Aion Therapeutic Inc. (CSE:AION) said it has sold four patent applications and all associated supporting data to Apollon Formularies PLC (AQSE:APOL), a UK-based international pharmaceutical company listed on the Aquis Stock Exchange.
In consideration for the intellectual property, Apollon has issued to Aion Therapeutic an aggregate of 4,348,679 common shares of Apollon at £0.066 per share; and agreed to pay to Aion Therapeutic an indefinite royalty fee of 4% of the global net revenue generated by the intellectual property.
"The company has sold its intellectual property to Apollon associated with the treatment of cancer and inflammation which will allow Aion Therapeutic to focus on product development and intellectual property development related to a range of innovative plant-based wellness products including cannabinoids and functional mushrooms in Jamaica and North America,” Graham Simmonds, chief executive officer of Aion Therapeutic, said in a statement.
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“Aion Therapeutic also continues to be a long-term believer in the potential of psilocybin mushrooms and other psychedelic ingredients in the areas of mental health and wellness treatments and will leverage the regulatory landscape and its presence in Jamaica to drive forward operation of Aion International Center for Psychedelic Psychiatry," he added.
The patent applications sold are:
- Compositions and Methods for Treatment of Cancers;
- Compositions and Methods for Treatment of Inflammation;
- Methods for Treatment of Human Cancers Using Mushroom Compositions; and
- Methods for Treatment of Human Cancers Using Cannabis Compositions.
The company said it has retained the following patent applications:
- Compositions and Methods for Treatment of Psychoses and Psychotic Disorders;
- Compositions and Methods for Promoting Weight Loss and for Treatment of Obesity;
- Antiviral Compositions and Methods for Their Use;
- Compositions For Treatment of Interstitial Cystitis and Other Bladder Disease;
- Cannabis Compositions and Emulsions; and
- Cannabis Compositions and Nanoemulsions.
The company said this repositioning of its assets will provide for a more streamlined approach to the commercialization of functional wellness-based products and treatments while still having shareholders benefiting through royalties and stock ownership from Apollon's focus on the treatment of cancer and inflammation.
The disoosal was unanimously approved by all disinterested directors of the company. Dr Barnhill, a director of Aion and the chairman and chief executive officer of Apollon and abstained from voting.
The company also announced that Dr Barnhill has resigned as a director of Aion Therapeutic and from all subsidiary level appointments, and Dr Herbert Fritsche has resigned as chief science officer of Aion Therapeutic, with both resignations effective June 30, 2022.
The company said it would like to thank Dr Barnhill and Dr Fritsche for their respective contributions and wish them success in their future endeavors.
Aion is an international pharma, nutraceutical and cosmeceuticals business. Its subsidiary AI Pharmaceuticals Jamaica Ltd develops formulations and products that use mushrooms - functional and ones including psilocybin - fungi, and other natural formulations from medicinal plants in a legal environment.
Contact the author at jon.hopkins@proactiveinvestors.com