PharmaDrug Inc (CSE:PHRX, OTCQB:LMLLF) announced the addition of David Posner to its advisory committee and as a consultant with a mandate for strategic initiatives and corporate restructuring.
The company’s board of directors is currently evaluating strategic alternatives in order to maximize the value of its cepharanthine and N,N-Dimethyltryptamine (DMT) programs, which its executive team believes are being significantly undervalued by markets.
Options include entering into a joint venture in order to add intellectual bench strength, scientific program synergies and short- to mid-term financial flexibility, the company said, and discussions are ongoing with several companies.
Ultimately, PharmaDrug’s goal is to keep operational control of its cepharanthine and DMT programs.
"We are extremely excited to bring David Posner on as an advisor,” CEO Daniel Cohen said in a statement. “David has a long history of founding companies in the cannabis, psychedelic and fintech sectors such as Red Light Holland and Psyched Wellness. He was also instrumental in successfully vending companies he founded to larger players such as Lineage Growth to Harbourside and Xanthic Biopharma into Green Growth Brands."
Meanwhile, PharmaDrug said it parted ways with chief science officer Paul Van Slyke. The company plans to utilize third party consultants until it finalizes an agreement with a new strategic partner.
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