FSD Pharma Inc (CSE:HUGE, NASDAQ:HUGE) has announced the incorporation of a new subsidiary to capitalize on drug development incentives in Australia.
The Toronto-based biopharma firm told investors it has also appointed a number of new doctors to its Scientific and Clinical Expert Committee and is investigating other products addressing acute medical needs due to substances of abuse such as alcohol.
FSD explained that it recently established the Australian subsidiary to facilitate its development of Lucid-Psych (Lucid-201) and potentially other assets.
“We are excited about the incorporation of FSD Pharma Australia, where we have an excellent opportunity to advance our pipeline,” the company’s president Zeeshan Saeed said in a statement. “Australia is a hotbed for clinical-stage biotech companies, and our drug development programs will be able to take advantage of facilities offered by various government incentives in Australia.”
READ: FSD Pharma wins FDA and Health Canada approval for IND for Phase 2 Trial of FSD201 for treating inflammatory disorder
Commenting on the new committee appointments, FSD noted that Dr Jeremy Chataway, a world-renowned neurologist and clinical trialist, is a consultant neurologist at National Hospital for Neurology and Neurosurgery in the UK, and co-programme lead for Neurodegenerative Diseases at University College London.
Dr Ashwin Dhanda is a consultant hepatologist at University Hospitals Plymouth NHS Trust in the UK and an associate professor in the Faculty of Science at the University of Plymouth. FSD also noted that Dr Dhanda is an expert in the study of acute and chronic liver disease and in liver transplantation.
The third new committee member, Dr Anh Dzung Lê, is a senior scientist and head of neurobiology of Alcohol Lab in the Campbell Family Mental Health Research Institute at The Centre for Addiction and Mental Health (CAMH) in Toronto and a Professor of Pharmacology at the University of Toronto. He is investigating the neurochemical mechanisms underlying the effects of stress on relapses to alcohol, FSD added.
“Our immense progress in 2022 was possible due to the teamwork at Lucid’s headquarters in Toronto and the brilliant guidance from the leading authorities serving on our Scientific and Clinical Expert Committee,” said Dr Lakshmi Kotra, CEO of Lucid Psycheceuticals, a wholly owned subsidiary of FSD Pharma. “I am very pleased that Drs Chataway, Dhanda and Lê have agreed to join our international panel to contribute to our current and new programs.”
“We continue to innovate, addressing some of the most challenging and acute needs in medicine today,” Kotra continued. “Our current programs in Mast Cell Activation Syndrome, Multiple Sclerosis, and mental health, and exploratory programs will benefit tremendously from the collective expertise of our accomplished advisors.”
Contact the author at stephen.gunnion@proactiveinvestors.com