Acquires 25% stake in Cannasoul Analytics
for up to $4 million to support
R&D for cannabinoid- and psilocybin mushroom-based therapeutics
for multiple indications
Partners to drive development and
commercialization of Cannasoul Analytics' intellectual property and
technologies licensed from The Technion - Israel Institute of
Technology
NEW
YORK, Nov. 2, 2023 /PRNewswire/ -- Synaptogenix,
Inc. (Nasdaq: SNPX) ("Synaptogenix" or the "Company"), an emerging
biopharmaceutical company developing therapeutics for
neurodegenerative disorders, today announced a new partnership with
Cannasoul Analytics Ltd. ("Cannasoul") in support of
research and development of pharmaceutical therapeutics. Cannasoul
is founded by the Technion Research & Development Foundation
("TRDF"), the commercialization arm of The Technion – Israel
Institute of Technology ("The Technion"), and world-renowned
cannabis key opinion leader and researcher Professor Dedi
Meiri from The Technion.
Professor Meiri heads the Laboratory of Cancer Biology and
Cannabinoid Research at The Technion's Faculty of Biology.
Professor Meiri and The Technion founded Cannasoul in 2018 for the
development of cannabinoid-based and other therapeutics for various
indications and vertical markets. Cannasoul has developed
technology in large disease markets including leukemia
($12.7B by 20281),
epilepsy ($14.7B by
20332), and sleep disorders ($73.5B by 20323). Under terms of the
investment agreement, Synaptogenix obtains a preemptive right to
fund the further research and commercialization of certain
intellectual property, technology, and future products developed by
Cannasoul and licensed from The Technion.
"Cannasoul is pleased to welcome Synaptogenix as a key partner
in our development of groundbreaking therapeutics derived from
natural compounds. We appreciate the strong support and confidence
in our laboratory's high standards and pioneering scientific
approach that this investment represents. Together with
Synaptogenix, we look forward to advancing our leadership in
developing effective cannabis and psilocybin-based treatments that
will be easily accessible to patients worldwide," stated Professor
Peretz Lavie, 16th
President of the Technion and Cannasoul Board Member.
"On behalf of Cannasoul, we are very excited to partner with
Synaptogenix and believe that Synaptogenix's expertise in
pharmaceutical development will enable us to advance development
and commercialization of Cannasoul's current intellectual property
and engage in new projects based on the exciting research being
conducted in my lab at The Technion," added Dr. Meiri.
"Synaptogenix is excited to gain access to Cannasoul's
intellectual property licensed from the prestigious Technion
Institute of Technology, which is consistently ranked among the
world's leading science and technology universities," stated Dr.
Alan Tuchman, Chief Executive
Officer of Synaptogenix.
Synaptogenix is well-funded with approximately $33 million in cash as of June 30, 2023. Based on this strong financial
position, the Company's stated business strategy includes potential
acquisitions of asset rights or funding for research on other
assets. The investment in Cannasoul embodies this strategy.
Founded in 1912, The Technion is Israel's largest center of applied research
and a major source of innovation driving the Israeli economy. The
Technion is ranked among the leading technological universities
worldwide and ties the Massachusetts Institute of
Technology (MIT) for the number of
Nobel Prize laureates this century.
About Synaptogenix
Synaptogenix is a clinical-stage biopharmaceutical company that
has historically worked to develop novel therapies
for neurodegenerative diseases. Synaptogenix has conducted
clinical and preclinical studies of its lead therapeutic candidate,
Bryostatin-1, in Alzheimer's disease. Preclinical studies have also
demonstrated bryostatin's regenerative mechanisms of action for the
rare disease Fragile X syndrome, and for other neurodegenerative
disorders such as multiple sclerosis, stroke, and traumatic brain
injury. The U.S. Food and Drug Administration has granted Orphan
Drug Designation to Synaptogenix for Bryostatin-1 as a treatment
for Fragile X syndrome. Bryostatin-1 has already undergone testing
in more than 1,500 people in cancer studies, thus creating a large
safety data base that will further inform clinical trial designs.
Additional information about Synaptogenix, Inc. may be found on its
website: www.synaptogen.com
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking
statements. These forward-looking statements include statements
regarding the anticipated Phase 1 trial of Bryostatin-1 in multiple
sclerosis. Such forward-looking statements are subject to risks and
uncertainties and other influences, many of which the Company has
no control over. There can be no assurance that the clinical
program for Bryostatin-1 will be successful in demonstrating safety
and/or efficacy, that the Company will not encounter problems or
delays in clinical development, or that Bryostatin-1 will ever
receive regulatory approval or be successfully commercialized.
Actual results and the timing of certain events and circumstances
may differ materially from those described by the forward-looking
statements as a result of these risks and uncertainties. Additional
factors that may influence or cause actual results to differ
materially from expected or desired results may include, without
limitation, the Company's inability to obtain adequate financing,
the significant length of time associated with drug development and
related insufficient cash flows and resulting illiquidity, the
Company's patent portfolio, the Company's inability to expand its
business, significant government regulation of pharmaceuticals and
the healthcare industry, lack of product diversification,
availability of the Company's raw materials, existing or increased
competition, stock volatility and illiquidity, and the Company's
failure to implement its business plans or strategies. These and
other factors are identified and described in more detail in the
Company's filings with the Securities and Exchange Commission. The
Company does not undertake to update these forward-looking
statements.
Contact
800-811-5591
ir@synaptogen.com
1 Market Data Forecast, Global Leukemia
Therapeutics Market Size, Share, Trends, COVID-19 Impact &
Growth Analysis Report, March
2023
2 Persistence Market Research, Epilepsy Treatment
Market, June 2023
3 Global Market Insights, Sleep Disorder
Market - By Disorder, March 2023
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SOURCE Synaptogenix, Inc.