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Lucy Scientific Discovery Inc. (NASDAQ: LSDI) has announced the successful completion of its acquisition of Wesana Health Inc.'s SANA-013 assets, marking a major milestone in the field of mental health therapeutics. The acquisition of SANA-013 strengthens Lucy's position as a leader in innovative drug development research, accelerating the development and commercialization of this groundbreaking treatment.
The Significance of SANA-013
SANA-013 is a novel combination of psilocybin and CBD being developed for the treatment of several mental health and central nervous system (CNS) related conditions, including Major Depressive Disorder (MDD), Migraine, Episodic Cluster Headaches, and Trigeminal Neuralgia (TG). According to Emergen Research, the global depression treatment market size was $12.1 billion in 2019 and is expected to reach $16.1 billion in 2027, with a revenue CAGR of 3.9% from 2020-2027.
This combination allows both psilocybin and CBD to act in the brain, while also inducing a potent anti-inflammatory effect that leads to anti-depressant effects. SANA-013 has the potential to revolutionize the treatment of mental illnesses and improve patient outcomes.
Lucy Discoveries Holdings
Lucy Scientific Discovery Inc. is also pleased to announce the formation of Lucy Discoveries Holdings, a new entity that will serve as a platform for the continued advancement of psychedelic medicine research and development. Lucy Discoveries Holdings will focus on expanding and diversifying Lucy's portfolio of innovative therapies, catering to the unmet needs of patients worldwide.
"We are excited about the opportunities ahead and the potential to positively impact the lives of individuals around the world," said Richard Nanula, Executive Chairman of the Board, Lucy Scientific Discovery Inc.
The Sale of SANA-013
"I am pleased to announce the sale of our highly anticipated drug development program, SANA-013, to Lucy Scientific Discovery," said Daniel Carcillo, Wesana founder and Chief Executive Officer. "This partnership will enable us to leverage Lucy's resources, expertise, and global reach, solidifying our commitment to making a lasting impact in the field of mental health and underscores the tremendous potential of SANA-013. Our team at Wesana Health has worked tirelessly to develop this innovative program, and I am personally honored to be joining the exceptional team at Lucy, and together, we will bring hope and healing to individuals worldwide, forging a brighter future for mental wellness."
Lucy Scientific Discovery Inc.
Lucy Scientific Discovery Inc. is a licensed producer of compounds for medicinal products. Holding a Controlled Drugs and Substances Dealer's License granted by Health Canada's Office of Controlled Substances, Lucy Scientific Discovery Inc. and its wholly-owned subsidiary, LSDI Manufacturing Inc., operate under Part J of the Food and Drug Regulations promulgated under the Food and Drugs Act (Canada). This specialized license authorizes LSDI to develop, sell, deliver, and manufacture pharmaceutical-grade active pharmaceutical ingredients (APIs) used in controlled substances and their raw material precursors.
Lucy's focus is on pioneering innovative therapies for patients in need, and through its lead candidate SANA-013, dedicated to advancing the understanding and applications of psychedelic medicine, improving mental health outcomes, and enhancing well-being for individuals worldwide.
The Future of Mental Health Therapeutics
The completion of this acquisition and the establishment of Lucy Discoveries Holdings position Lucy Scientific Discovery Inc. as a leader in the field of mental health therapeutics. With a robust pipeline of cutting-edge treatments and a commitment to improving patient outcomes, Lucy is poised to make a profound impact on mental wellness.
The acquisition of Wesana Health's SANA-013 assets is a significant step towards the development of new and improved treatments for mental illnesses. The combination of psilocybin and CBD has the potential to revolutionize the field of mental health therapeutics, providing hope for millions of people suffering from mental illnesses worldwide.
Conclusion
Lucy Scientific Discovery Inc.'s acquisition of Wesana Health's SANA-013 assets marks a major milestone in the field of mental health therapeutics. The combination of psilocybin and CBD has the potential to revolutionize the treatment of mental illnesses, providing hope for millions of people worldwide. The formation of Lucy Discoveries Holdings further strengthens Lucy's position as a leader in innovative drug development research, catering to the unmet needs of patients worldwide. The future of mental health therapeutics looks bright, thanks to the groundbreaking work being done by Lucy Scientific Discovery Inc.
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