “expedited handling programs,” according to the COO.

“They have a couple of different programs that can speed up your application or approval process, our FDA advisor is hopeful that we could potentially qualify for at least one of these programs.”

Eventually, Scythian Biosciences will submit several new patent applications covering “different disorders,” Schrader said. But it’s holding off – it hasn’t even begun testing cannabinoid-derived compounds against gastrointestinal conditions, as per its second pending patent – to focus squarely on the TBI research.

“We want to get this work significantly underway before we focus on the next one,”

With the University of Miami work proceeding, the patents pending and a pipeline of potential pharmaceuticals on the back burner, Tuesday’s stock market debut is an important moment for Scythian Biosciences, according to the COO.

scythian-corp-logo (2)He was careful not to make any promises or predictions about his company’s public performance, but Schrader did note “no real drug market” for the treatment of concussions – and what the Centers for Disease Control pegs as $65 billion in annual costs for brain-injury treatments.

“It’s a good opportunity to get in on the ground floor for a potential drug in an arena where there’s no competitor drugs on the market,”

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Scythian believes that through its unique technology, brain damage caused by concussions can be greatly mitigated by easing the aftereffects of the brain’s contact with the skull.

brain-glutenAbout Scythian Biosciences:

Scythian Biosciences Inc. is a pre-clinical research and development company that is in the process of developing drug therapies. The first project underway is the development of a proprietary cannabinoid-based combination drug therapy for the treatment of concussions and traumatic brain injury. In addition to this primary line of research and development, Scythian also intends to develop other potential cannabinoid and non-cannabinoid based pharmaceutical products, including one that is in development for treatment of gastro-inflammatory disease.

Visit Scythian Biosciences at: ScythianBio.com

Partners:

For contact sports players, repeated concussions can have devastating effects later in life. Chronic traumatic encephalopathy (CTE), a disease symptomatically similar to Alzheimer’s, as well as other forms of dementia have been linked to repeated concussive episodes for which there is no FDA approved drug regimen.

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